Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 05, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | Palantir Technologies Inc. | |
Entity Central Index Key | 0001321655 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | |
Trading Symbol | PLTR | |
Security Exchange Name | NYSE | |
Entity File Number | 001-39540 | |
Entity Address, Address Line One | 1555 Blake Street, Suite 250 | |
Entity Address, Postal Zip Code | 80202 | |
Entity Tax Identification Number | 68-0551851 | |
City Area Code | 720 | |
Local Phone Number | 358-3679 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,866,000,060 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 86,117,515 | |
Common Class F [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,005,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | $ 2,341,156 | $ 2,011,323 | |
Restricted cash | 36,750 | 37,285 | |
Accounts receivable | 242,998 | 156,932 | |
Prepaid expenses and other current assets | 41,648 | 51,889 | |
Total current assets | 2,662,552 | 2,257,429 | |
Property and equipment, net | 24,824 | 29,541 | |
Restricted cash, noncurrent | 61,914 | 79,538 | |
Operating lease right-of-use assets | 209,243 | 217,075 | |
Other assets | 117,135 | 106,921 | |
Total assets | 3,075,668 | 2,690,504 | |
Current liabilities: | |||
Accounts payable | 30,914 | 16,358 | |
Accrued liabilities | 166,252 | 158,546 | |
Deferred revenue | [1] | 194,511 | 189,520 |
Customer deposits | 257,747 | 210,320 | |
Operating lease liabilities | 33,162 | 29,079 | |
Total current liabilities | 682,586 | 603,823 | |
Deferred revenue, noncurrent | [1] | 40,518 | 50,525 |
Customer deposits, noncurrent | 62,732 | 81,513 | |
Debt, noncurrent, net | 197,977 | ||
Operating lease liabilities, noncurrent | 216,630 | 229,800 | |
Other noncurrent liabilities | 4,239 | 4,316 | |
Total liabilities | 1,006,705 | 1,167,954 | |
Commitments and Contingencies (Note 8) | |||
Stockholders' equity (deficit): | |||
Preferred stock, par value $0.001: 2,000,000 shares authorized and 0 issued and outstanding as of June 30, 2021 and December 31, 2020 | 0 | 0 | |
Common stock | 1,937 | 1,792 | |
Additional paid-in capital | 7,294,369 | 6,488,857 | |
Accumulated other comprehensive income (loss) | 65 | (2,745) | |
Accumulated deficit | (5,227,408) | (4,965,354) | |
Total stockholders' equity | 2,068,963 | 1,522,550 | |
Total liabilities and stockholders' equity | $ 3,075,668 | $ 2,690,504 | |
[1] | Deferred revenue as of June 30, 2021 and December 31, 2020 includes $53.2 million and $68.2 million, respectively, from Palantir Technologies Japan, K.K. See Note 6. Equity Method Investments, for more information. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 22,701,005,000 | 22,701,005,000 |
Common stock, shares issued | 1,936,578,000 | 1,792,140,000 |
Common stock, shares outstanding | 1,936,578,000 | 1,792,140,000 |
Palantir Technologies Japan, K.K. [Member] | ||
Deferred revenue | $ 53.2 | $ 68.2 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 20,000,000,000 | 20,000,000,000 |
Common stock, shares issued | 1,855,143,000 | 1,542,058,000 |
Common stock, shares outstanding | 1,855,143,000 | 1,542,058,000 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,700,000,000 | 2,700,000,000 |
Common stock, shares issued | 80,430,000 | 249,077,000 |
Common stock, shares outstanding | 80,430,000 | 249,077,000 |
Class F Common Stock [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,005,000 | 1,005,000 |
Common stock, shares issued | 1,005,000 | 1,005,000 |
Common stock, shares outstanding | 1,005,000 | 1,005,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 375,642 | $ 251,889 | $ 716,876 | $ 481,216 |
Cost of revenue | 90,926 | 68,410 | 165,037 | 132,704 |
Gross profit | 284,716 | 183,479 | 551,839 | 348,512 |
Operating expenses: | ||||
Sales and marketing | 162,379 | 102,518 | 298,476 | 201,171 |
Research and development | 110,524 | 86,815 | 208,995 | 152,615 |
General and administrative | 157,961 | 93,291 | 304,530 | 164,056 |
Total operating expenses | 430,864 | 282,624 | 812,001 | 517,842 |
Loss from operations | (146,148) | (99,145) | (260,162) | (169,330) |
Interest income | 372 | 551 | 748 | 3,818 |
Interest expense | (590) | (5,646) | (2,430) | (10,240) |
Change in fair value of warrants | (3,683) | 0 | 10,012 | |
Other income (expense), net | 2,125 | (1,589) | (2,769) | 4,511 |
Loss before provision (benefit) for income taxes | (144,241) | (109,512) | (264,613) | (161,229) |
Provision (benefit) for income taxes | (5,661) | 943 | (2,559) | 3,500 |
Net loss | $ (138,580) | $ (110,455) | $ (262,054) | $ (164,729) |
Net loss per share attributable to common stockholders, basic | $ (0.07) | $ (0.17) | $ (0.14) | $ (0.27) |
Net loss per share attributable to common stockholders, diluted | $ (0.07) | $ (0.17) | $ (0.14) | $ (0.28) |
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, basic | 1,894,606 | 640,450 | 1,858,085 | 616,150 |
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, diluted | 1,894,606 | 640,669 | 1,858,085 | 618,635 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (138,580) | $ (110,455) | $ (262,054) | $ (164,729) |
Other comprehensive income: | ||||
Foreign currency translation adjustments | (800) | 577 | 2,810 | 1,603 |
Comprehensive loss | $ (139,380) | $ (109,878) | $ (259,244) | $ (163,126) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible and Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] | Common Stock [Member]Series H-1 Convertible Preferred Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series H-1 Convertible Preferred Stock [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Redeemable Convertible Preferred Stock [Member] | Nonredeemable Convertible Preferred Stock [Member] | Nonredeemable Convertible Preferred Stock [Member]Series H-1 Convertible Preferred Stock [Member] | Nonredeemable Convertible Preferred Stock [Member]Series K Convertible Preferred Stock [Member] |
Temporary equity, beginning period, Shares at Dec. 31, 2019 | 4,017,000 | 742,840,000 | ||||||||||
Temporary equity, beginning period at Dec. 31, 2019 | $ 33,569 | $ 2,093,662 | ||||||||||
Balance at beginning period, Shares at Dec. 31, 2019 | 581,497,000 | 6,393,000 | ||||||||||
Balance at beginning period at Dec. 31, 2019 | $ (1,980,642) | $ 588 | $ 1,857,331 | $ (38,895) | $ (703) | $ (3,798,963) | ||||||
Conversion of convertible preferred stock to common stock, Shares | 28,000 | (28,000) | ||||||||||
Conversion of convertible preferred stock to common stock | 100 | $ 100 | $ (100) | |||||||||
Issuance of Series K redeemable convertible preferred stock upon exercise of warrants, Shares | 121,000 | |||||||||||
Issuance of Series K redeemable convertible preferred stock upon exercise of warrants | $ 947 | |||||||||||
Repurchase of common stock, held in treasury, Shares | (808,000) | 808,000 | ||||||||||
Repurchase of common stock, held in treasury | (3,777) | $ (3,777) | ||||||||||
Issuance of common stock from the exercise of stock options | 28,824 | $ 38 | 28,786 | |||||||||
Issuance of common stock from the exercise of stock options, Shares | 37,697,000 | |||||||||||
Issuance of common stock upon net exercise of common stock warrants, Shares | 118,221,000 | |||||||||||
Issuance of common stock upon net exercise of common stock warrants | 537,849 | $ 118 | 537,731 | |||||||||
Retirement of treasury stock, Shares | (7,201,000) | |||||||||||
Retirement of treasury stock | $ (7) | (42,665) | $ 42,672 | |||||||||
Stock-based compensation | 182,071 | 182,071 | ||||||||||
Other comprehensive income (loss) | 1,603 | 1,603 | ||||||||||
Net loss | (164,729) | (164,729) | ||||||||||
Balance at end of period, Shares at Jun. 30, 2020 | 736,635,000 | |||||||||||
Balance at end of period at Jun. 30, 2020 | (1,398,701) | $ 737 | 2,563,354 | 900 | (3,963,692) | |||||||
Temporary equity, ending period, Shares at Jun. 30, 2020 | 4,017,000 | 742,933,000 | ||||||||||
Temporary equity, ending period at Jun. 30, 2020 | $ 33,569 | $ 2,094,509 | ||||||||||
Temporary equity, beginning period, Shares at Mar. 31, 2020 | 4,017,000 | 742,812,000 | ||||||||||
Temporary equity, beginning period at Mar. 31, 2020 | $ 33,569 | $ 2,093,562 | ||||||||||
Balance at beginning period, Shares at Mar. 31, 2020 | 588,033,000 | 7,201,000 | ||||||||||
Balance at beginning period at Mar. 31, 2020 | (1,976,619) | $ 595 | 1,918,372 | $ (42,672) | 323 | (3,853,237) | ||||||
Issuance of Series K redeemable convertible preferred stock upon exercise of warrants, Shares | 121,000 | |||||||||||
Issuance of Series K redeemable convertible preferred stock upon exercise of warrants | $ 947 | |||||||||||
Issuance of common stock from the exercise of stock options | 22,114 | $ 31 | 22,083 | |||||||||
Issuance of common stock from the exercise of stock options, Shares | 30,381,000 | |||||||||||
Issuance of common stock upon net exercise of common stock warrants, Shares | 118,221,000 | |||||||||||
Issuance of common stock upon net exercise of common stock warrants | 537,849 | $ 118 | 537,731 | |||||||||
Retirement of treasury stock, Shares | (7,201,000) | |||||||||||
Retirement of treasury stock | $ (7) | (42,665) | $ 42,672 | |||||||||
Stock-based compensation | 127,833 | 127,833 | ||||||||||
Other comprehensive income (loss) | 577 | 577 | ||||||||||
Net loss | (110,455) | (110,455) | ||||||||||
Balance at end of period, Shares at Jun. 30, 2020 | 736,635,000 | |||||||||||
Balance at end of period at Jun. 30, 2020 | (1,398,701) | $ 737 | 2,563,354 | 900 | (3,963,692) | |||||||
Temporary equity, ending period, Shares at Jun. 30, 2020 | 4,017,000 | 742,933,000 | ||||||||||
Temporary equity, ending period at Jun. 30, 2020 | $ 33,569 | $ 2,094,509 | ||||||||||
Balance at beginning period, Shares at Dec. 31, 2020 | 1,792,140,000 | |||||||||||
Balance at beginning period at Dec. 31, 2020 | 1,522,550 | $ 1,792 | 6,488,857 | (2,745) | (4,965,354) | |||||||
Issuance of common stock from the exercise of stock options | $ 376,688 | $ 114 | 376,574 | 0 | ||||||||
Issuance of common stock from the exercise of stock options, Shares | 114,471,000 | 114,471,000 | ||||||||||
Issuance of common stock upon vesting of RSUs, Shares | 23,832,000 | |||||||||||
Issuance of common stock upon vesting of RSUs | $ 24 | (24) | ||||||||||
Issuance of common stock upon vesting of growth units, Shares | 1,471,000 | |||||||||||
Issuance of common stock upon vesting of growth units | $ 1 | (1) | ||||||||||
Issuance of common stock upon net exercise of common stock warrants and other | $ 1,712 | $ 6 | 1,706 | |||||||||
Issuance of common stock upon net exercise of common stock warrants and other, Shares | 4,664,000 | |||||||||||
Stock-based compensation | 427,257 | 427,257 | ||||||||||
Other comprehensive income (loss) | 2,810 | 2,810 | ||||||||||
Net loss | (262,054) | (262,054) | ||||||||||
Balance at end of period, Shares at Jun. 30, 2021 | 1,936,578,000 | |||||||||||
Balance at end of period at Jun. 30, 2021 | 2,068,963 | $ 1,937 | 7,294,369 | 65 | (5,227,408) | |||||||
Balance at beginning period, Shares at Mar. 31, 2021 | 1,860,607,000 | |||||||||||
Balance at beginning period at Mar. 31, 2021 | 1,805,943 | $ 1,860 | 6,892,046 | 865 | (5,088,828) | |||||||
Issuance of common stock from the exercise of stock options | 167,828 | $ 59 | 167,769 | |||||||||
Issuance of common stock from the exercise of stock options, Shares | 59,171,000 | |||||||||||
Issuance of common stock upon vesting of RSUs, Shares | 12,872,000 | |||||||||||
Issuance of common stock upon vesting of RSUs | $ 13 | (13) | ||||||||||
Issuance of common stock upon net exercise of common stock warrants and other | 1,712 | $ 5 | 1,707 | |||||||||
Issuance of common stock upon net exercise of common stock warrants and other, Shares | 3,928,000 | |||||||||||
Stock-based compensation | 232,860 | 232,860 | ||||||||||
Other comprehensive income (loss) | (800) | (800) | ||||||||||
Net loss | (138,580) | (138,580) | ||||||||||
Balance at end of period, Shares at Jun. 30, 2021 | 1,936,578,000 | |||||||||||
Balance at end of period at Jun. 30, 2021 | $ 2,068,963 | $ 1,937 | $ 7,294,369 | $ 65 | $ (5,227,408) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net loss | $ (262,054) | $ (164,729) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 7,999 | 7,793 |
Stock-based compensation | 426,473 | 181,955 |
Change in fair value of warrants | 0 | (10,012) |
Non-cash operating lease expense | 14,435 | 19,831 |
Other operating activities | 560 | 3,633 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (83,883) | (56,583) |
Prepaid expenses and other current assets | 12,770 | (3,220) |
Other assets | (9,522) | (9,937) |
Accounts payable | 14,589 | (35,012) |
Accrued liabilities | 9,070 | (30,366) |
Deferred revenue, current and noncurrent | (3,679) | 19,645 |
Customer deposits, current and noncurrent | 28,668 | (124,434) |
Operating lease liabilities, current and noncurrent | (15,795) | (25,815) |
Other noncurrent liabilities | 0 | 921 |
Net cash used in operating activities | 139,631 | (226,330) |
Investing activities | ||
Purchases of property and equipment | (1,405) | (5,945) |
Proceeds from the sale of assets held for sale | 0 | 250 |
Net cash used in investing activities | (1,405) | (5,695) |
Financing activities | ||
Proceeds from the issuance of common stock, net of issuance costs | 0 | 542,922 |
Proceeds from issuance of debt, net of issuance costs | 0 | 149,683 |
Principal payments on borrowings | (200,000) | (250,000) |
Proceeds from the exercise of common stock options | 376,688 | 28,824 |
Repurchase of common stock | 0 | (3,777) |
Other financing activities | (1,744) | (377) |
Net cash provided by (used in) financing activities | 174,944 | 467,275 |
Effect of foreign exchange on cash, cash equivalents, and restricted cash | (1,496) | (197) |
Net increase in cash, cash equivalents, and restricted cash | 311,674 | 235,053 |
Cash, cash equivalents, and restricted cash - beginning of period | 2,128,146 | 1,401,962 |
Cash, cash equivalents, and restricted cash - end of period | 2,439,820 | 1,637,015 |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes | 3,425 | 8,144 |
Cash paid for interest | 2,381 | 5,644 |
Supplemental disclosures of non-cash investing and financing information: | ||
Common stock issuance costs included in accounts payable and accrued liabilities | $ 0 | $ 5,072 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Palantir Technologies Inc. (including its subsidiaries, “Palantir,” or “the Company”) was incorporated in Delaware on May 6, 2003. The Company builds and deploys software platforms, Palantir Gotham and Palantir Foundry, that serve as the central operating systems for its customers. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. genera l ly accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying condensed consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminat e o The unaudited condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management’s opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets and statements of operations, comprehensive loss, stockholders’ equity (deficit), and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. The Company ceased to be an emerging growth company as of December 31, 2020, which accelerated its adoption of Accounting Standards Update (“ASU”) 2016-02, These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, identification of performance obligations in customer contracts, the valuation of deferred tax assets and uncertain tax positions, collectability of accounts receivable, useful lives of tangible assets, and the incremental borrowing rate for operating leases. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2. Significant Accounting Policies 10-K ended June 30, 2021. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds. Restricted cash primarily consists of cash and certificates of deposit that are held as collateral against letters of credit and guarantees that the Company is required to maintain for operating lease agreements, certain customer contracts, and other guarantees and financing arrangements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands): As of June 30, 2021 2020 Cash and cash equivalents $ 2,341,156 $ 1,497,591 Restricted cash 36,750 37,069 Restricted cash, noncurrent 61,914 102,355 Total cash, cash equivalents, and restricted cash $ 2,439,820 $ 1,637,015 Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses, if any. The Company generally grants non-collateralized COVID-19 written-off expected to be material. Concentrations of Credit Risk and Other Concentrations Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, and accounts receivable. Cash equivalents primarily consist of money market funds with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of June 30, 2021 and December 31, 2020 were $243.0 million and $156.9 million, respectively. Customer I represented 24% of total accounts receivable as of June 30, 2021. Customer G represented 13% of total accounts receivable as of December 31, 2020. No other customer represented more than 10% of total accounts receivable as of June 30, 2021 and December 31, 2020. The Company seeks to mitigate its credit risk with respect to accounts receivable by contracting with large commercial customers and government agencies and regularly monitoring the aging of accounts receivable balances. As of June 30, 2021 and December 31, 2020, the Company had not experienced any significant losses on its accounts receivable. For the three and six months ended June 30, 2021, no customer represented more than 10% of total revenue. For the three and six months ended June 30, 2020, Customer F, which is in the government operating segment, represented 11% of total revenue and Customer A, which is in the commercial operating segment, represented 10% of total revenue, respectively. No other customer represented more than 10% of total revenue for the three and six months ended June 30, 2020. The Company relies on the technology, infrastructure, and software applications, including software-as-a-service functions of its business. Recently Adopted Accounting Pronouncements I 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) as part of its simplification initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The Company adopted ASU 2019-12 as of January 1, 2021 using transition methods allowed under each aspect of the guidance. The adoption of the standard did not have a material impact on the Company’s condensed consolidated financial statements. |
Contract Liabilities and Remain
Contract Liabilities and Remaining Performance Obligations | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Contract Liabilities and Remaining Performance Obligations | 3. Contract Liabilities and Remaining Performance Obligations Contract Liabilities The Company’s contract liabilities consist of deferred revenue and customer deposits. As of June 30, 2021 and December 31, 2020, the Company’s contract liability balances were $555.5 million and $531.9 million, respectively. Revenue of $285.4 million and $301.3 million was recognized during the six months ended June 30, 2021 and 2020, respectively, that was included in the contract liability balances as of December 31, 2020 and 2019, respectively. Remaining Performance Obligations The Company’s arrangements with its customers oft e The Company’s remaining performance obligations were $671.9 million as of June 30, 2021, of which the Company expects to recognize approximately 49% as revenue over the next twelve months. Disaggregation of Revenue See Note 13. Segment and Geographic Information |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements Financial instruments consist of money market funds and certificates of deposit included in cash equivalents and restricted cash, accounts receivable, other assets accounted for at fair value, accounts payable, and accrued liabilities. money market funds and certificates of deposit are stated at fair value on a recurring basis. Accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The following tables present the Company’s assets that are measured at fair value on a recurring and nonrecurring basis and indicates the fair value hierarchy of the valuation (in thousands): As of June 30, 2021 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 963,873 $ 963,873 $ — $ — Certificates of deposit 65,477 — 65,477 — Total $ 1,029,350 $ 963,873 $ 65,477 $ — As of December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 1,075,783 $ 1,075,783 $ — $ — Certificates of deposit 74,097 — 74,097 — Total $ 1,149,880 $ 1,075,783 $ 74,097 $ — Certificates of Deposit The Company’s Level 2 instruments consist of restricted cash invested in certificates of deposit. The fair value of such instruments is estimated based on valuations obtained from third-party pricing services that utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable either directly or indirectly. These inputs include interest rate curves, foreign exchange rates, and credit ratings. Gross unrealized gains or losses for cash equivalents as of June 30, 2021 and December 31, 2020 were not material. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of June 30, 2021 As of December 31, Leasehold improvements $ 81,057 $ 85,196 Computer equipment, software, and other 23,199 22,275 Furniture and fixtures 10,069 9,976 Construction in progress 442 493 Total property and equipment, gross 114,767 117,940 Less: accumulated depreciation and amortization (89,943) (88,399) Total property and equipment, net $ 24,824 $ 29,541 Depreciation and amortization expense related to property and equipment, net was $3.1 million and $3.2 million for the three months ended June 30, 2021 and 2020, respectively, and $6.3 million and $6.8 million for the s i Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of June 30, As of December 31, Accrued payroll and related expenses $ 95,574 $ 85,466 Accrued other liabilities 70,678 73,080 Total accrued liabilitie s $ 166,252 $ 158,546 |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | 6. Equity Method Investments Palantir Technologies Japan, K.K. During November 2019, the Company and SOMPO Holdings, Inc. (“SOMPO”) created a Japanese Kabushiki Kaisha (“K.K.”), Palantir Technologies Japan, K.K. (“Palantir Japan”), to distribute Palantir platforms to the Japanese market. Upon closing of the transaction with SOMPO, the Company purchased a total of 100,000 shares of Palantir Japan common stock for $25.0 million. The shares the Company received in exchange represent a 50% voting interest in Palantir Japan. The remaining 50% of the voting interest is held by SOMPO. The Company’s investment in Palantir Japan is accounted for as an equity method investment as the Company is able to exercise significant influence over, but does not control, the investee. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt 2014 Credit Facility In October 2014, the Company entered into an unsecured revolving credit facility which has been subsequently amended (the “2014 Credit Facility”). The 2014 Credit Facility incurred interest at the London Interbank Offered Rate (“LIBOR”) plus a margin of 2.75% per annum, subject to certain adjustments, and incurs a commitment fee of 0.375% assessed on the daily average undrawn p o During April 2021, the Company entered into an amendment to the 2014 Credit Facility, which provided for an increase of $200.0 million to the revolving commitments of the existing lenders under the 2014 Credit Facility, for total revolving commitments of $400.0 million, and which also provided for an incremental loan facility for additional loans in an agg r The 2014 Credit Facility contains customary representations and warranties, and certain financial and nonfinancial covenants, including but not limited to maintaining minimum liquidity of $50.0 million, and certain limitations on liens and indebtedness. The Company was in compliance with all covenants associated with the 2014 Credit Facility as of June 30, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Purchase Commitments In December 2019, the Company entered into, and subsequently amended during December 2020, a minimum annual commitment to purchase cloud hosting services of at least $1.49 billion over six contract years, with an optional carryover period through June 30, 2029, in exchange for various discounts on such services. If the spend does not meet the minimum annual commitment each year or at the end of the term, the Company is obligated to make a return payment. If the difference is greater than $30.0 million for each of the first three contract years or $50.0 million for each of the contract years thereafter (“relief amounts”), the Company has the option to pay the respective relief amount for that year for services to be utilized in the future and the excess amount of the difference above the relief amount would be added to the minimum annual commitment of the following year through the end of the contract. The Company satisfied its $126.0 million commitment for the contract year ended June 30, 2021. The commitment amount for the contract year ended June 30, 2022 is In June 2020, the Company entered into an additional commitment to purchase at least $45.0 million of cloud hosting services over a period of five years commencing on June 1, 2020 and ending on May 31, 2025. If the spend commitment is not met at the end of the term, the Company is obligated to pay the full amount of the outstanding balance (“shortfall payment”). The shortfall payment may be applied as a prepayment against consumption during an additional twelve-month coverage period expiring on May 31, 2026, at which time any unused amount would be forfeited. As of June 30, 2021, the Company had satisfied $6.0 million of its commitment. Investment Commitments The Company approved and entered into certain agreements (“Investment Agreements”) to purchase, or commit to purchase, shares of various entities, including special purpose acquisition companies and/or other privately-held or publicly-traded entities (each, an “Investee,” and such purchases, or commitments to purchase, the “Investments”). As of June 30, 2021, the Company had outstanding commitments, subject to the applicable terms and conditions, to purchase a total of 25.0 million shares for an aggregate purchase price of million. The closings of certain of such Investments are contingent upon the completion of a proposed business combination between the applicable Investee and other applicable parties. As of June 30, 2021, none of such Investments had closed. Additionally, in connection with signing the Investment Agreements, each Investee or an associated entity and the Company entered into a commercial contract for access to the Company’s products and services. The maximum potential revenue from these commercial contracts is $428 million, which is inclusive of $73 million from contractual options, and the terms of such contracts, including these contractual options, range from three ten years . The majority of these commercial contracts are subject to various termination provisions, including for convenience in the event a proposed business combination is not completed. The Company assessed the concurrent agreements under the non-monetary - Revenue from Contracts with Customers such $3.0 million. The following table presents details related to the Company’s investment commitments as of June 30, 2021 (in thousands): Entity Investment Committed Committed Lilium March 30, 2021 4,100 $ 41,000 Sarcos Robotics (1) April 5, 2021 2,100 21,000 Roivant Sciences May 1, 2021 3,000 30,000 Celularity (1)(2) May 5, 2021 2,000 20,000 Mobility company May 11, 2021 2,000 20,000 Wejo May 28, 2021 3,500 35,000 Babylon Health (1) June 3, 2021 3,500 35,000 Boxed (1) June 13, 2021 2,000 20,000 Pear Therapeutics June 21, 2021 1,000 10,000 Autonomous vehicle company (1) June 22, 2021 1,800 18,000 Total 25,000 $ 250,000 (1) Commercial contract contains termination for convenience clauses in the event the proposed business combination and/or the Company’s proposed investment is not completed. (2) The Company’s investment closed during July 2021. Litigation and Legal Proceedings From time to time, third parties may assert paten t . On December 14, 2017, members of KT4 Partners LLC (Managing Member Marc Abramowitz) and Sandra Martin Clark, as trustee for the Marc Abramowitz Irrevocable Trust Number 7 (together, “KT4 Plaintiffs”), filed an action in the Delaware Superior Court against the Company and Disruptive Technology Advisers LLC. The complaint alleges tortious interference with prospective economic advantage and civil conspiracy in connection with a potential sale of stock by the KT4 Plaintiffs to a third party. The KT4 Plaintiffs seek compensatory and punitive damages, interest, fees, and costs . The Company believes this lawsuit is without merit and is vigorously defending itself against it. Given the uncertainty of litigation, it may be reasonably possible that the Company will incur a loss with regards to the matter; however, it cannot currently estimate a range of possible losses. Accordingly, the Company is unable, at this time, to estimate the overall effects that may result from the lawsuit on its financial condition, results of operations, or cash flows. As of June 30, 2021, the Company was not aware of any currently pending legal matters or claims, individually or in the aggregate, that were expected to have a material adverse impact on its condensed consolidated financial statements. Letters of Credit and Guarantees The Company had irrevocable standby letters of credit and guarantees, including bank guarantees, outstanding in the amounts of $98.7 million and $116.8 million as of June 30, 2021 and December 31, 2020, respectively, all of which were fully collateralized. The Company is required to maintain these letters of credit and guarantees primarily for operating lease agreements, certain customer contracts, and other guarantees and financing arrangements. As of June 30, 2021, these letters of credit and guarantees had expiration dates through August 2028. Warranties and Indemnification The Company generally provides a warranty for its software products and services and a service level agreement (“SLA”) for the Company’s performance of software operations via its operations and maintenance (“O&M”) services to its customers. The Company’s products are generally warranted to perform substantially as described in the associated product documentation during the subscription term or for a period of up to 90 days where the software is hosted by the customer; and the Company includes O&M services as part of its subscription and license agreements to support this warranty and maintain the operability of the software. The Company’s services are generally warranted to be performed in a professional manner and by an adequate staff with knowledge about the products. In the event there is a failure of such warranties, the Company generally is obligated to correct the product or service to conform to the warranty provision, as set forth in the applicable SLA, or, if the Company is unable to do so, the customer is entitled to seek a refund of the purchase price of the product and service (generally prorated over the contract term). Due to the absence of historical warranty claims, the Company’s expectations of future claims related to products under warranty continue to be insignificant. The Company has not recorded warranty expense or related accruals as of June 30, 2021 and December 31, 2020. The Company generally agrees to indemnify its customers against legal claims that the Company’s software products infringe certain third-party intellectual property rights and accounts for its indemnification obligations. In the event of such a claim, the Company is generally obligated to defend its customer against the claim and to either settle the claim at the Company’s expense or pay damages that the customer is legally required to pay to the third-party claimant. In addition, in the event of an infringement, the Company generally agrees to secure the right for the customer to continue using the infringing product; to modify or replace the infringing product; or, if those options are not commercially practicable, to refund the cost of the software, as prorated over the period. To date, the Company has not been required to make any payment resulting from infringement claims asserted against its customers and does not believe that the Company will be liable for such claims in the foreseeable future. As such, the Company has not recorded a liability for infringement costs as of June 30, 2021 and December 31, 2020. The Company has obligations under certain circumstances to indemnify each of the defendant directors and certain officers against judgments, fines, settlements, and expenses related to claims against such directors and certain officers and otherwise to the fullest extent permitted under the law and the Company’s bylaws and Amended and Restated Certificate of Incorporation . |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure | 9. Stockholders’ Equity The Company’s Class A, Class B, and Class F common stock (collectively, the “common stock”) all have the same rights, except with respect to voting and conversion rights. Class A and Class B common stock have voting rights of 1 and 10 votes per share, respectively. The Class F common stock has the voting rights generally described below and each share of Class F common stock is convertible at any time, at the option of the holder thereof, into one share of Class B common stock. All shares of Class F common stock are held in a voting trust established by Stephen Cohen, Alexander Karp, and Peter Thiel ( the Holders of common stock are entitled to dividends when, as and if declared by the Company’s Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. No dividends have been declared as of June 30, 2021. In connection with the Company’s direct listing of its Class A common stock on the New York Stock Exchange (“Direct Listing”) in September 2020, all outstanding shares of redeemable convertible preferred stock and convertible preferred stock were converted into 4,017,378 and 793,725,807 shares of Class B common stock, respectively, and 1,005,000 shares of Class B common stock held by the Founders were exchanged for an equal number of shares of Class F common stock. The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands): As of June 30, 2021 As of December 31, 2020 Authorized Issued and Authorized Issued and Common stock: Class A 20,000,000 1,855,143 20,000,000 1,542,058 Class B 2,700,000 80,430 2,700,000 249,077 Class F 1,005 1,005 1,005 1,005 Total 22,701,005 1,936,578 22,701,005 1,792,140 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation Stock Options The following table summarizes stock option activity for the six months ended June 30, 2021 (in thousands, except per share amounts): Options Weighted- Weighted- Remaining Aggregate Balance as of December 31, 2020 535,767 $ 6.12 7.99 $ 9,340,245 Options exercised (114,471 ) 3.29 Options canceled and forfeited (3,622 ) 5.17 Balance as of June 30, 2021 417,674 $ 6.90 8.49 $ 8,128,222 Options vested and exercisable as of June 30, 2021 213,423 $ 3.92 6.41 $ 4,788,520 As of June 30, 2021, the unrecognized expense related to options outstanding was $1.0 billion, which is expected to be recognized over a weighted-average service period of 8.07 years. RSUs The following table summarizes the RSU activity for the six months ended June 30, 2021 (in thousands, except per share amounts): RSUs Weighted Average Unvested and outstanding as of December 31, 2020 184,870 $ 6.97 RSUs granted 10,131 27.25 RSUs vested (23,832 ) 8.41 RSUs canceled (4,447 ) 7.21 Unvested and outstanding as of June 30, 2021 166,722 $ 7.98 As of June 30, 2021, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $815.0 million, which the Company expects to recognize over 3.20 years. Growth Units In May 2019, the Company granted growth units which vest upon the satisfaction of both a performance-based vesting condition, which was satisfied upon the Company’s Direct Listing, and a service-based vesting condition, which was satisfied in March 2021. In March 2021, the 3.6 million outstanding growth units vested and, per the formula applicable to the awards, converted into 1.5 million shares of common stock. During the three months ended March 31, 2021, the Company recognized the remaining stock-based compensation expense related to the growth units of $1.2 million. Stock-based Compensation Expense Total stock-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of revenue $ 24,029 $ 17,832 $ 40,006 $ 25,900 Sales and marketing 72,008 39,932 129,294 58,395 Research and development 50,630 37,897 88,504 52,929 General and administrative 86,075 32,187 168,669 44,731 Total stock-based compensation expense $ $ $ $ |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company recorded a benefit for income taxes of million for the three months ended June 30, 2021 and 2020, respectively, and a benefit for income taxes of million and a provision for income taxes of million for the six months ended June 30, 2021 and 2020, respectively. The Company is subject to income tax in the U.S. as well as other tax jurisdictions in which it conducts business. The Company’s effective rate differs from the U.S. statutory rate primarily due to the valuation allowance recorded on its losses from the U.S. and other jurisdictions, foreign income taxed at different rates, non-deductible of stock-based compensation and the revaluation of its United Kingdom (“UK”) deferred tax assets as a result of a change in the UK corporate tax rate enacted during the current quarter, which increase d The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. The Company assesses its ability to realize the deferred tax assets on a quarterly basis, and it establishes a valuation allowance if it is more-likely-than-not allowance deferred tax assets. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 12. Net Loss Per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerator Net loss attributable to common stockholders $ (138,580 ) $ (110,455 ) $ (262,054 ) $ (164,729 ) Less: Change in fair value attributable to participating securities — (171 ) — (7,479 ) Net loss attributable to common stockholders, for diluted net loss per share $ (138,580 ) $ (110,626 ) $ (262,054 ) $ (172,208 ) Denominator Weighted-average shares used in computing net loss per share, basic 1,894,606 640,450 1,858,085 616,150 Weighted-average shares used in computing net loss per share, diluted 1,894,606 640,669 1,858,085 618,635 Net loss per share Net loss per share attributable to common stockholders, basic $ (0.07 ) $ (0.17 ) $ (0.14 ) $ (0.27 ) Net loss per share attributable to common stockholders, diluted $ (0.07 ) $ (0.17 ) $ (0.14 ) $ (0.28 ) The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented due to their anti-dilutive effect (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Redeemable convertible preferred stock — 4,017 — 4,017 Convertible preferred stock — 791,346 — 791,346 Warrants to purchase redeemable convertible and convertible preferred — 20,839 — 18,253 Warrants to purchase common stock 13,042 — 13,042 — Options and SARs issued and outstanding 417,699 459,239 417,699 459,239 RSUs outstanding 166,722 178,685 166,722 178,685 Growth units outstanding — 3,583 — 3,583 Total 597,463 1,457,709 597,463 1,455,123 |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 13. Segment and Geographic Information The following tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented. Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level. These unallocated costs include stock-based compensation expense, research and development expenses, and general and administrative expenses. Financial information for each reportable segment was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue: Government $ 232,119 $ 139,569 $ 440,539 $ 257,696 Commercial 143,523 112,320 276,337 223,520 Total revenue $ 375,642 $ 251,889 $ 716,876 $ 481,216 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Contribution: Government $ 143,253 $ 80,327 $ 274,999 $ 132,224 Commercial 75,121 58,398 147,664 99,412 Total contribution $ 218,374 $ 138,725 $ 422,663 $ 231,636 The reconciliation of contribution to loss from operations is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Loss from operations $ (146,148 ) $ (99,145 ) $ (260,162 ) $ (169,330 ) Research and development expenses (1) 59,894 48,918 120,491 99,686 General and administrative expenses (1) 71,886 61,104 135,861 119,325 Stock-based compensation expense 232,742 127,848 426,473 181,955 Total contribution $ 218,374 $ 138,725 $ 422,663 $ 231,636 ————— (1) Geographic Information Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages): Three Months Ended June 30, 2021 2020 Amount % Amount % Revenue: United States $ 199,930 53 % 124,993 50 % United Kingdom 39,935 11 % 30,033 12 % France 19,088 5 % 29,629 12 % Rest of world (1) 116,689 31 % 67,234 26 % Total revenue $ 375,642 % 251,889 100 % (1) 10 % or more of total revenue for the three months ended June 30, 2021 or 2020. Six Months Ended June 30, 2021 2020 Amount % Amount % Revenue: United States $ 398,377 56% $ 234,770 49% United Kingdom 74,320 10% 59,008 12% France 40,178 6% 55,359 12% Rest of world (1) 204,001 28% 132,079 27% Total revenue $ 716,876 100% $ 481,216 100% (1) |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Investment Commitments and Investments The Company approved and entered into additional Investment Agreements from July 1, 202 6.0 million shares for an aggregate purchase price of $ 60.0 million. The closings of certain of such Investments are contingent upon the completion of a proposed business combination between the applicable Investee and other applicable parties. The following table presents details regarding such additional investment commitments outstanding as of the date of this filing (in thousands): Entity Investment Agreement Committed Committed Fast Radius (1) July 18, 2021 2,000 $ 20,000 Tritium (1) July 27, 2021 1,500 15,000 AdTheorent (1) July 27, 2021 1,500 15,000 FinAccel August 2, 2021 1,000 10,000 Total 6,000 $ 60,000 (1) onvenience . Additionally, during July 1, 2021 through the date of this filing, the Company purchased million shares for an aggregate purchase price of $ million, as set forth in the following table (in thousands): Entity Share Amount Investment Amount Celularity (1) 2,000 $ 20,000 Electric vehicle company 2,500 25,000 Autonomous aerial vehicle company 3,000 3,000 Astrocast 1,518 5,000 Total 9,018 $ 53,000 (1) Footnote 8. Commitments and Contingencies . In connection with the signing of the Investment Agreements entered into between July 1, 2021 and the date of this filing, each Investee or an associated entity and the Company million, and the terms of such contracts rang The majority of these commercial contracts are subject to various termination provisions, including for convenience in the event a proposed business combination is not completed. Investment in Gold During August 2021, the Company purchased $50.7 million in 100-ounce gold bars. Such purchase will initially be kept in a secure third-party facility located in the northeastern United States and the Company is able to take physical possession of the gold bars stored at the facility at any time with reasonable notice. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. genera l ly accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying condensed consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminat e o The unaudited condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management’s opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets and statements of operations, comprehensive loss, stockholders’ equity (deficit), and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. The Company ceased to be an emerging growth company as of December 31, 2020, which accelerated its adoption of Accounting Standards Update (“ASU”) 2016-02, These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, identification of performance obligations in customer contracts, the valuation of deferred tax assets and uncertain tax positions, collectability of accounts receivable, useful lives of tangible assets, and the incremental borrowing rate for operating leases. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds. Restricted cash primarily consists of cash and certificates of deposit that are held as collateral against letters of credit and guarantees that the Company is required to maintain for operating lease agreements, certain customer contracts, and other guarantees and financing arrangements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands): As of June 30, 2021 2020 Cash and cash equivalents $ 2,341,156 $ 1,497,591 Restricted cash 36,750 37,069 Restricted cash, noncurrent 61,914 102,355 Total cash, cash equivalents, and restricted cash $ 2,439,820 $ 1,637,015 |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses, if any. The Company generally grants non-collateralized COVID-19 written-off expected to be material. |
Concentrations of Credit Risk and Other Concentrations | Concentrations of Credit Risk and Other Concentrations Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, and accounts receivable. Cash equivalents primarily consist of money market funds with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of June 30, 2021 and December 31, 2020 were $243.0 million and $156.9 million, respectively. Customer I represented 24% of total accounts receivable as of June 30, 2021. Customer G represented 13% of total accounts receivable as of December 31, 2020. No other customer represented more than 10% of total accounts receivable as of June 30, 2021 and December 31, 2020. The Company seeks to mitigate its credit risk with respect to accounts receivable by contracting with large commercial customers and government agencies and regularly monitoring the aging of accounts receivable balances. As of June 30, 2021 and December 31, 2020, the Company had not experienced any significant losses on its accounts receivable. For the three and six months ended June 30, 2021, no customer represented more than 10% of total revenue. For the three and six months ended June 30, 2020, Customer F, which is in the government operating segment, represented 11% of total revenue and Customer A, which is in the commercial operating segment, represented 10% of total revenue, respectively. No other customer represented more than 10% of total revenue for the three and six months ended June 30, 2020. The Company relies on the technology, infrastructure, and software applications, including software-as-a-service functions of its business. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements I 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) as part of its simplification initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The Company adopted ASU 2019-12 as of January 1, 2021 using transition methods allowed under each aspect of the guidance. The adoption of the standard did not have a material impact on the Company’s condensed consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands): As of June 30, 2021 2020 Cash and cash equivalents $ 2,341,156 $ 1,497,591 Restricted cash 36,750 37,069 Restricted cash, noncurrent 61,914 102,355 Total cash, cash equivalents, and restricted cash $ 2,439,820 $ 1,637,015 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis | The following tables present the Company’s assets that are measured at fair value on a recurring and nonrecurring basis and indicates the fair value hierarchy of the valuation (in thousands): As of June 30, 2021 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 963,873 $ 963,873 $ — $ — Certificates of deposit 65,477 — 65,477 — Total $ 1,029,350 $ 963,873 $ 65,477 $ — As of December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 1,075,783 $ 1,075,783 $ — $ — Certificates of deposit 74,097 — 74,097 — Total $ 1,149,880 $ 1,075,783 $ 74,097 $ — |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): As of June 30, 2021 As of December 31, Leasehold improvements $ 81,057 $ 85,196 Computer equipment, software, and other 23,199 22,275 Furniture and fixtures 10,069 9,976 Construction in progress 442 493 Total property and equipment, gross 114,767 117,940 Less: accumulated depreciation and amortization (89,943) (88,399) Total property and equipment, net $ 24,824 $ 29,541 |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): As of June 30, As of December 31, Accrued payroll and related expenses $ 95,574 $ 85,466 Accrued other liabilities 70,678 73,080 Total accrued liabilitie s $ 166,252 $ 158,546 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investment Commitments [Abstract] | |
Summary of Investment commitments | The following table presents details related to the Company’s investment commitments as of June 30, 2021 (in thousands): Entity Investment Committed Committed Lilium March 30, 2021 4,100 $ 41,000 Sarcos Robotics (1) April 5, 2021 2,100 21,000 Roivant Sciences May 1, 2021 3,000 30,000 Celularity (1)(2) May 5, 2021 2,000 20,000 Mobility company May 11, 2021 2,000 20,000 Wejo May 28, 2021 3,500 35,000 Babylon Health (1) June 3, 2021 3,500 35,000 Boxed (1) June 13, 2021 2,000 20,000 Pear Therapeutics June 21, 2021 1,000 10,000 Autonomous vehicle company (1) June 22, 2021 1,800 18,000 Total 25,000 $ 250,000 (1) Commercial contract contains termination for convenience clauses in the event the proposed business combination and/or the Company’s proposed investment is not completed. (2) The Company’s investment closed during July 2021. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Summary of Total Authorized, Issued, And Outstanding Shares | The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands): As of June 30, 2021 As of December 31, 2020 Authorized Issued and Authorized Issued and Common stock: Class A 20,000,000 1,855,143 20,000,000 1,542,058 Class B 2,700,000 80,430 2,700,000 249,077 Class F 1,005 1,005 1,005 1,005 Total 22,701,005 1,936,578 22,701,005 1,792,140 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity for the six months ended June 30, 2021 (in thousands, except per share amounts): Options Weighted- Weighted- Remaining Aggregate Balance as of December 31, 2020 535,767 $ 6.12 7.99 $ 9,340,245 Options exercised (114,471 ) 3.29 Options canceled and forfeited (3,622 ) 5.17 Balance as of June 30, 2021 417,674 $ 6.90 8.49 $ 8,128,222 Options vested and exercisable as of June 30, 2021 213,423 $ 3.92 6.41 $ 4,788,520 |
Summary of RSU Activity | The following table summarizes the RSU activity for the six months ended June 30, 2021 (in thousands, except per share amounts): RSUs Weighted Average Unvested and outstanding as of December 31, 2020 184,870 $ 6.97 RSUs granted 10,131 27.25 RSUs vested (23,832 ) 8.41 RSUs canceled (4,447 ) 7.21 Unvested and outstanding as of June 30, 2021 166,722 $ 7.98 |
Summary of Stock-Based Compensation Expense | Stock-based Compensation Expense Total stock-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of revenue $ 24,029 $ 17,832 $ 40,006 $ 25,900 Sales and marketing 72,008 39,932 129,294 58,395 Research and development 50,630 37,897 88,504 52,929 General and administrative 86,075 32,187 168,669 44,731 Total stock-based compensation expense $ $ $ $ |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerator Net loss attributable to common stockholders $ (138,580 ) $ (110,455 ) $ (262,054 ) $ (164,729 ) Less: Change in fair value attributable to participating securities — (171 ) — (7,479 ) Net loss attributable to common stockholders, for diluted net loss per share $ (138,580 ) $ (110,626 ) $ (262,054 ) $ (172,208 ) Denominator Weighted-average shares used in computing net loss per share, basic 1,894,606 640,450 1,858,085 616,150 Weighted-average shares used in computing net loss per share, diluted 1,894,606 640,669 1,858,085 618,635 Net loss per share Net loss per share attributable to common stockholders, basic $ (0.07 ) $ (0.17 ) $ (0.14 ) $ (0.27 ) Net loss per share attributable to common stockholders, diluted $ (0.07 ) $ (0.17 ) $ (0.14 ) $ (0.28 ) |
Summary of Antidilutive Securities | The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented due to their anti-dilutive effect (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Redeemable convertible preferred stock — 4,017 — 4,017 Convertible preferred stock — 791,346 — 791,346 Warrants to purchase redeemable convertible and convertible preferred — 20,839 — 18,253 Warrants to purchase common stock 13,042 — 13,042 — Options and SARs issued and outstanding 417,699 459,239 417,699 459,239 RSUs outstanding 166,722 178,685 166,722 178,685 Growth units outstanding — 3,583 — 3,583 Total 597,463 1,457,709 597,463 1,455,123 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Financial Information for Each Reportable Segment | Financial information for each reportable segment was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue: Government $ 232,119 $ 139,569 $ 440,539 $ 257,696 Commercial 143,523 112,320 276,337 223,520 Total revenue $ 375,642 $ 251,889 $ 716,876 $ 481,216 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Contribution: Government $ 143,253 $ 80,327 $ 274,999 $ 132,224 Commercial 75,121 58,398 147,664 99,412 Total contribution $ 218,374 $ 138,725 $ 422,663 $ 231,636 |
Summary of Reconciliation of Segment Financial Information to Loss from Operations | The reconciliation of contribution to loss from operations is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Loss from operations $ (146,148 ) $ (99,145 ) $ (260,162 ) $ (169,330 ) Research and development expenses (1) 59,894 48,918 120,491 99,686 General and administrative expenses (1) 71,886 61,104 135,861 119,325 Stock-based compensation expense 232,742 127,848 426,473 181,955 Total contribution $ 218,374 $ 138,725 $ 422,663 $ 231,636 ————— (1) |
Summary of Revenue by Geography | Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages): Three Months Ended June 30, 2021 2020 Amount % Amount % Revenue: United States $ 199,930 53 % 124,993 50 % United Kingdom 39,935 11 % 30,033 12 % France 19,088 5 % 29,629 12 % Rest of world (1) 116,689 31 % 67,234 26 % Total revenue $ 375,642 % 251,889 100 % (1) 10 % or more of total revenue for the three months ended June 30, 2021 or 2020. Six Months Ended June 30, 2021 2020 Amount % Amount % Revenue: United States $ 398,377 56% $ 234,770 49% United Kingdom 74,320 10% 59,008 12% France 40,178 6% 55,359 12% Rest of world (1) 204,001 28% 132,079 27% Total revenue $ 716,876 100% $ 481,216 100% (1) |
Subsequent Events (Tables)
Subsequent Events (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Summary of Additional Investment Commitments | The following table presents details regarding such additional investment commitments outstanding as of the date of this filing (in thousands): Entity Investment Agreement Committed Committed Fast Radius (1) July 18, 2021 2,000 $ 20,000 Tritium (1) July 27, 2021 1,500 15,000 AdTheorent (1) July 27, 2021 1,500 15,000 FinAccel August 2, 2021 1,000 10,000 Total 6,000 $ 60,000 (1) onvenience . |
Summary of Investment Commitments | Additionally, during July 1, 2021 through the date of this filing, the Company purchased million shares for an aggregate purchase price of $ million, as set forth in the following table (in thousands): Entity Share Amount Investment Amount Celularity (1) 2,000 $ 20,000 Electric vehicle company 2,500 25,000 Autonomous aerial vehicle company 3,000 3,000 Astrocast 1,518 5,000 Total 9,018 $ 53,000 (1) Footnote 8. Commitments and Contingencies . |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 2,341,156 | $ 2,011,323 | $ 1,497,591 | |
Restricted cash | 36,750 | 37,285 | 37,069 | |
Restricted cash, noncurrent | 61,914 | 79,538 | 102,355 | |
Total cash, cash equivalents, and restricted cash | $ 2,439,820 | $ 2,128,146 | $ 1,637,015 | $ 1,401,962 |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounts receivable | $ 242,998,000 | $ 242,998,000 | $ 156,932,000 | ||
Allowance for doubtful accounts on trade receivables | $ 0 | $ 0 | $ 0 | ||
Accounts Receivable [Member] | Customer I [Member] | |||||
Percentage Concentration | 24.00% | ||||
Accounts Receivable [Member] | Customer G [Member] | |||||
Percentage Concentration | 13.00% | ||||
Revenue Benchmark [Member] | Customer A [Member] | |||||
Percentage Concentration | 10.00% | 10.00% | |||
Revenue Benchmark [Member] | Customer F [Member] | |||||
Percentage Concentration | 11.00% | 11.00% | |||
Minimum [Member] | Revenue Benchmark [Member] | |||||
Percentage Concentration | 10.00% | 10.00% | 10.00% | 10.00% | |
Maximum [Member] | Accounts Receivable [Member] | |||||
Percentage Concentration | 10.00% | 10.00% | |||
Maximum [Member] | Revenue Benchmark [Member] | |||||
Percentage Concentration | 0.00% | 0.00% | 0.00% | 0.00% |
Contract Liabilities and Rema_2
Contract Liabilities and Remaining Performance Obligations - Additional information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Performance obligation | $ 671.9 | ||
Performance obligation percentage to be recognised as revenue in the next twelve months | 49.00% | ||
Contract with customer, liability | $ 555.5 | $ 531.9 | |
Revenue recognized from contract liability balances | $ 285.4 | $ 301.3 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 1,029,350 | $ 1,149,880 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 963,873 | 1,075,783 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 65,477 | 74,097 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Restricted Cash [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certificates of deposit | 65,477 | 74,097 |
Restricted Cash [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certificates of deposit | 0 | 0 |
Restricted Cash [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certificates of deposit | 65,477 | 74,097 |
Restricted Cash [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certificates of deposit | 0 | 0 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 963,873 | 1,075,783 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 963,873 | 1,075,783 |
Money Market Funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Total property and equipment, gross | $ 114,767 | $ 117,940 |
Less: accumulated depreciation and amortization | (89,943) | (88,399) |
Total property and equipment, net | 24,824 | 29,541 |
Leasehold improvements [Member] | ||
Total property and equipment, gross | 81,057 | 85,196 |
Computer equipment, software, and other [Member] | ||
Total property and equipment, gross | 23,199 | 22,275 |
Furniture and fixtures [Member] | ||
Total property and equipment, gross | 10,069 | 9,976 |
Construction in progress [Member] | ||
Total property and equipment, gross | $ 442 | $ 493 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued payroll and related expenses | $ 95,574 | $ 85,466 |
Accrued other liabilities | 70,678 | 73,080 |
Total accrued liabilities | $ 166,252 | $ 158,546 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | ||||
Depreciation and amortisation expense excluding the impact of foreign exchange fluctuations | $ 3.1 | $ 3.2 | $ 6.3 | $ 6.8 |
Equity Method Investments - Add
Equity Method Investments - Additional information (Detail) $ in Millions | 1 Months Ended |
Nov. 30, 2019USD ($)shares | |
Palantir Technologies Japan, K.K. [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of shares purchased | shares | 100,000 |
Payments made to acquire equity method investments | $ | $ 25 |
Equity method investment ownership percentage | 50.00% |
SOMPO [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment ownership percentage | 50.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Millions | Apr. 01, 2021 | Oct. 30, 2014 | Jun. 30, 2021 |
2014 Revolving Credit Facility [Member] | |||
Long-term Debt [Line Items] | |||
Line of credit facility variable interest rate description | London Interbank Offered Rate (“LIBOR”) plus a margin of 2.75% | ||
Line of credit facility commitment fee percentage | 0.375% | ||
Line of credit maturity date | Jun. 4, 2023 | ||
Debt instrument carrying amount | $ 0 | ||
Debt Instrument, periodic payment, principal | $ 200 | ||
2014 Revolving Credit Facility [Member] | Incremental Credit Facility [Member] | |||
Long-term Debt [Line Items] | |||
Undrawn revolving credit facility amount | 400 | ||
Increase in borrowing capacity | 200 | ||
2014 Revolving Credit Facility [Member] | Minimum [Member] | |||
Long-term Debt [Line Items] | |||
Line of credit minimum liquidity to be maintained | $ 50 | ||
2014 Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Long-term Debt [Line Items] | |||
Line of credit facility variable interest rate spread | 2.75% | ||
Line of credit facility variable interest rate description | London Interbank Offered Rate (“LIBOR”) plus a margin of 2.75% | ||
Amended 2014 Revolving Credit Facility [Member] | |||
Long-term Debt [Line Items] | |||
Debt instrument maximum borrowing capacity | 400 | ||
Amended 2014 Revolving Credit Facility [Member] | Term Loan [Member] | Incremental Credit Facility [Member] | |||
Long-term Debt [Line Items] | |||
Undrawn revolving credit facility amount | $ 100 |
Commitments and Contingencies
Commitments and Contingencies - Summary of Investment commitments (Detail) shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)shares | ||
Commitments and Contingencies [Line Items] | ||
Number of shares committed to purchase | shares | 25,000 | |
Purchase Price Commitment | $ | $ 250,000 | |
Lilium [Member] | ||
Commitments and Contingencies [Line Items] | ||
Investment Agreement Date | Mar. 30, 2021 | |
Number of shares committed to purchase | shares | 4,100 | |
Purchase Price Commitment | $ | $ 41,000 | |
Sarcos Robotics [Member] | ||
Commitments and Contingencies [Line Items] | ||
Investment Agreement Date | Apr. 5, 2021 | [1] |
Number of shares committed to purchase | shares | 2,100 | [1] |
Purchase Price Commitment | $ | $ 21,000 | [1] |
Roivant Sciences [Member] | ||
Commitments and Contingencies [Line Items] | ||
Investment Agreement Date | May 1, 2021 | |
Number of shares committed to purchase | shares | 3,000 | |
Purchase Price Commitment | $ | $ 30,000 | |
Celularity [Member] | ||
Commitments and Contingencies [Line Items] | ||
Investment Agreement Date | May 5, 2021 | [1],[2] |
Number of shares committed to purchase | shares | 2,000 | [1],[2] |
Purchase Price Commitment | $ | $ 20,000 | [1],[2] |
Mobility Company [Member] | ||
Commitments and Contingencies [Line Items] | ||
Investment Agreement Date | May 11, 2021 | |
Number of shares committed to purchase | shares | 2,000 | |
Purchase Price Commitment | $ | $ 20,000 | |
Wejo [Member] | ||
Commitments and Contingencies [Line Items] | ||
Investment Agreement Date | May 28, 2021 | |
Number of shares committed to purchase | shares | 3,500 | |
Purchase Price Commitment | $ | $ 35,000 | |
Babylon Health [Member] | ||
Commitments and Contingencies [Line Items] | ||
Investment Agreement Date | Jun. 3, 2021 | [1] |
Number of shares committed to purchase | shares | 3,500 | [1] |
Purchase Price Commitment | $ | $ 35,000 | [1] |
Boxed [Member] | ||
Commitments and Contingencies [Line Items] | ||
Investment Agreement Date | Jun. 13, 2021 | [1] |
Number of shares committed to purchase | shares | 2,000 | [1] |
Purchase Price Commitment | $ | $ 20,000 | [1] |
Pear Therapeutics [Member] | ||
Commitments and Contingencies [Line Items] | ||
Investment Agreement Date | Jun. 21, 2021 | |
Number of shares committed to purchase | shares | 1,000 | |
Purchase Price Commitment | $ | $ 10,000 | |
Autonomous Vehicle Company [Member] | ||
Commitments and Contingencies [Line Items] | ||
Investment Agreement Date | Jun. 22, 2021 | [1] |
Number of shares committed to purchase | shares | 1,800 | [1] |
Purchase Price Commitment | $ | $ 18,000 | [1] |
[1] | Commercial contract contains termination for convenience clauses in the event the proposed business combination and/or the Company’s proposed investment is not completed. | |
[2] | The Company’s investment closed during July 2021. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||||||
Letter of credit outstanding amount | $ 98,700 | $ 98,700 | $ 116,800 | ||||
Purchase Price Commitment | $ 250,000 | ||||||
Number of shares committed to purchase | 25,000 | ||||||
Revenue from Committed Investments | $ 375,642 | $ 251,889 | $ 716,876 | $ 481,216 | |||
Investment Agreement [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Enterprise subscription contract term | 3 years | ||||||
Registration Payment Arrangement, Term | 10 years | ||||||
Investment Agreement [Member] | Contractual Options [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Registration Payment Arrangement, Maximum Potential Consideration | $ 73,000 | $ 73,000 | |||||
Investment Agreement [Member] | Maximum [Member] | Commercial Contract [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Registration Payment Arrangement, Maximum Potential Consideration | 428,000 | 428,000 | |||||
Investment Commitments [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Revenue from Committed Investments | 3,000 | 3,000 | |||||
Investment Commitments [Member] | Investment Agreement [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Purchase Price Commitment | $ 250,000 | ||||||
Number of shares committed to purchase | 25,000 | ||||||
Purchase Commitment One [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Minimum annual commitment | $ 1,490,000 | ||||||
Long-term Purchase Commitment, Description | If the spend does not meet the minimum annual commitment each year or at the end of the term, the Company is obligated to make a return payment. If the difference is greater than $30.0 million for each of the first three contract years or $50.0 million for each of the contract years thereafter (“relief amounts”), the Company has the option to pay the respective relief amount for that year for services to be utilized in the future and the excess amount of the difference above the relief amount would be added to the minimum annual commitment of the following year through the end of the contract. | ||||||
Purchase Commitment For Contract Year One | 126,000 | ||||||
Purchase Commitment For Contract Year two | 167,000 | ||||||
Purchase Commitment Two [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Minimum annual commitment | $ 45,000 | ||||||
Satisfied purchase commitment | $ 6,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Total Authorized, Issued, And Outstanding Shares (Detail) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Common stock, shares authorized | 22,701,005,000 | 22,701,005,000 |
Common stock, shares issued | 1,936,578,000 | 1,792,140,000 |
Common stock, shares outstanding | 1,936,578,000 | 1,792,140,000 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 20,000,000,000 | 20,000,000,000 |
Common stock, shares issued | 1,855,143,000 | 1,542,058,000 |
Common stock, shares outstanding | 1,855,143,000 | 1,542,058,000 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 2,700,000,000 | 2,700,000,000 |
Common stock, shares issued | 80,430,000 | 249,077,000 |
Common stock, shares outstanding | 80,430,000 | 249,077,000 |
Common Class F [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 1,005,000 | 1,005,000 |
Common stock, shares issued | 1,005,000 | 1,005,000 |
Common stock, shares outstanding | 1,005,000 | 1,005,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2021 |
Minimum ownership threshold | 100,000,000 | |
Dividends declared | $ 0 | |
Common Class B [Member] | ||
Number of shares exchanged | 1,005,000 | |
Common Class F [Member] | ||
Voting power | 50.00% | |
Redeemable Convertible Preferred Stock [Member] | Common Class B [Member] | ||
Number of shares issued for conversion | 4,017,378 | |
Convertible preferred stock [Member] | Common Class B [Member] | ||
Number of shares issued for conversion | 793,725,807 |
Stock-Based Compensation - Add
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Common shares issuable upon full vesting of the growth units | 1,500,000 | |||
Unrecognized share based compensation expense | $ 1,000,000 | |||
Unrecognized share based compensation expense, period for recognition | 8 years 25 days | |||
Stock-based compensation | $ 426,473 | $ 181,955 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Unrecognized share based compensation expense | $ 815,000 | |||
Unrecognized share based compensation expense, period for recognition | 3 years 2 months 12 days | |||
Outstanding growth unit vested | 166,722,000 | 184,870,000 | ||
Growth units [Member] | ||||
Stock-based compensation | $ 1,200 | |||
Outstanding growth unit vested | 3,600,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | ||
Beginning Balance of Options Outstanding | shares | 535,767,000 | |
Options exercised | shares | (114,471,000) | |
Options canceled and forfeited | shares | (3,622,000) | |
Ending Balance of Options Outstanding | shares | 417,674,000 | 535,767,000 |
Options vested and exercisable as of June 30, 2021 | shares | 213,423,000 | |
Beginning Balance of Weighted-Average Exercise Price Per Share | $ / shares | $ 6.12 | |
Options exercised | $ / shares | 3.29 | |
Options canceled and forfeited | $ / shares | 5.17 | |
Ending Balance of Weighted-Average Exercise Price Per Share | $ / shares | 6.90 | $ 6.12 |
Options vested and exercisable as of June 30, 2021 | $ / shares | $ 3.92 | |
Weighted- Average Remaining Contractual Life (years) | 8 years 5 months 26 days | 7 years 11 months 26 days |
Options vested and exercisable as of June 30, 2021 | 6 years 4 months 28 days | |
Aggregate Intrinsic Value | $ | $ 8,128,222 | $ 9,340,245 |
Options vested and exercisable as of June 30, 2021 | $ | $ 4,788,520 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested and Outstanding Beginning Balance | shares | 184,870,000 |
RSUs granted | shares | 10,131,000 |
RSUs vested | shares | (23,832,000) |
RSUs canceled | shares | (4,447,000) |
Unvested and Outstanding Ending Balance | shares | 166,722,000 |
Weighted Average Grant Date Fair Value per Share Beginning Balance | $ / shares | $ 6.97 |
RSUs granted | $ / shares | 27.25 |
RSUs vested | $ / shares | 8.41 |
RSUs canceled | $ / shares | 7.21 |
Weighted Average Grant Date Fair Value per Share Ending Balance | $ / shares | $ 7.98 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 232,742 | $ 127,848 | $ 426,473 | $ 181,955 |
Cost of revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 24,029 | 17,832 | 40,006 | 25,900 |
Sales and marketing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 72,008 | 39,932 | 129,294 | 58,395 |
Research and development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 50,630 | 37,897 | 88,504 | 52,929 |
General and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 86,075 | $ 32,187 | $ 168,669 | $ 44,731 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Provision (benefit) for income taxes | $ (5,661) | $ 943 | $ (2,559) | $ 3,500 |
Minimum [Member] | ||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 19.00% | |||
Maximum [Member] | ||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 25.00% |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Summary of Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator | ||||
Net loss attributable to common stockholders | $ (138,580) | $ (110,455) | $ (262,054) | $ (164,729) |
Less: Change in fair value attributable to participating securities | (171) | (7,479) | ||
Net loss attributable to common stockholders, for diluted net loss per share | $ (138,580) | $ (110,626) | $ (262,054) | $ (172,208) |
Denominator | ||||
Weighted-average shares used in computing net loss per share, basic | 1,894,606 | 640,450 | 1,858,085 | 616,150 |
Weighted-average shares used in computing net loss per share, diluted | 1,894,606 | 640,669 | 1,858,085 | 618,635 |
Net loss per share | ||||
Net loss per share attributable to common stockholders, basic | $ (0.07) | $ (0.17) | $ (0.14) | $ (0.27) |
Net loss per share attributable to common stockholders, diluted | $ (0.07) | $ (0.17) | $ (0.14) | $ (0.28) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 597,463 | 1,457,709 | 597,463 | 1,455,123 |
Redeemable Convertible Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 4,017 | 4,017 | ||
Convertible preferred stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 791,346 | 791,346 | ||
Warrants to purchase redeemable convertible and convertible preferred stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 20,839 | 18,253 | ||
Warrants to purchase common stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 13,042 | 13,042 | ||
Options and SARs issued and outstanding [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 417,699 | 459,239 | 417,699 | 459,239 |
RSUs outstanding [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 166,722 | 178,685 | 166,722 | 178,685 |
Growth units outstanding [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 3,583 | 3,583 |
Segment and Geographic Inform_3
Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Detail) - Operating Segments [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 375,642 | $ 251,889 | $ 716,876 | $ 481,216 |
Contribution | 218,374 | 138,725 | 422,663 | 231,636 |
Government [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 232,119 | 139,569 | 440,539 | 257,696 |
Contribution | 143,253 | 80,327 | 274,999 | 132,224 |
Commercial [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 143,523 | 112,320 | 276,337 | 223,520 |
Contribution | $ 75,121 | $ 58,398 | $ 147,664 | $ 99,412 |
Segment and Geographic Inform_4
Segment and Geographic Information - Summary of Reconciliation of Segment Financial Information to Loss from Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Segment Reporting Information [Line Items] | |||||
Loss from operations | $ (146,148) | $ (99,145) | $ (260,162) | $ (169,330) | |
Stock-based compensation expense | 232,742 | 127,848 | 426,473 | 181,955 | |
Reconciling items | |||||
Segment Reporting Information [Line Items] | |||||
Research and development expenses | [1] | 59,894 | 48,918 | 120,491 | 99,686 |
General and administrative expenses | [1] | 71,886 | 61,104 | 135,861 | 119,325 |
Stock-based compensation expense | 232,742 | 127,848 | 426,473 | 181,955 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Contribution | $ 218,374 | $ 138,725 | $ 422,663 | $ 231,636 | |
[1] | Excludes stock-based compensation expense. |
Segment and Geographic Inform_5
Segment and Geographic Information - Summary of Revenue by Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | $ 375,642 | $ 251,889 | $ 716,876 | $ 481,216 | ||||
Geographic Concentration Risk [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | $ 375,642 | $ 251,889 | $ 716,876 | $ 481,216 | ||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||||
United States [Member] | Geographic Concentration Risk [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | $ 199,930 | $ 124,993 | $ 398,377 | $ 234,770 | ||||
Concentration risk, percentage | 53.00% | 50.00% | 56.00% | 49.00% | ||||
United Kingdom [Member] | Geographic Concentration Risk [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | $ 39,935 | $ 30,033 | $ 74,320 | $ 59,008 | ||||
Concentration risk, percentage | 11.00% | 12.00% | 10.00% | 12.00% | ||||
France [Member] | Geographic Concentration Risk [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | $ 19,088 | $ 29,629 | $ 40,178 | $ 55,359 | ||||
Concentration risk, percentage | 5.00% | 12.00% | 6.00% | 12.00% | ||||
Rest of world [Member] | Geographic Concentration Risk [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | $ 116,689 | [1] | $ 67,234 | [1] | $ 204,001 | [2] | $ 132,079 | [2] |
Concentration risk, percentage | 31.00% | [1] | 26.00% | [1] | 28.00% | [2] | 27.00% | [2] |
[1] | No other country represents 10% or more of total revenue for the three months ended June 30, 2021 or 2020. | |||||||
[2] | No other country represents 10% or more of total revenue for the six months ended June 30, 2021 or 2020. |
Segment and Geographic Inform_6
Segment and Geographic Information - Summary of Revenue by Geography (Parenthetical) (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue Benchmark [Member] | Minimum [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] shares in Millions, $ in Millions | Aug. 31, 2021USD ($)ozshares | Jul. 01, 2021USD ($)shares |
Equity Investment [Member] | ||
Subsequent Event [Line Items] | ||
Number of additional shares committed to purchase | shares | 6 | |
Additional purchase price commitment | $ 60 | |
Number of shares purchased | $ 50.7 | |
Payments made to acquire equity method investments | oz | 100 | |
Additional Investment Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Number of shares purchased | shares | 9 | 9 |
Aggregate purchase price | $ 53 | $ 53 |
Registration payment arrangement, term | six years | |
Additional Investment Agreement [Member] | Commercial Contract [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Registration Payment Arrangement, Maximum Potential Consideration | $ 162 |
Subsequent Events - Summary of
Subsequent Events - Summary of Additional Investment Commitments (Detail) - Additional Investment Commitment [Member] shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)shares | ||
Investment Holdings Schedule Of Additional Investments [Line Items] | ||
Committed share amount | shares | 6,000 | |
Committed investment amount | $ | $ 60,000 | |
Fast Radius [Member] | ||
Investment Holdings Schedule Of Additional Investments [Line Items] | ||
Investment Agreement Date | Jul. 18, 2021 | [1] |
Committed share amount | shares | 2,000 | [1] |
Committed investment amount | $ | $ 20,000 | [1] |
Tritium [Member] | ||
Investment Holdings Schedule Of Additional Investments [Line Items] | ||
Investment Agreement Date | Jul. 27, 2021 | [1] |
Committed share amount | shares | 1,500 | [1] |
Committed investment amount | $ | $ 15,000 | [1] |
AdTheorent [Member] | ||
Investment Holdings Schedule Of Additional Investments [Line Items] | ||
Investment Agreement Date | Jul. 27, 2021 | [1] |
Committed share amount | shares | 1,500 | [1] |
Committed investment amount | $ | $ 15,000 | [1] |
FinAccel [Member] | ||
Investment Holdings Schedule Of Additional Investments [Line Items] | ||
Investment Agreement Date | Aug. 2, 2021 | |
Committed share amount | shares | 1,000 | |
Committed investment amount | $ | $ 10,000 | |
[1] | Commercial contract contains termination for convenience clauses in the event the proposed business combination and/or the Company’s proposed investment is not completed. |
Subsequent Event - Summary of I
Subsequent Event - Summary of Investment Commitments (Detail) - USD ($) shares in Thousands, $ in Thousands | Jul. 01, 2021 | Jun. 30, 2021 | |
Subsidiary or Equity Method Investee [Line Items] | |||
Number of shares committed to purchase | 25,000 | ||
Purchase Price Commitment | $ 250,000 | ||
Subsequent Event [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Number of shares committed to purchase | 9,018 | ||
Purchase Price Commitment | $ 53,000 | ||
Celularity [Member] | Subsequent Event [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Number of shares committed to purchase | [1] | 2,000 | |
Investment Amount | [1] | $ 20,000 | |
Electric Vehicle Company [Member] | Subsequent Event [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Number of shares committed to purchase | 2,500 | ||
Purchase Price Commitment | $ 25,000 | ||
Autonomous Aerial Vehicle Company [Member] | Subsequent Event [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Number of shares committed to purchase | 3,000 | ||
Purchase Price Commitment | $ 3,000 | ||
Astrocast [Member] | Subsequent Event [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Number of shares committed to purchase | 1,518 | ||
Investment Amount | $ 5,000 | ||
[1] | Reflected as commitment in Footnote 8. Commitments and Contingencies as of June 30, 2021. |