Palantir (PLTR) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-39540
Entity Registrant Name	Palantir Technologies Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	68-0551851
Entity Address, Address Line One	1555 Blake Street, Suite 250
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	(720)
Local Phone Number	358-3679
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	PLTR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001321655
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,946,706,268
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		98,883,190
Class F Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,005,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,269,411	$ 2,290,674
Restricted cash	33,804	36,628
Accounts receivable	256,554	190,923
Marketable securities	252,563	234,153
Prepaid expenses and other current assets	115,042	110,872
Total current assets	2,927,374	2,863,250
Property and equipment, net	41,866	31,304
Restricted cash, noncurrent	29,222	39,612
Operating lease right-of-use assets	224,888	216,898
Other assets	95,829	96,386
Total assets	3,319,179	3,247,450
Current liabilities:
Accounts payable	27,454	74,907
Accrued liabilities	150,176	155,806
Deferred revenue	218,521	227,816
Customer deposits	232,908	161,605
Operating lease liabilities	40,045	39,927
Total current liabilities	669,104	660,061
Deferred revenue, noncurrent	33,244	40,217
Customer deposits, noncurrent	22,276	33,699
Operating lease liabilities, noncurrent	227,617	220,146
Other noncurrent liabilities	2,192	2,297
Total liabilities	954,433	956,420
Commitments and Contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.001 par value	2,046	2,027
Additional paid-in capital	7,953,856	7,777,085
Accumulated other comprehensive loss	(4,044)	(2,349)
Accumulated deficit	(5,587,112)	(5,485,733)
Total stockholders’ equity	2,364,746	2,291,030
Total liabilities and stockholders’ equity	$ 3,319,179	$ 3,247,450

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Common stock, shares authorized	22,701,005,000	22,701,005,000
Common stock, shares issued	2,045,876,000	2,027,474,000
Common stock, shares outstanding	2,045,876,000	2,027,474,000
Class A Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000,000	20,000,000,000
Common stock, shares issued	1,945,140,000	1,926,589,000
Common stock, shares outstanding	1,945,140,000	1,926,589,000
Class B Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	2,700,000,000	2,700,000,000
Common stock, shares issued	99,731,000	99,880,000
Common stock, shares outstanding	99,731,000	99,880,000
Class F Common Stock
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
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 446,357	$ 341,234
Cost of revenue	94,403	74,111
Gross profit	351,954	267,123
Operating expenses:
Sales and marketing	160,485	136,097
Research and development	88,601	98,471
General and administrative	142,307	146,569
Total operating expenses	391,393	381,137
Loss from operations	(39,439)	(114,014)
Interest income	547	376
Interest expense	(594)	(1,840)
Other income (expense), net	(59,870)	(4,894)
Loss before provision for income taxes	(99,356)	(120,372)
Provision for income taxes	2,023	3,102
Net loss	$ (101,379)	$ (123,474)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.05)	$ (0.07)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.05)	$ (0.07)
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, basic (in shares)	2,036,307	1,821,158
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, diluted (in shares)	2,036,307	1,821,158

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (101,379)	$ (123,474)
Other comprehensive income (loss)
Foreign currency translation adjustments	(1,695)	3,610
Comprehensive loss	$ (103,074)	$ (119,864)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Redeemable Convertible and Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at beginning period (in shares) at Dec. 31, 2020		1,792,140,000
Balance at beginning of 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 (in shares)		55,300,000
Issuance of common stock from the exercise of stock options	208,860	$ 55	208,805
Issuance of common stock upon vesting of RSUs (in shares)		10,960,000
Issuance of common stock upon vesting of RSUs	0	$ 11	(11)
Issuance of common stock upon vesting of growth units (in shares)		1,471,000
Issuance of common stock upon vesting of growth units	0	$ 1	(1)
Issuance of common stock upon net exercise of common stock warrants (in shares)		736,000
Issuance of common stock upon net exercise of common stock warrants	0	$ 1	(1)
Stock-based compensation	194,397		194,397
Other comprehensive income	3,610			3,610
Net loss	(123,474)				(123,474)
Balance at end of period (in shares) at Mar. 31, 2021		1,860,607,000
Balance at end of period at Mar. 31, 2021	1,805,943	$ 1,860	6,892,046	865	(5,088,828)
Balance at beginning period (in shares) at Dec. 31, 2021		2,027,474,000
Balance at beginning of period at Dec. 31, 2021	$ 2,291,030	$ 2,027	7,777,085	(2,349)	(5,485,733)
Issuance of common stock from the exercise of stock options (in shares)	6,654,000	6,654,000
Issuance of common stock from the exercise of stock options	$ 27,225	$ 7	27,218
Issuance of common stock upon vesting of RSUs (in shares)		11,748,000
Issuance of common stock upon vesting of RSUs	0	$ 12	(12)
Stock-based compensation	149,565		149,565
Other comprehensive income	(1,695)			(1,695)
Net loss	(101,379)				(101,379)
Balance at end of period (in shares) at Mar. 31, 2022		2,045,876,000
Balance at end of period at Mar. 31, 2022	$ 2,364,746	$ 2,046	$ 7,953,856	$ (4,044)	$ (5,587,112)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (101,379)	$ (123,474)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	4,312	3,237
Stock-based compensation	149,323	193,731
Deferred income taxes	(3)	1,846
Non-cash operating lease expense	10,142	6,477
Unrealized and realized (gain) loss from marketable securities, net	(62,843)	0
Other operating activities	(2,751)	771
Changes in operating assets and liabilities:
Accounts receivable	(65,867)	4,480
Prepaid expenses and other current assets	(4,320)	(9,753)
Other assets	2,891	(6,711)
Accounts payable	(47,404)	51
Accrued liabilities	(5,334)	44,488
Deferred revenue, current and noncurrent	(16,335)	(11,952)
Customer deposits, current and noncurrent	59,822	20,825
Operating lease liabilities, current and noncurrent	(10,388)	(7,132)
Other noncurrent liabilities	(75)	(3)
Net cash provided by operating activities	35,477	116,881
Investing activities
Purchases of property and equipment	(15,215)	(708)
Purchases of marketable securities	(89,500)	0
Proceeds from sales of marketable securities	8,247	0
Net cash used in investing activities	(96,468)	(708)
Financing activities
Proceeds from the exercise of common stock options	27,225	208,860
Other financing activities	16	(2,506)
Net cash provided by financing activities	27,241	206,354
Effect of foreign exchange on cash, cash equivalents, and restricted cash	(727)	(2,197)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(34,477)	320,330
Cash, cash equivalents, and restricted cash - beginning of period	2,366,914	2,128,146
Cash, cash equivalents, and restricted cash - end of period	2,332,437	2,448,476
Supplemental disclosures of cash flow information
Cash paid for income taxes	659	878
Cash paid for interest	$ 2	$ 1,662

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	OrganizationPalantir Technologies Inc. (including its subsidiaries, “Palantir” or the “Company”) was incorporated in Delaware on May 6, 2003. The Company builds and deploys software platforms that serve as the central operating systems for its customers.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally 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 eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over the investee, but does not control, are accounted for using the equity method of accounting. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, loss from operations, net loss, or cash flows. The Company's fiscal year ends on December 31. The unaudited condensed consolidated balance sheet as of December 31, 2021 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, 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. 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 for the year ended December 31, 2021, which was filed with the SEC on February 24, 2022. 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, the identification of performance obligations in customer contracts; the valuation of deferred tax assets and uncertain tax positions; the collectability of contract consideration, including accounts receivable; the 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 in the notes to consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on February 24, 2022. There have been no significant changes to these policies during the three months ended March 31, 2022. 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 March 31, 2022 2021 Cash and cash equivalents $ 2,269,411 $ 2,339,437 Restricted cash 33,804 37,106 Restricted cash, noncurrent 29,222 71,933 Total cash, cash equivalents, and restricted cash $ 2,332,437 $ 2,448,476 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 credit terms to its customers. Allowance for credit losses is based on the Company’s best estimate of probable losses inherent in its accounts receivable portfolio and is determined based on expectations of the customer’s ability to pay by considering factors such as customer type (commercial or government), historical experience, financial position of the customer, age of the accounts receivable, current economic conditions, including the ongoing COVID-19 pandemic, and reasonable and supportable forward-looking factors about its portfolio and future economic conditions. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success. Based upon the Company’s assessment as of March 31, 2022 and December 31, 2021, it did not record an allowance for credit losses as probable losses are not expected to be material. Concentrations of Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, and marketable securities. 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 March 31, 2022 and December 31, 2021 were $256.6 million and $190.9 million, respectively. Customer I represented 14% of total accounts receivable as of March 31, 2022, No other customers represented more than 10% of total accounts receivable as of March 31, 2022 or December 31, 2021. For the three months ended March 31, 2022 and 2021, no customer represented 10% or more of total revenue.

Contract Liabilities and Remain

Contract Liabilities and Remaining Performance Obligations	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract Liabilities and Remaining Performance Obligations	Contract Liabilities and Remaining Performance Obligations Contract Liabilities The Company’s contract liabilities consist of deferred revenue and customer deposits. As of March 31, 2022 and December 31, 2021 the Company's contract liability balances were $506.9 million and $463.3 million, respectively. Revenue of $187.0 million and $169.5 million was recognized during the three months ended March 31, 2022 and 2021, respectively, that was included in the contract liability balances as of December 31, 2021 and 2020, respectively. Remaining Performance Obligations The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation. The Company’s remaining performance obligations were $1.2 billion as of March 31, 2022, of which the Company expects to recognize approximately 42% as revenue over the next 12 months, 41% as revenue over the subsequent 13 to 36 months, and the remainder thereafter. Disaggregation of Revenue See Note 12. Segment and Geographic Information for disaggregated revenue by customer segment and geographic region.

Investments and Fair Value Meas

Investments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Investments and Fair Value Measurements	Investments and Fair Value Measurements The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation (in thousands): As of March 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 365,487 $ 365,487 $ — $ — Certificates of deposit 8,253 — 8,253 — Restricted cash, current and noncurrent Certificates of deposit 38,721 $ — 38,721 — Marketable securities: Marketable securities 252,563 252,563 — — Total $ 665,024 $ 618,050 $ 46,974 $ — As of December 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 507,317 $ 507,317 $ — $ — Certificates of deposit 6,844 — 6,844 — Restricted cash, current and noncurrent Certificates of deposit 45,048 — 45,048 — Marketable securities: Marketable securities 234,153 234,153 — — Total $ 793,362 $ 741,470 $ 51,892 $ — 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. Marketable Securities Marketable securities consist of equity securities in publicly-traded companies and are recorded at fair market value each reporting period. Realized and unrealized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of operations. During the three months ended March 31, 2022, the Company recorded net unrealized losses of $51.9 million and realized losses of $10.9 million within other income (expense), net on the condensed consolidated statements of operations. Investments Since 2021, the Company has approved and entered into certain agreements (“Investment Agreements”) to purchase, or commit to purchase, as further discussed in Note 7. Commitments and Contingencies — Investment Commitments , shares of various entities, including special purpose acquisition companies and/or other privately-held or publicly-traded entities (each, an “Investee,” and such purchases, and commitments to purchase, the “Investments”). 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 total value of such commercial contracts was $754.9 million as of March 31, 2022, which is inclusive of $116.2 million of contractual options. The terms of such contracts, including contractual options, range from three ten The Company assesses the concurrent agreements under the non-monetary guidance within ASC 606— Revenue from Contracts with Customers as well as the commercial substance of each arrangement considering the customer’s ability and intention to pay as well as the Company’s obligation to perform under each contract. The total revenue recognized from these commercial contracts during the three months ended March 31, 2022 was $39.2 million. During the year ended December 31, 2021, the Company purchased shares for a total investment of $326.0 million. The following table presents the details of the investments purchased under such Investment Agreements during the three months ended March 31, 2022 (in thousands): Entity (1) Share Amount Investment Amount Fast Radius 2,000 $ 20,000 Energy Vault 850 8,500 Tritium 2,500 15,000 Rigetti 1,000 10,000 Allego 2,000 20,000 Starry Group Holdings 2,133 16,000 Total 10,483 $ 89,500 ————— (1) Investments are in publicly-traded marketable securities. Alternative Investments During the year ended December 31, 2021, the Company purchased $50.9 million in 100-ounce gold bars. The gold bars are kept in a secure third-party facility located in the northeastern United States. The Company is able to take physical possession of the gold bars stored at the facility at any time with reasonable notice.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Leasehold improvements $ 74,730 $ 72,834 Computer equipment, software, and other 24,424 16,916 Furniture and fixtures 8,774 8,358 Construction in progress 3,683 3,126 Total property and equipment, gross 111,611 101,234 Less: accumulated depreciation and amortization (69,745) (69,930) Total property and equipment, net $ 41,866 $ 31,304 Depreciation and amortization expense related to property and equipment, net was $3.9 million and $3.2 million for the three months ended March 31, 2022 and 2021, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Accrued payroll and related expenses $ 46,741 $ 60,732 Accrued other liabilities 103,435 95,074 Total accrued liabilities $ 150,176 $ 155,806

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt 2014 Credit Facility In October 2014, the Company entered into an unsecured revolving credit facility, which has been subsequently secured by substantially all of the Company’s assets and amended from time to time (as amended, the “2014 Credit Facility”), including most recently on March 31, 2022 (the “March 2022 Amendment”). The March 2022 Amendment provides for, among other things, an extension of the revolving loan facility maturity date to March 31, 2027 and an increase of $100.0 million to the lenders’ revolving commitments for total revolving commitments of $500.0 million. The 2014 Credit Facility allows for the drawdown of up to $500.0 million to fund working capital and general corporate expenditures. Outstanding balances under the 2014 Credit Facility would incur interest at the Secured Overnight Financing Rate (“SOFR”) as administered by the Federal Reserve Bank of New York, or a successor administrator of the SOFR (or the applicable benchmark replacement), plus 2.00% or a base rate plus 1.00%, subject to certain adjustments. The Company incurs a commitment fee of 0.30% assessed on the daily average undrawn portion of revolving commitments. Applicable interest and commitment fees are payable quarterly or more or less frequently in certain circumstances. The 2014 Credit Facility also allows for an incremental loan facility of additional term loans or revolving loans in an aggregate principal amount up to the amount and upon the terms and conditions set forth therein with one or more existing or new lenders upon mutual agreement between the Company and such lenders. As of March 31, 2022, the Company had no outstanding debt balances and $500.0 million undrawn revolving commitments under the 2014 Credit Facility. 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 March 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments In December 2019, the Company entered into, and subsequently amended, 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. As of March 31, 2022, the Company had satisfied $115.2 million of its $167.0 million commitment for the contract year ending June 30, 2022. Investment Commitments The Company approved and entered into certain Investment Agreements with Investees, as further discussed in Note 4. Investments and Fair Value Measurements — Investments . As of March 31, 2022, the Company had an outstanding investment commitment relating to Rubicon, effective as of December 15, 2021, subject to the applicable terms and conditions, to purchase a total of 3.5 million shares for an aggregate purchase price of $35.0 million. The closing of such investment commitment is contingent upon the completion of a proposed business combination by and among Rubicon and other applicable parties. The Company’s commercial contract with Rubicon contains termination for convenience clauses in the event the proposed business combination or the Company’s proposed investment is not completed. Litigation and Legal Proceedings From time to time, third parties may assert patent infringement claims against the Company. In addition, from time to time, the Company may be subject to other legal proceedings and claims in the ordinary course of business, including claims of alleged infringement of trademarks, copyrights, and other intellectual property rights; employment claims; securities claims; investor claims; corporate claims; class action claims; and general contract, tort, or other claims. The Company may from time to time also be subject to various legal or government claims, disputes, or investigations. Such matters may include, but not be limited to, claims, disputes, allegations, or investigations related to warranty; refund; breach of contract; breach, leak, or misuse of personal data or confidential information; employment; government procurement; intellectual property; government regulation or compliance (including but not limited to anti-corruption requirements, export or other trade controls, data privacy or data protection, cybersecurity requirements, or antitrust/competition law requirements); securities; investor; corporate; or other matters. The Company establishes an accrual for loss contingencies when the loss is both probable and reasonably estimable. 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 the lawsuit brought by the KT4 Plaintiffs 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 ultimate impact of the litigation on its financial condition, results of operations, or cash flows. As of March 31, 2022, 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 $63.0 million and $76.2 million as of March 31, 2022 and December 31, 2021, respectively, which were fully collateralized. The Company is required to maintain these letters of credit and guarantees primarily in connection with operating lease agreements, certain customer contracts, and other guarantees and financing arrangements. As of March 31, 2022, these letters of credit and guarantees had expiration dates through August 2031. 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 March 31, 2022 and December 31, 2021. 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 March 31, 2022 and December 31, 2021. 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	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity Note Disclosure	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 herein 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 “Founders”). The Class F common stock generally gives the Founders the ability to control up to 49.999999% of the total voting power of the Company's capital stock, so long as the Founders and certain of their affiliates collectively meet a minimum ownership threshold, which was 100.0 million of the Company's equity securities as of March 31, 2022. Holders of the 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 March 31, 2022. The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands): As of March 31, 2022 As of December 31, 2021 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 1,945,140 20,000,000 1,926,589 Class B Common Stock 2,700,000 99,731 2,700,000 99,880 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,045,876 22,701,005 2,027,474

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options The following table summarizes stock option activity for the three months ended March 31, 2022 (in thousands, except per share amounts): Options Outstanding Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Balance as of December 31, 2021 349,952 $ 7.81 9.06 $ 3,638,685 Options exercised (6,654) 4.09 — Options canceled and forfeited (823) 4.81 — Balance as of March 31, 2022 342,475 $ 7.89 8.91 $ 1,999,422 Options vested and exercisable as of March 31, 2022 172,081 $ 5.29 7.74 $ 1,452,249 As of March 31, 2022, the unrecognized expense related to options outstanding was $842.8 million, which is expected to be recognized over a weighted-average service period of eight RSUs The following table summarizes the RSU activity for the three months ended March 31, 2022 (in thousands, except per share amounts): RSUs Outstanding Weighted Average Grant Date Fair Value per Share Balance as of December 31, 2021 153,749 $ 9.56 RSUs granted 1,373 16.01 RSUs vested and converted to shares (11,748) 8.50 RSUs canceled (1,607) 8.56 Balance as of March 31, 2022 141,767 $ 9.73 As of March 31, 2022, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $824.4 million, which the Company expects to recognize over a weighted-average service period of three Stock-based Compensation Expense Total stock-based compensation expense was as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenue $ 11,677 $ 15,977 Sales and marketing 49,272 57,286 Research and development 26,905 37,874 General and administrative 61,469 82,594 Total stock-based compensation expense $ 149,323 $ 193,731

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision for income taxes of $2.0 million and $3.1 million for the three months ended March 31, 2022 and 2021, 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 tax rate as of March 31, 2022 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 stock-based compensation, and foreign withholding taxes . The provision for income taxes decreased by $1.1 million for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to decreases in profits from the Company’s international operations offset by an increase in foreign withholding taxes. 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 that some portion of the deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including its earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. For example, due to the weight of objectively verifiable negative evidence, including its history of U.S. and U.K. net operating tax losses, the Company believes that it is more likely than not that its U.S. and U.K. deferred tax assets will not be fully realized. Accordingly, the Company has maintained a full valuation allowance on its U.S. and U.K. deferred tax assets as of March 31, 2022. Provisions enacted in the 2017 Tax Cuts and Jobs Act related to the capitalization for tax purposes of research and experimental (“R&E”) expenditures became effective on January 1, 2022. Beginning January 1, 2022, all U.S. and non-U.S. based R&E expenditures must be capitalized and amortized over five and fifteen years, respectively. The U.S. Congress is considering legislation that would defer the amortization requirement to future periods. However, there is no assurance that the provision will be deferred, repealed or otherwise modified. The effect of the requirement did not have a material impact on our income tax provision.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	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 March 31, 2022 2021 Numerator Net loss attributable to common stockholders, for diluted net loss per share $ (101,379) $ (123,474) Denominator Weighted-average shares used in computing net loss per share, basic 2,036,307 1,821,158 Weighted-average shares used in computing net loss per share, diluted 2,036,307 1,821,158 Net loss per share Net loss per share attributable to common stockholders, basic $ (0.05) $ (0.07) Net loss per share attributable to common stockholders, diluted $ (0.05) $ (0.07) 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): As of March 31, 2022 2021 Options and stock appreciation rights issued and outstanding 342,475 477,602 RSUs outstanding 140,793 174,523 Warrants to purchase common stock 13,042 18,253 Total 496,310 670,378

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information The following reporting segment 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 March 31, 2022 2021 Revenue: Government $ 241,790 $ 208,420 Commercial 204,567 132,814 Total revenue $ 446,357 $ 341,234 Three Months Ended March 31, 2022 2021 Contribution: Government $ 139,810 $ 131,746 Commercial 112,608 72,543 Total contribution $ 252,418 $ 204,289 The reconciliation of contribution to loss from operations is as follows (in thousands): Three Months Ended March 31, 2022 2021 Loss from operations $ (39,439) $ (114,014) Research and development expenses (1) 61,696 60,597 General and administrative expenses (1) 80,838 63,975 Total stock-based compensation expense 149,323 193,731 Total contribution $ 252,418 $ 204,289 ————— (1) Excludes stock-based compensation expense. 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 March 31, 2022 2021 Amount % Amount % Revenue: United States $ 272,913 61 % $ 198,447 58 % United Kingdom 49,902 11 % 34,385 10 % Rest of world (1) 123,542 28 % 108,402 32 % Total revenue $ 446,357 100 % $ 341,234 100 % ————— (1) No other country represents 10% or more of total revenue for the three months ended March 31, 2022 or 2021.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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. generally 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 eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over the investee, but does not control, are accounted for using the equity method of accounting. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, loss from operations, net loss, or cash flows. The Company's fiscal year ends on December 31. The unaudited condensed consolidated balance sheet as of December 31, 2021 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, 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. 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 for the year ended December 31, 2021, which was filed with the SEC on February 24, 2022.
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, the identification of performance obligations in customer contracts; the valuation of deferred tax assets and uncertain tax positions; the collectability of contract consideration, including accounts receivable; the 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.
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 credit terms to its customers. Allowance for credit losses is based on the Company’s best estimate of probable losses inherent in its accounts receivable portfolio and is determined based on expectations of the customer’s ability to pay by considering factors such as customer type (commercial or government), historical experience, financial position of the customer, age of the accounts receivable, current economic conditions, including the ongoing COVID-19 pandemic, and reasonable and supportable forward-looking factors about its portfolio and future economic conditions. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success. Based upon the Company’s assessment as of March 31, 2022 and December 31, 2021, it did not record an allowance for credit losses as probable losses are not expected to be material.
Concentrations of Credit Risk and Other Concentrations	Concentrations of Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, and marketable securities. 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 March 31, 2022 and December 31, 2021 were $256.6 million and $190.9 million, respectively. Customer I represented 14% of total accounts receivable as of March 31, 2022, No other customers represented more than 10% of total accounts receivable as of March 31, 2022 or December 31, 2021. For the three months ended March 31, 2022 and 2021, no customer represented 10% or more of total revenue.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Cash and cash equivalents $ 2,269,411 $ 2,339,437 Restricted cash 33,804 37,106 Restricted cash, noncurrent 29,222 71,933 Total cash, cash equivalents, and restricted cash $ 2,332,437 $ 2,448,476

Investments and Fair Value Me_2

Investments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 basis and indicates the fair value hierarchy of the valuation (in thousands): As of March 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 365,487 $ 365,487 $ — $ — Certificates of deposit 8,253 — 8,253 — Restricted cash, current and noncurrent Certificates of deposit 38,721 $ — 38,721 — Marketable securities: Marketable securities 252,563 252,563 — — Total $ 665,024 $ 618,050 $ 46,974 $ — As of December 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 507,317 $ 507,317 $ — $ — Certificates of deposit 6,844 — 6,844 — Restricted cash, current and noncurrent Certificates of deposit 45,048 — 45,048 — Marketable securities: Marketable securities 234,153 234,153 — — Total $ 793,362 $ 741,470 $ 51,892 $ —
Summary of Investments Under Investment Agreements	The following table presents the details of the investments purchased under such Investment Agreements during the three months ended March 31, 2022 (in thousands): Entity (1) Share Amount Investment Amount Fast Radius 2,000 $ 20,000 Energy Vault 850 8,500 Tritium 2,500 15,000 Rigetti 1,000 10,000 Allego 2,000 20,000 Starry Group Holdings 2,133 16,000 Total 10,483 $ 89,500 ————— (1) Investments are in publicly-traded marketable securities.

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Leasehold improvements $ 74,730 $ 72,834 Computer equipment, software, and other 24,424 16,916 Furniture and fixtures 8,774 8,358 Construction in progress 3,683 3,126 Total property and equipment, gross 111,611 101,234 Less: accumulated depreciation and amortization (69,745) (69,930) Total property and equipment, net $ 41,866 $ 31,304
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Accrued payroll and related expenses $ 46,741 $ 60,732 Accrued other liabilities 103,435 95,074 Total accrued liabilities $ 150,176 $ 155,806

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [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 March 31, 2022 As of December 31, 2021 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 1,945,140 20,000,000 1,926,589 Class B Common Stock 2,700,000 99,731 2,700,000 99,880 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,045,876 22,701,005 2,027,474

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity for the three months ended March 31, 2022 (in thousands, except per share amounts): Options Outstanding Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Balance as of December 31, 2021 349,952 $ 7.81 9.06 $ 3,638,685 Options exercised (6,654) 4.09 — Options canceled and forfeited (823) 4.81 — Balance as of March 31, 2022 342,475 $ 7.89 8.91 $ 1,999,422 Options vested and exercisable as of March 31, 2022 172,081 $ 5.29 7.74 $ 1,452,249
Summary of RSU Activity	The following table summarizes the RSU activity for the three months ended March 31, 2022 (in thousands, except per share amounts): RSUs Outstanding Weighted Average Grant Date Fair Value per Share Balance as of December 31, 2021 153,749 $ 9.56 RSUs granted 1,373 16.01 RSUs vested and converted to shares (11,748) 8.50 RSUs canceled (1,607) 8.56 Balance as of March 31, 2022 141,767 $ 9.73
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense was as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenue $ 11,677 $ 15,977 Sales and marketing 49,272 57,286 Research and development 26,905 37,874 General and administrative 61,469 82,594 Total stock-based compensation expense $ 149,323 $ 193,731

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Numerator Net loss attributable to common stockholders, for diluted net loss per share $ (101,379) $ (123,474) Denominator Weighted-average shares used in computing net loss per share, basic 2,036,307 1,821,158 Weighted-average shares used in computing net loss per share, diluted 2,036,307 1,821,158 Net loss per share Net loss per share attributable to common stockholders, basic $ (0.05) $ (0.07) Net loss per share attributable to common stockholders, diluted $ (0.05) $ (0.07)
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): As of March 31, 2022 2021 Options and stock appreciation rights issued and outstanding 342,475 477,602 RSUs outstanding 140,793 174,523 Warrants to purchase common stock 13,042 18,253 Total 496,310 670,378

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Revenue: Government $ 241,790 $ 208,420 Commercial 204,567 132,814 Total revenue $ 446,357 $ 341,234 Three Months Ended March 31, 2022 2021 Contribution: Government $ 139,810 $ 131,746 Commercial 112,608 72,543 Total contribution $ 252,418 $ 204,289
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 March 31, 2022 2021 Loss from operations $ (39,439) $ (114,014) Research and development expenses (1) 61,696 60,597 General and administrative expenses (1) 80,838 63,975 Total stock-based compensation expense 149,323 193,731 Total contribution $ 252,418 $ 204,289 ————— (1) Excludes stock-based compensation expense.
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 March 31, 2022 2021 Amount % Amount % Revenue: United States $ 272,913 61 % $ 198,447 58 % United Kingdom 49,902 11 % 34,385 10 % Rest of world (1) 123,542 28 % 108,402 32 % Total revenue $ 446,357 100 % $ 341,234 100 % ————— (1) No other country represents 10% or more of total revenue for the three months ended March 31, 2022 or 2021.

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,269,411	$ 2,290,674	$ 2,339,437
Restricted cash	33,804	36,628	37,106
Restricted cash, noncurrent	29,222	39,612	71,933
Total cash, cash equivalents, and restricted cash	$ 2,332,437	$ 2,366,914	$ 2,448,476	$ 2,128,146

Significant Accounting Polici_5

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Accounts receivable	$ 256,554		$ 190,923
Accounts Receivable Benchmark | Customer Concentration Risk | Customer I
Percentage concentration	14.00%
Accounts Receivable Benchmark | Customer Concentration Risk | Customer
Percentage concentration	10.00%		10.00%
Maximum | Revenue Benchmark | Customer Concentration Risk
Percentage concentration	10.00%	10.00%
Minimum
Equity method investment ownership percentage	20.00%

Contract Liabilities and Rema_2

Contract Liabilities and Remaining Performance Obligations - Additional information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability	$ 506.9		$ 463.3
Revenue recognized from contract liability balances	187	$ 169.5
Remaining performance obligation	$ 1,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as percent)	42.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as percent)	41.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	13 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	36 months

Investments and Fair Value Me_3

Investments and Fair Value Measurements - Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Marketable securities:
Total	$ 665,024		$ 793,362
Revenue	446,357	$ 341,234
Money market funds | Cash and Cash Equivalents
Cash and cash equivalents:
Cash and cash equivalents	365,487		507,317
Certificates of deposit | Cash and Cash Equivalents
Cash and cash equivalents:
Cash and cash equivalents	8,253		6,844
Certificates of deposit | Certificates of deposit
Restricted cash, current and noncurrent
Certificates of deposit	38,721		45,048
Marketable securities | Marketable securities
Marketable securities:
Marketable securities	252,563		234,153
Level 1
Marketable securities:
Total	618,050		741,470
Level 1 | Money market funds | Cash and Cash Equivalents
Cash and cash equivalents:
Cash and cash equivalents	365,487		507,317
Level 1 | Certificates of deposit | Cash and Cash Equivalents
Cash and cash equivalents:
Cash and cash equivalents	0		0
Level 1 | Certificates of deposit | Certificates of deposit
Restricted cash, current and noncurrent
Certificates of deposit	0		0
Level 1 | Marketable securities | Marketable securities
Marketable securities:
Marketable securities	252,563		234,153
Level 2
Marketable securities:
Total	46,974		51,892
Level 2 | Money market funds | Cash and Cash Equivalents
Cash and cash equivalents:
Cash and cash equivalents	0		0
Level 2 | Certificates of deposit | Cash and Cash Equivalents
Cash and cash equivalents:
Cash and cash equivalents	8,253		6,844
Level 2 | Certificates of deposit | Certificates of deposit
Restricted cash, current and noncurrent
Certificates of deposit	38,721		45,048
Level 2 | Marketable securities | Marketable securities
Marketable securities:
Marketable securities	0		0
Level 3
Marketable securities:
Total	0		0
Level 3 | Money market funds | Cash and Cash Equivalents
Cash and cash equivalents:
Cash and cash equivalents	0		0
Level 3 | Certificates of deposit | Cash and Cash Equivalents
Cash and cash equivalents:
Cash and cash equivalents	0		0
Level 3 | Certificates of deposit | Certificates of deposit
Restricted cash, current and noncurrent
Certificates of deposit	0		0
Level 3 | Marketable securities | Marketable securities
Marketable securities:
Marketable securities	$ 0		$ 0

Investments and Fair Value Me_4

Investments and Fair Value Measurements - Summary Of The Investments Purchased Under Such Investment Agreements (Detail) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Share Amount	10,483
Investment Amount	$ 89,500	$ 326,000
Fast Radius
Share Amount	2,000
Investment Amount	$ 20,000
Energy Vault
Share Amount	850
Investment Amount	$ 8,500
Tritium
Share Amount	2,500
Investment Amount	$ 15,000
Rigetti
Share Amount	1,000
Investment Amount	$ 10,000
Allego
Share Amount	2,000
Investment Amount	$ 20,000
Starry Group Holdings
Share Amount	2,133
Investment Amount	$ 16,000

Investments and Fair Value Me_5

Investments and Fair Value Measurements - Additional Information (Detail) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)oz
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) for marketable securities	$ (51,900)
Realized gain (loss) for marketable securities	(10,900)
Investment Amount	89,500		$ 326,000
Revenue	446,357	$ 341,234
Alternative Investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in physical commodities			$ 50,900
Investment in number of ounce of gold bars | oz			100
Commercial Contract | Investment Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum contract value	754,900
Revenue	39,200
Commercial Contract | Maximum | Investment Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual option amounts	$ 116,200
Subscription contract term	10 years
Commercial Contract | Minimum | Investment Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Subscription contract term	3 years

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Total property and equipment, gross	$ 111,611	$ 101,234
Less: accumulated depreciation and amortization	(69,745)	(69,930)
Total property and equipment, net	41,866	31,304
Leasehold improvements
Total property and equipment, gross	74,730	72,834
Computer equipment, software, and other
Total property and equipment, gross	24,424	16,916
Furniture and fixtures
Total property and equipment, gross	8,774	8,358
Construction in progress
Total property and equipment, gross	$ 3,683	$ 3,126

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued payroll and related expenses	$ 46,741	$ 60,732
Accrued other liabilities	103,435	95,074
Total accrued liabilities	$ 150,176	$ 155,806

Balance Sheet Components - Addi

Balance Sheet Components - Additional information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortisation expense excluding the impact of foreign exchange fluctuations	$ 3.9	$ 3.2

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 30, 2014	Mar. 31, 2022
2014 Revolving Credit Facility
Long-term Debt [Line Items]
Line of credit facility commitment fee percentage		0.30%
Debt instrument carrying amount		$ 0
Undrawn revolving credit facility amount		500,000
Line of credit minimum liquidity to be maintained		50,000
2014 Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Long-term Debt [Line Items]
Debt instrument maximum borrowing capacity		$ 500,000
Line of credit facility variable interest rate description	Secured Overnight Financing Rate (“SOFR”)
Basis spread on variable rate		2.00%
2014 Revolving Credit Facility | Base Rate
Long-term Debt [Line Items]
Basis spread on variable rate		1.00%
March 2022 Amendment
Long-term Debt [Line Items]
Increase in borrowing capacity		$ 100,000
Debt instrument maximum borrowing capacity		$ 500,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2019	Mar. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Letter of credit outstanding amount		$ 63,000,000	$ 76,200,000
Investment Commitments | Investment Agreement
Loss Contingencies [Line Items]
Number of shares committed to purchase		3.5
Aggregate purchase price commitment		$ 35,000,000
Purchase Commitment One
Loss Contingencies [Line Items]
Long-term purchase commitment, amount	$ 1,490,000,000
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 satisfied		115,200,000
Purchase commitment for current contract year		$ 167,000,000
Purchase Commitment One | Minimum
Loss Contingencies [Line Items]
Purchase commitment relief amount	$ 30,000,000
Purchase Commitment One | Maximum
Loss Contingencies [Line Items]
Purchase commitment relief amount	$ 50,000,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Total Authorized, Issued, And Outstanding Shares (Detail) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, shares authorized	22,701,005,000	22,701,005,000
Common stock, shares issued	2,045,876,000	2,027,474,000
Common stock, shares outstanding	2,045,876,000	2,027,474,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized	20,000,000,000	20,000,000,000
Common stock, shares issued	1,945,140,000	1,926,589,000
Common stock, shares outstanding	1,945,140,000	1,926,589,000
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized	2,700,000,000	2,700,000,000
Common stock, shares issued	99,731,000	99,880,000
Common stock, shares outstanding	99,731,000	99,880,000
Class F Common Stock
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) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2022USD ($)voteshares
Minimum ownership threshold (in shares) | shares	100
Dividends declared | $	$ 0
Class F Common Stock
Control of total voting power	50.00%
Class A Common Stock
Voting rights	1
Class B Common Stock
Voting rights	10

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Unrecognized share based compensation expense	$ 842.8
Unrecognized share based compensation expense, period for recognition	8 years
Restricted Stock Units (RSUs)
Unrecognized share based compensation expense	$ 824.4
Unrecognized share based compensation expense, period for recognition	3 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Options Outstanding
Beginning balance (in shares)	349,952,000
Options exercised (in shares)	(6,654,000)
Options canceled and forfeited (in shares)	(823,000)
Ending balance (in shares)	342,475,000	349,952,000
Options vested and exercisable (in shares)	172,081,000
Weighted-Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 7.81
Options exercised (in dollars per share)	4.09
Options canceled and forfeited (in dollars per share)	4.81
Ending balance (in dollars per share)	7.89	$ 7.81
Options vested and exercisable (in dollars per share)	$ 5.29
Weighted-Average Remaining Contractual Life (years) and Aggregate Intrinsic Value
Options outstanding, Weighted-average remaining contractual life (years)	8 years 10 months 28 days	9 years 21 days
Options vested and exercisable (in years)	7 years 8 months 26 days
Options outstanding, aggregate intrinsic value	$ 1,999,422	$ 3,638,685
Options vested and exercisable as of March 31, 2022	$ 1,452,249

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
RSUs Outstanding
RSUs unvested and outstanding, beginning balance (in shares) | shares	153,749,000
RSUs granted (in shares) | shares	1,373,000
RSUs vested and converted to shares (in shares) | shares	(11,748,000)
RSUs canceled (in shares) | shares	(1,607,000)
RSUs unvested and outstanding, ending balance (in shares) | shares	141,767,000
Weighted Average Grant Date Fair Value per Share
RSUs unvested and outstanding, beginning balance (in dollars per share) | $ / shares	$ 9.56
RSUs granted (in dollars per share) | $ / shares	16.01
RSUs vested and converted to shares (in dollars per share) | $ / shares	8.50
RSUs cancelled (in dollars per share) | $ / shares	8.56
RSUs unvested and outstanding, ending balance (in dollars per share) | $ / shares	$ 9.73

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 149,323	$ 193,731
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	11,677	15,977
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	49,272	57,286
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	26,905	37,874
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 61,469	$ 82,594

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Provision for income taxes	$ 2,023	$ 3,102
Increase (decrease) in income taxes	$ (1,100)

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
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net loss attributable to common stockholders, for diluted net loss per share	$ (101,379)	$ (123,474)
Denominator
Weighted-average shares used in computing net loss per share, basic	2,036,307	1,821,158
Weighted-average shares used in computing net loss per share, diluted	2,036,307	1,821,158
Net loss per share
Net loss per share attributable to common stockholders, basic	$ (0.05)	$ (0.07)
Net loss per share attributable to common stockholders, diluted	$ (0.05)	$ (0.07)

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
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	496,310	670,378
Options and stock appreciation rights issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	342,475	477,602
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	140,793	174,523
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	13,042	18,253

Segment and Geographic Inform_3

Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 446,357	$ 341,234
Operating Segments
Segment Reporting Information [Line Items]
Revenue	446,357	341,234
Contribution	252,418	204,289
Operating Segments | Commercial
Segment Reporting Information [Line Items]
Revenue	204,567	132,814
Contribution	112,608	72,543
Government | Operating Segments
Segment Reporting Information [Line Items]
Revenue	241,790	208,420
Contribution	$ 139,810	$ 131,746

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
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Loss from operations	$ (39,439)	$ (114,014)
Total stock-based compensation expense	149,323	193,731
Reconciling items
Segment Reporting Information [Line Items]
Research and development expenses	61,696	60,597
General and administrative expenses	80,838	63,975
Total stock-based compensation expense	149,323	193,731
Operating Segments
Segment Reporting Information [Line Items]
Total contribution	$ 252,418	$ 204,289

Segment and Geographic Inform_5

Segment and Geographic Information - Summary of Revenue by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 446,357	$ 341,234
Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 446,357	$ 341,234
Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	100.00%	100.00%
Geographic Concentration Risk | Revenue Benchmark | Minimum
Disaggregation of Revenue [Line Items]
Percentage concentration	10.00%	10.00%
United States | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 272,913	$ 198,447
United States | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	61.00%	58.00%
United Kingdom | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 49,902	$ 34,385
United Kingdom | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	11.00%	10.00%
Rest of world | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 123,542	$ 108,402
Rest of world | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	28.00%	32.00%
Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	$ 446,357	$ 341,234