Palantir (PLTR) 10-Q 7 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	1200 17th Street, Floor 15
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	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,047,249,237
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		103,571,141
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	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,055,923	$ 2,598,540
Marketable securities	2,047,329	35,135
Accounts receivable, net	375,756	258,346
Prepaid expenses and other current assets	97,906	149,556
Total current assets	3,576,914	3,041,577
Property and equipment, net	54,097	69,170
Operating lease right-of-use assets	199,661	200,240
Other assets	149,592	150,252
Total assets	3,980,264	3,461,239
Current liabilities:
Accounts payable	4,613	44,788
Accrued liabilities	184,617	172,715
Deferred revenue	260,335	183,350
Customer deposits	183,964	141,989
Operating lease liabilities	51,855	45,099
Total current liabilities	685,384	587,941
Deferred revenue, noncurrent	50,408	9,965
Customer deposits, noncurrent	3,099	3,936
Operating lease liabilities, noncurrent	194,134	204,305
Other noncurrent liabilities	12,101	12,655
Total liabilities	945,126	818,802
Commitments and Contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.001 par value: 20,000,000 Class A shares authorized as of June 30, 2023 and December 31, 2022; 2,045,404 and 1,995,414 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively; 2,700,000 Class B shares authorized as of June 30, 2023 and December 31, 2022; 103,571 and 102,656 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively; and 1,005 Class F shares authorized, issued, and outstanding as of June 30, 2023 and December 31, 2022	2,149	2,099
Additional paid-in capital	8,773,043	8,427,998
Accumulated other comprehensive loss, net	(5,209)	(5,333)
Accumulated deficit	(5,814,509)	(5,859,438)
Total stockholders’ equity	2,955,474	2,565,326
Noncontrolling interests	79,664	77,111
Total equity	3,035,138	2,642,437
Total liabilities and equity	$ 3,980,264	$ 3,461,239

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Common stock, shares authorized	22,701,005,000	22,701,005,000
Common stock, shares issued	2,149,980,000	2,099,075,000
Common stock, shares outstanding	2,149,980,000	2,099,075,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000,000	20,000,000,000
Common stock, shares issued	2,045,404,000	1,995,414,000
Common stock, shares outstanding	2,045,404,000	1,995,414,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	2,700,000,000	2,700,000,000
Common stock, shares issued	103,571,000	102,656,000
Common stock, shares outstanding	103,571,000	102,656,000
Class F Common Stock
Common stock, par value (in dollars per share)	$ 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 ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 533,317	$ 473,010	$ 1,058,503	$ 919,367
Cost of revenue	106,899	102,224	214,544	196,627
Gross profit	426,418	370,786	843,959	722,740
Operating expenses:
Sales and marketing	184,163	168,875	371,256	329,360
Research and development	99,533	88,171	189,633	176,772
General and administrative	132,648	155,485	268,881	297,792
Total operating expenses	416,344	412,531	829,770	803,924
Income (loss) from operations	10,074	(41,745)	14,189	(81,184)
Interest income	30,310	1,472	51,163	2,019
Interest expense	(1,317)	(670)	(2,592)	(1,264)
Other income (expense), net	(9,024)	(135,798)	(11,885)	(195,668)
Income (loss) before provision for income taxes	30,043	(176,741)	50,875	(276,097)
Provision for income taxes	2,171	2,588	3,852	4,611
Net income (loss)	27,872	(179,329)	47,023	(280,708)
Less: Net income (loss) attributable to noncontrolling interests	(255)	0	2,094	0
Net income (loss) attributable to common stockholders	$ 28,127	$ (179,329)	$ 44,929	$ (280,708)
Net earnings (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.01	$ (0.09)	$ 0.02	$ (0.14)
Net earnings (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.01	$ (0.09)	$ 0.02	$ (0.14)
Weighted-average shares of common stock outstanding used in computing net earnings (loss) per share attributable to common stockholders, basic (in shares)	2,131,224,000	2,054,799,000	2,119,567,000	2,045,604,000
Weighted-average shares of common stock outstanding used in computing net earnings (loss) per share attributable to common stockholders, diluted (in shares)	2,278,155,000	2,054,799,000	2,252,205,000	2,045,604,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 27,872	$ (179,329)	$ 47,023	$ (280,708)
Other comprehensive income (loss)
Foreign currency translation adjustments	166	(2,630)	896	(4,325)
Net unrealized loss on available-for-sale securities	(1,057)	0	(772)	0
Comprehensive income (loss)	26,981	(181,959)	47,147	(285,033)
Less: Comprehensive income (loss) attributable to noncontrolling interests	(255)	0	2,094	0
Comprehensive income (loss) attributable to common stockholders	$ 27,236	$ (181,959)	$ 45,053	$ (285,033)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss, Net	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021			2,027,474,000
Beginning balance at Dec. 31, 2021	$ 2,291,030		$ 2,027	$ 7,777,085	$ (2,349)	$ (5,485,733)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options (in shares)			11,434,000
Issuance of common stock from the exercise of stock options	47,541		$ 12	47,529
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)			23,833,000
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0		$ 24	(24)
Stock-based compensation	295,286			295,286
Other comprehensive income (loss)	(4,325)				(4,325)
Net income (loss)	(280,708)					(280,708)
Ending balance (in shares) at Jun. 30, 2022			2,062,741,000
Ending balance at Jun. 30, 2022	2,348,824		$ 2,063	8,119,876	(6,674)	(5,766,441)
Beginning balance (in shares) at Mar. 31, 2022			2,045,876,000
Beginning balance at Mar. 31, 2022	2,364,746		$ 2,046	7,953,856	(4,044)	(5,587,112)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options (in shares)			4,780,000
Issuance of common stock from the exercise of stock options	20,316		$ 5	20,311
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)			12,085,000
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0		$ 12	(12)
Stock-based compensation	145,721			145,721
Other comprehensive income (loss)	(2,630)				(2,630)
Net income (loss)	(179,329)					(179,329)
Ending balance (in shares) at Jun. 30, 2022			2,062,741,000
Ending balance at Jun. 30, 2022	$ 2,348,824		$ 2,063	8,119,876	(6,674)	(5,766,441)
Beginning balance (in shares) at Dec. 31, 2022	2,099,075,000		2,099,075,000
Beginning balance at Dec. 31, 2022	$ 2,642,437	$ 2,565,326	$ 2,099	8,427,998	(5,333)	(5,859,438)	$ 77,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options (in shares)	24,443,000		24,443,000
Issuance of common stock from the exercise of stock options	$ 116,273	116,273	$ 24	116,249
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)			26,462,000
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0		$ 26	(26)
Stock-based compensation	228,822	228,822		228,822
Other comprehensive income (loss)	124	124			124
Other, net	459						459
Net income (loss)	$ 47,023	44,929				44,929	2,094
Ending balance (in shares) at Jun. 30, 2023	2,149,980,000		2,149,980,000
Ending balance at Jun. 30, 2023	$ 3,035,138	2,955,474	$ 2,149	8,773,043	(5,209)	(5,814,509)	79,664
Beginning balance (in shares) at Mar. 31, 2023			2,117,730,000
Beginning balance at Mar. 31, 2023	2,803,193	2,723,733	$ 2,117	8,568,570	(4,318)	(5,842,636)	79,460
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options (in shares)			19,062,000
Issuance of common stock from the exercise of stock options	90,349	90,349	$ 19	90,330
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)			13,188,000
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0		$ 13	(13)
Stock-based compensation	114,156	114,156		114,156
Other comprehensive income (loss)	(891)	(891)			(891)
Other, net	459						459
Net income (loss)	$ 27,872	28,127				28,127	(255)
Ending balance (in shares) at Jun. 30, 2023	2,149,980,000		2,149,980,000
Ending balance at Jun. 30, 2023	$ 3,035,138	$ 2,955,474	$ 2,149	$ 8,773,043	$ (5,209)	$ (5,814,509)	$ 79,664

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net income (loss)	$ 47,023	$ (280,708)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	16,719	9,207
Stock-based compensation	228,915	295,092
Noncash operating lease expense	22,724	20,246
Unrealized and realized (gain) loss from marketable securities, net	11,078	201,341
Noncash consideration	(20,166)	(4,600)
Other operating activities	(17,817)	(623)
Changes in operating assets and liabilities:
Accounts receivable, net	(113,663)	(75,739)
Prepaid expenses and other current assets	1,091	(34,820)
Other assets	(3,485)	8,087
Accounts payable	(39,057)	(19,985)
Accrued liabilities	13,780	28,850
Deferred revenue, current and noncurrent	115,868	(11,681)
Customer deposits, current and noncurrent	40,144	(19,314)
Operating lease liabilities, current and noncurrent	(25,603)	(17,331)
Other noncurrent liabilities	17	(114)
Net cash provided by operating activities	277,568	97,908
Investing activities
Purchases of property and equipment	(8,689)	(20,673)
Purchases of marketable securities	(2,936,939)	(89,500)
Proceeds from sales and redemption of marketable securities	948,866	19,009
Proceeds from sales of alternative investments	51,072	0
Net cash used in investing activities	(1,945,690)	(91,164)
Financing activities
Proceeds from the exercise of common stock options	116,273	47,541
Other financing activities	394	307
Net cash provided by financing activities	116,667	47,848
Effect of foreign exchange on cash, cash equivalents, and restricted cash	(1,855)	(6,341)
Net decrease in cash, cash equivalents, and restricted cash	(1,553,310)	48,251
Cash, cash equivalents, and restricted cash - beginning of period	2,627,335	2,366,914
Cash, cash equivalents, and restricted cash - end of period	$ 1,074,025	$ 2,415,165

Organization

Organization	6 Months Ended
	Jun. 30, 2023
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	6 Months Ended
	Jun. 30, 2023
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 United States (“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, but does not control, the investee 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, income (loss) from operations, net income (loss), or cash flows. The Company's fiscal year ends on December 31. The unaudited condensed consolidated balance sheet as of December 31, 2022 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 income (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, 2022, which was filed with the SEC on February 21, 2023. 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 intangible assets; and the valuation of assets acquired and liabilities assumed from business combinations, including intangible assets and goodwill. 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, 2022, which was filed with the SEC on February 21, 2023. There have been no significant changes to these policies during the six months ended June 30, 2023, except for the changes noted below. 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 and available-for-sale debt securities. 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, 2023 2022 Cash and cash equivalents $ 1,055,923 $ 2,358,393 Restricted cash included in prepaid expenses and other current assets 5,999 28,125 Restricted cash included in other assets 12,103 28,647 Total cash, cash equivalents, and restricted cash $ 1,074,025 $ 2,415,165 Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. 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 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 June 30, 2023 and December 31, 2022, the Company recorded an allowance for credit losses of $9.6 million and $10.1 million, respectively. Debt Securities Debt securities are primarily comprised of U.S. treasury securities. The debt securities are classified as available-for-sale at the time of purchase and are reevaluated as of each balance sheet date. The Company considers the majority of its available-for-sale debt securities as available for use in current operations and may sell these securities at any time, and therefore classifies these securities as current assets in its condensed consolidated balance sheets. Debt securities included in marketable securities on the condensed consolidated balance sheets consist of U.S. treasury securities with original maturities of greater than three months at the time of purchase, and the remaining U.S. treasury securities are included in cash and cash equivalents. Interest income on debt securities is included in other income (expense), net on the condensed consolidated statements of operations. The majority of the Company’s available-for-sale securities are recorded at fair value each reporting period using quoted prices of similar instruments and are classified within Level 2 of the fair value hierarchy. The Company evaluates investments with unrealized loss positions for other than temporary impairment by assessing if they are related to deterioration in credit risk and whether it expects to recover the entire amortized cost basis of the security, the Company’s intent to sell, and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their cost basis. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized in other income (expense), net in the condensed consolidated statements of operations. Unrealized gains and non-credit related losses are reported as a separate component of accumulated other comprehensive loss, net in the condensed consolidated balance sheets until realized. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations. Concentrations of Credit 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 and U.S. treasury securities 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, 2023 and December 31, 2022 were

Contract Liabilities and Remain

Contract Liabilities and Remaining Performance Obligations	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022, the Company's contract liability balances were $497.8 million and $339.2 million, respectively. Revenue of $270.2 million and $299.2 million was recognized during the six months ended June 30, 2023 and 2022, respectively, that was included in the contract liability balances as of December 31, 2022 and 2021, 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 $967.6 million as of June 30, 2023, of which the Company expects to recognize approximately 58% as revenue over the next 12 months, 36% 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	6 Months Ended
	Jun. 30, 2023
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 indicate the fair value hierarchy of the valuation (in thousands): As of June 30, 2023 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 625,336 $ 625,336 $ — $ — Certificates of deposit 938 — 938 — Prepaid expenses and other current assets and other assets: Certificates of deposit 10,378 — 10,378 — Marketable securities: U.S. treasury securities 2,030,815 — 2,030,815 — Publicly-traded equity securities 16,514 16,514 — — Total $ 2,683,981 $ 641,850 $ 2,042,131 $ — As of December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 1,149,302 $ 1,149,302 $ — $ — Certificates of deposit 6,791 — 6,791 — Prepaid expenses and other current assets and other assets: Certificates of deposit 18,707 — 18,707 — Marketable securities: Publicly-traded equity securities 35,135 35,135 — — Total $ 1,209,935 $ 1,184,437 $ 25,498 $ — Certificates of Deposit The Company’s certificates of deposit are Level 2 instruments. 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. Debt Securities As of June 30, 2023, debt securities consisted of the following (in thousands): As of June 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities included in marketable securities $ 2,031,587 $ 145 $ (917) $ 2,030,815 Total debt securities $ 2,031,587 $ 145 $ (917) $ 2,030,815 The Company did not sell any debt securities during the three months ended June 30, 2023. The Company sold $694.6 million of debt securities during the six months ended June 30, 2023 and immediately reinvested such proceeds into additional debt securities. The realized gains and losses from those sales were immaterial. No credit or non-credit losses related to debt securities were recorded as of June 30, 2023. As of June 30, 2023, available-for-sale debt securities of $1.1 billion were in an unrealized loss position primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the available-for-sale debt securities held as of June 30, 2023 were in a continuous unrealized loss position for greater than 12 months. The decline in fair value below amortized cost basis was not considered other than temporary as it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis, and no credit-related impairment losses were recorded as of June 30, 2023. All of the Company’s U.S. treasury securities had contractual maturities due within one year. As of December 31, 2022, the Company held an immaterial amount of debt securities. Equity Securities Equity securities primarily consist of shares held in publicly-traded companies, which are recorded at fair market value each reporting period in marketable securities on the condensed consolidated balance sheets. Additionally, we have accepted, and may continue to accept, securities as noncash consideration. Realized and unrealized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of operations. During the three and six months ended June 30, 2022, the Company recorded net unrealized losses of $122.8 million and $174.7 million, respectively, and realized losses of $15.7 million and $26.6 million, respectively, within other income (expense), net on the condensed consolidated statements of operations. For the three months ended June 30, 2023 and 2022, net unrealized losses from publicly-traded equity securities held at the end of each period were $0.6 million and $134.4 million, respectively. For the six months ended June 30, 2023 and 2022, net unrealized losses from publicly-traded equity securities held at the end of each period were $7.0 million and $189.5 million, respectively. Investments From 2021 through 2022, the Company approved and entered into certain agreements (“Investment Agreements”) 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, the “Investments”). During the year ended December 31, 2022, the Company purchased shares for a total investment of $124.5 million. No Investments were purchased under such Investment Agreements during the six months ended June 30, 2023. 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 (collectively, the “Strategic Commercial Contracts”). The terms of such contracts, including contractual options, range from two The Company assesses the concurrent agreements under the noncash consideration paid or payable to a customer guidance within Accounting Standards Codification 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. As currently assessed, the total value of such Strategic Commercial Contracts with Investees or associated entities was $395.4 million as of June 30, 2023, which is inclusive of $43.7 million of contractual options. The Company performs ongoing assessments of customers’ financial condition, including the consideration of such customers’ ability and intention to pay, and whether all or some portion of the value of such contracts continue to meet the criteria for revenue recognition, among other factors. As of June 30, 2023, the cumulative amount of revenue recognized from Strategic Commercial Contracts was $219.4 million, of which $19.4 million and $52.8 million of revenue was recognized during the three and six months ended June 30, 2023, respectively. Alternative Investments During the year ended December 31, 2021, the Company purchased $50.9 million in 100-ounce gold bars. During the six months ended June 30, 2023, the Company sold all of its gold bars for total proceeds of $51.1 million and recorded an immaterial realized gain within other income (expense), net on the condensed consolidated statements of operations.

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2023
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 June 30, As of December 31, Leasehold improvements $ 83,074 $ 80,378 Computer equipment, software, and other 46,713 52,688 Furniture and fixtures 13,823 13,010 Construction in progress 918 5,506 Total property and equipment, gross 144,528 151,582 Less: accumulated depreciation and amortization (90,431) (82,412) Total property and equipment, net $ 54,097 $ 69,170 Depreciation and amortization expense related to property and equipment, net was $6.0 million and $4.5 million for the three months ended June 30, 2023 and 2022, respectively, and $11.9 million and $8.4 million for the six months ended June 30, 2023 and 2022, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of June 30, As of December 31, Accrued payroll and related expenses $ 68,052 $ 43,495 Accrued taxes 39,257 41,326 Accrued other liabilities 77,308 87,894 Total accrued liabilities $ 184,617 $ 172,715

Debt

Debt	6 Months Ended
	Jun. 30, 2023
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”). As of June 30, 2023, the 2014 Credit Facility allowed for the drawdown of up to $950.0 million to fund working capital and general corporate expenditures, which includes total revolving commitments of $500.0 million and a delayed draw term loan (“DDTL”) commitment of $450.0 million, each with a maturity date of March 31, 2027. The DDTL commitment was available to draw upon through July 1, 2023, on which date it expired undrawn. 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 and DDTL 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 June 30, 2023, the Company had no outstanding debt balances and an aggregate of $950.0 million undrawn of revolving and DDTL 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 June 30, 2023.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
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 three 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 September 15, 2022, October 25, 2022, and November 4, 2022, putative securities class action complaints were filed in the United States District Court for the District of Colorado, captioned Cupat v. Palantir Technologies Inc., et al., Case No. 1:22-cv-02384, Allegheny County Employees’ Retirement System v. Palantir Technologies, Inc., et al., Case No. 1:22-cv-02805, and Shijun Liu, Individually and as Trustee of the Liu Family Trust 2019 v. Palantir Technologies Inc., et al., Case No. 1:22-cv-02893, respectively, naming the Company and certain current and former officers and directors as defendants. The suits allege false and misleading statements about our business and prospects, and purport to allege claims under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Securities Act of 1933, as amended (the “Securities Act”), and seek unspecified damages and remedies under Sections 10(b), 20(a), and 20(A) of the Exchange Act and Sections 11 and 15 of the Securities Act. These three actions subsequently were consolidated as Cupat v. Palantir Technologies Inc., et al., Lead Civil Action No. 1:22-cv-02834-CNS-SKC, consolidated with civil actions 1:22-cv-02805-CNS-SKC and 1:22-cv-02893-CNS-SKC. On November 21, 2022 and January 13, 2023, stockholder derivative actions were filed in the United States District Court for the District of Colorado, captioned Li v. Karp, et al., Case No. 22-cv-3028 and Parmenter v. Karp, et al., Case No. 23-cv-118, and on January 27, 2023, a stockholder derivative action was filed in the United States District Court for the District of Delaware captioned Miao v. Karp, et al., Case No. 1:23-cv-00103-MN, each against certain current and former officers and directors asserting breach of fiduciary duty and related claims relating to the allegations of the securities class action complaints and seek unspecified damages and injunctive remedies under Section 14(a) of the Exchange Act and Delaware law. Because the litigation is in early stages, the Company is unable to estimate the reasonably possible loss or range of loss, if any, that may result from these matters. As of June 30, 2023, 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 $18.1 million and $28.8 million as of June 30, 2023 and December 31, 2022, 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 June 30, 2023, 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. 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 operations and maintenance (“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 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, 2023 and December 31, 2022. 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, 2023 and December 31, 2022. 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

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	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 June 30, 2023. 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 June 30, 2023. The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands): As of June 30, 2023 As of December 31, 2022 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 2,045,404 20,000,000 1,995,414 Class B Common Stock 2,700,000 103,571 2,700,000 102,656 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,149,980 22,701,005 2,099,075

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options The following table summarizes stock option activity for the six months ended June 30, 2023 (in thousands, except per share amounts): Options Outstanding Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Balance as of December 31, 2022 326,913 $ 8.05 8.33 $ 272,603 Options exercised (24,443) 4.76 Options canceled and forfeited (1,336) 4.99 Balance as of June 30, 2023 301,134 $ 8.33 8.01 $ 2,108,191 Options vested and exercisable as of June 30, 2023 172,000 $ 6.18 7.21 $ 1,573,350 As of June 30, 2023, the total unrecognized stock-based compensation expense related to options outstanding was $654.8 million, which is expected to be recognized over a weighted-average service period of seven years. RSUs The following table summarizes the RSU activity for the six months ended June 30, 2023 (in thousands, except per share amounts): RSUs Outstanding Weighted Average Grant Date Fair Value per Share RSUs unvested and outstanding as of December 31, 2022 126,426 $ 10.07 RSUs granted 11,634 7.75 RSUs vested and converted to shares (26,462) 9.57 RSUs canceled (5,491) 10.66 RSUs unvested and outstanding as of June 30, 2023 106,107 $ 9.85 As of June 30, 2023, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $624.7 million, which the Company expects to recognize over a weighted-average service period of three years. Stock-based Compensation Expense Total stock-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenue $ 8,004 $ 11,211 $ 17,181 $ 22,888 Sales and marketing 38,131 49,405 77,666 98,677 Research and development 23,192 24,978 43,116 51,883 General and administrative 44,874 60,175 90,952 121,644 Total stock-based compensation expense $ 114,201 $ 145,769 $ 228,915 $ 295,092

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision for income taxes of $2.2 million and $2.6 million for the three months ended June 30, 2023 and 2022, respectively, and a provision for income taxes of $3.9 million and $4.6 million for the six months ended June 30, 2023 and 2022, 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 June 30, 2023 differs from the U.S. statutory rate primarily due to foreign income taxed at different rates, non-deductible stock-based compensation, other non-deductible expenses, and valuation allowances recorded on its deferred tax assets from the U.S., United Kingdom (“U.K.”), and other jurisdictions . There was no material change in the provision for income taxes for the three and six months ended June 30, 2023 compared to the same periods in 2022.

Net Earnings (Loss) Per Share A

Net Earnings (Loss) Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	Net Earnings (Loss) Per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net earnings (loss) per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator Net income (loss) attributable to common stockholders for diluted net earnings (loss) per share $ 28,127 $ (179,329) $ 44,929 $ (280,708) Denominator Weighted-average shares used in computing net earnings (loss) per share: Basic 2,131,224 2,054,799 2,119,567 2,045,604 Effect of dilutive shares 146,931 — 132,638 — Diluted 2,278,155 2,054,799 2,252,205 2,045,604 Net earnings (loss) per share Net earnings (loss) per share attributable to common stockholders: Basic $ 0.01 $ (0.09) $ 0.02 $ (0.14) Diluted $ 0.01 $ (0.09) $ 0.02 $ (0.14) The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net earnings (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, 2023 2022 2023 2022 Options issued and outstanding 162,000 336,576 162,000 336,576 RSUs outstanding 11,840 134,761 16,535 134,761 Warrants to purchase common stock 13,042 13,042 13,042 13,042 Total 186,882 484,379 191,577 484,379

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2023
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue: Government $ 301,505 $ 262,998 $ 590,575 $ 504,788 Commercial 231,812 210,012 467,928 414,579 Total revenue $ 533,317 $ 473,010 $ 1,058,503 $ 919,367 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Contribution: Government $ 174,230 $ 153,642 $ 340,463 $ 293,452 Commercial 114,160 108,885 227,087 221,493 Total contribution $ 288,390 $ 262,527 $ 567,550 $ 514,945 The reconciliation of contribution to income (loss) from operations is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income (loss) from operations $ 10,074 $ (41,745) $ 14,189 $ (81,184) Research and development expenses (1) 76,341 63,193 146,517 124,889 General and administrative expenses (1) 87,774 95,310 177,929 176,148 Total stock-based compensation expense 114,201 145,769 228,915 295,092 Total contribution $ 288,390 $ 262,527 $ 567,550 $ 514,945 ————— (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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amount % Amount % Amount % Amount % Revenue: United States $ 328,012 62 % $ 290,223 61 % $ 664,857 63 % $ 563,136 61 % United Kingdom 63,229 12 % 52,140 11 % 112,808 11 % 102,042 11 % Rest of world (1) 142,076 26 % 130,647 28 % 280,838 26 % 254,189 28 % Total revenue $ 533,317 100 % $ 473,010 100 % $ 1,058,503 100 % $ 919,367 100 % ————— (1) No other country represents 10% or more of total revenue for the three and six months ended June 30, 2023 or 2022.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets subject to amortization that are not fully amortized are as follows (in thousands): Weighted average useful life As of June 30, 2023 As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 4.33 $ 10,400 $ (1,387) $ 9,013 $ 10,400 $ (347) $ 10,053 Reacquired rights 6.33 17,618 (1,678) 15,941 17,619 (420) 17,199 Backlog 1.33 6,700 (2,233) 4,467 6,700 (558) 6,142 Other 0.77 4,225 (2,924) 1,300 5,717 (3,572) 2,145 Total intangible assets $ 38,943 $ (8,222) $ 30,721 $ 40,436 $ (4,897) $ 35,539 Amortization expense of intangible assets was not material for the three and six months ended June 30, 2023 or 2022. As of June 30, 2023, expected amortization expense for the unamortized finite-lived intangible assets is as follows (in thousands): Year ended December 31, Amount Remainder of 2023 $ 4,819 2024 7,844 2025 4,597 2026 4,597 2027 4,250 Thereafter 4,614 Total $ 30,721

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In August 2023, our Board of Directors authorized a stock repurchase program of up to $1.0 billion of our outstanding shares of Class A common stock (the “Share Repurchase Program”). We may repurchase shares of Class A common stock from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and the amount of stock repurchases in the Share Repurchase Program will be determined by Palantir’s management, based on its evaluation of factors including business and market conditions, corporate and regulatory requirements, and other considerations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 28,127	$ (179,329)	$ 44,929	$ (280,708)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Eric Woersching [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 6, 2023, Eric Woersching, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the potential sale through various transactions of an aggregate of up to 12,000 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until May 31, 2024, or earlier, upon the completion of all transactions subject to the trading arrangement.
Name	Eric Woersching
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 6, 2023
Arrangement Duration	360 days
Aggregate Available	12,000	12,000

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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 United States (“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, but does not control, the investee 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, income (loss) from operations, net income (loss), or cash flows. The Company's fiscal year ends on December 31. The unaudited condensed consolidated balance sheet as of December 31, 2022 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 income (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, 2022, which was filed with the SEC on February 21, 2023.
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 intangible assets; and the valuation of assets acquired and liabilities assumed from business combinations, including intangible assets and goodwill. 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 and available-for-sale debt securities.
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. 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 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 June 30, 2023 and December 31, 2022, the Company recorded an allowance for credit losses of $9.6 million and $10.1 million, respectively.
Debt Securities	Debt Securities Debt securities are primarily comprised of U.S. treasury securities. The debt securities are classified as available-for-sale at the time of purchase and are reevaluated as of each balance sheet date. The Company considers the majority of its available-for-sale debt securities as available for use in current operations and may sell these securities at any time, and therefore classifies these securities as current assets in its condensed consolidated balance sheets. Debt securities included in marketable securities on the condensed consolidated balance sheets consist of U.S. treasury securities with original maturities of greater than three months at the time of purchase, and the remaining U.S. treasury securities are included in cash and cash equivalents. Interest income on debt securities is included in other income (expense), net on the condensed consolidated statements of operations. The majority of the Company’s available-for-sale securities are recorded at fair value each reporting period using quoted prices of similar instruments and are classified within Level 2 of the fair value hierarchy. The Company evaluates investments with unrealized loss positions for other than temporary impairment by assessing if they are related to deterioration in credit risk and whether it expects to recover the entire amortized cost basis of the security, the Company’s intent to sell, and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their cost basis. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized in other income (expense), net in the condensed consolidated statements of operations. Unrealized gains and non-credit related losses are reported as a separate component of accumulated other comprehensive loss, net in the condensed consolidated balance sheets until realized. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations.
Concentrations of Credit Risk	Concentrations of Credit 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 and U.S. treasury securities 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, 2023 and December 31, 2022 were

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 2022 Cash and cash equivalents $ 1,055,923 $ 2,358,393 Restricted cash included in prepaid expenses and other current assets 5,999 28,125 Restricted cash included in other assets 12,103 28,647 Total cash, cash equivalents, and restricted cash $ 1,074,025 $ 2,415,165

Investments and Fair Value Me_2

Investments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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 indicate the fair value hierarchy of the valuation (in thousands): As of June 30, 2023 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 625,336 $ 625,336 $ — $ — Certificates of deposit 938 — 938 — Prepaid expenses and other current assets and other assets: Certificates of deposit 10,378 — 10,378 — Marketable securities: U.S. treasury securities 2,030,815 — 2,030,815 — Publicly-traded equity securities 16,514 16,514 — — Total $ 2,683,981 $ 641,850 $ 2,042,131 $ — As of December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 1,149,302 $ 1,149,302 $ — $ — Certificates of deposit 6,791 — 6,791 — Prepaid expenses and other current assets and other assets: Certificates of deposit 18,707 — 18,707 — Marketable securities: Publicly-traded equity securities 35,135 35,135 — — Total $ 1,209,935 $ 1,184,437 $ 25,498 $ —
Debt Securities, Available-for-Sale	As of June 30, 2023, debt securities consisted of the following (in thousands): As of June 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities included in marketable securities $ 2,031,587 $ 145 $ (917) $ 2,030,815 Total debt securities $ 2,031,587 $ 145 $ (917) $ 2,030,815

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2023
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, As of December 31, Leasehold improvements $ 83,074 $ 80,378 Computer equipment, software, and other 46,713 52,688 Furniture and fixtures 13,823 13,010 Construction in progress 918 5,506 Total property and equipment, gross 144,528 151,582 Less: accumulated depreciation and amortization (90,431) (82,412) Total property and equipment, net $ 54,097 $ 69,170
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 $ 68,052 $ 43,495 Accrued taxes 39,257 41,326 Accrued other liabilities 77,308 87,894 Total accrued liabilities $ 184,617 $ 172,715

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 As of December 31, 2022 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 2,045,404 20,000,000 1,995,414 Class B Common Stock 2,700,000 103,571 2,700,000 102,656 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,149,980 22,701,005 2,099,075

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity for the six months ended June 30, 2023 (in thousands, except per share amounts): Options Outstanding Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Balance as of December 31, 2022 326,913 $ 8.05 8.33 $ 272,603 Options exercised (24,443) 4.76 Options canceled and forfeited (1,336) 4.99 Balance as of June 30, 2023 301,134 $ 8.33 8.01 $ 2,108,191 Options vested and exercisable as of June 30, 2023 172,000 $ 6.18 7.21 $ 1,573,350
Summary of RSU Activity	The following table summarizes the RSU activity for the six months ended June 30, 2023 (in thousands, except per share amounts): RSUs Outstanding Weighted Average Grant Date Fair Value per Share RSUs unvested and outstanding as of December 31, 2022 126,426 $ 10.07 RSUs granted 11,634 7.75 RSUs vested and converted to shares (26,462) 9.57 RSUs canceled (5,491) 10.66 RSUs unvested and outstanding as of June 30, 2023 106,107 $ 9.85
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenue $ 8,004 $ 11,211 $ 17,181 $ 22,888 Sales and marketing 38,131 49,405 77,666 98,677 Research and development 23,192 24,978 43,116 51,883 General and administrative 44,874 60,175 90,952 121,644 Total stock-based compensation expense $ 114,201 $ 145,769 $ 228,915 $ 295,092

Net Earnings (Loss) Per Share_2

Net Earnings (Loss) Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2023
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 earnings (loss) per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator Net income (loss) attributable to common stockholders for diluted net earnings (loss) per share $ 28,127 $ (179,329) $ 44,929 $ (280,708) Denominator Weighted-average shares used in computing net earnings (loss) per share: Basic 2,131,224 2,054,799 2,119,567 2,045,604 Effect of dilutive shares 146,931 — 132,638 — Diluted 2,278,155 2,054,799 2,252,205 2,045,604 Net earnings (loss) per share Net earnings (loss) per share attributable to common stockholders: Basic $ 0.01 $ (0.09) $ 0.02 $ (0.14) Diluted $ 0.01 $ (0.09) $ 0.02 $ (0.14)
Summary of Antidilutive Securities	The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net earnings (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, 2023 2022 2023 2022 Options issued and outstanding 162,000 336,576 162,000 336,576 RSUs outstanding 11,840 134,761 16,535 134,761 Warrants to purchase common stock 13,042 13,042 13,042 13,042 Total 186,882 484,379 191,577 484,379

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 2022 2023 2022 Revenue: Government $ 301,505 $ 262,998 $ 590,575 $ 504,788 Commercial 231,812 210,012 467,928 414,579 Total revenue $ 533,317 $ 473,010 $ 1,058,503 $ 919,367 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Contribution: Government $ 174,230 $ 153,642 $ 340,463 $ 293,452 Commercial 114,160 108,885 227,087 221,493 Total contribution $ 288,390 $ 262,527 $ 567,550 $ 514,945
Summary of Reconciliation of Segment Financial Information to Loss from Operations	The reconciliation of contribution to income (loss) from operations is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income (loss) from operations $ 10,074 $ (41,745) $ 14,189 $ (81,184) Research and development expenses (1) 76,341 63,193 146,517 124,889 General and administrative expenses (1) 87,774 95,310 177,929 176,148 Total stock-based compensation expense 114,201 145,769 228,915 295,092 Total contribution $ 288,390 $ 262,527 $ 567,550 $ 514,945 ————— (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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amount % Amount % Amount % Amount % Revenue: United States $ 328,012 62 % $ 290,223 61 % $ 664,857 63 % $ 563,136 61 % United Kingdom 63,229 12 % 52,140 11 % 112,808 11 % 102,042 11 % Rest of world (1) 142,076 26 % 130,647 28 % 280,838 26 % 254,189 28 % Total revenue $ 533,317 100 % $ 473,010 100 % $ 1,058,503 100 % $ 919,367 100 % ————— (1) No other country represents 10% or more of total revenue for the three and six months ended June 30, 2023 or 2022.

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets subject to amortization that are not fully amortized are as follows (in thousands): Weighted average useful life As of June 30, 2023 As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 4.33 $ 10,400 $ (1,387) $ 9,013 $ 10,400 $ (347) $ 10,053 Reacquired rights 6.33 17,618 (1,678) 15,941 17,619 (420) 17,199 Backlog 1.33 6,700 (2,233) 4,467 6,700 (558) 6,142 Other 0.77 4,225 (2,924) 1,300 5,717 (3,572) 2,145 Total intangible assets $ 38,943 $ (8,222) $ 30,721 $ 40,436 $ (4,897) $ 35,539
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of June 30, 2023, expected amortization expense for the unamortized finite-lived intangible assets is as follows (in thousands): Year ended December 31, Amount Remainder of 2023 $ 4,819 2024 7,844 2025 4,597 2026 4,597 2027 4,250 Thereafter 4,614 Total $ 30,721

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 1,055,923	$ 2,598,540	$ 2,358,393
Total cash, cash equivalents, and restricted cash	1,074,025	$ 2,627,335	2,415,165	$ 2,366,914
Prepaid Expenses and Other Current Assets
Cash and Cash Equivalents [Line Items]
Restricted cash	5,999		28,125
Other Current Assets
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 12,103		$ 28,647

Significant Accounting Polici_5

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Line Items]
Allowance for credit losses	$ 9,600	$ 9,600	$ 10,100
Accounts receivable, net	$ 375,756	$ 375,756	$ 258,346
Customer I | Accounts Receivable Benchmark | Customer Concentration Risk
Accounting Policies [Line Items]
Percentage concentration		19%
Customer K | Revenue Benchmark | Customer Concentration Risk
Accounting Policies [Line Items]
Percentage concentration	10%	10%

Contract Liabilities and Rema_2

Contract Liabilities and Remaining Performance Obligations - Additional information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability	$ 497.8		$ 339.2
Revenue recognized from contract liability balances	270.2	$ 299.2
Remaining performance obligation	$ 967.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as percent)	58%
Expected timing of satisfaction (in years)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as percent)	36%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction (in years)	13 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction (in years)	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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Marketable securities:
Debt securities	$ 2,030,815,000		$ 2,030,815,000		$ 0
Total	2,683,981,000		2,683,981,000		1,209,935,000
Revenue	533,317,000	$ 473,010,000	1,058,503,000	$ 919,367,000
Level 1
Marketable securities:
Total	641,850,000		641,850,000		1,184,437,000
Level 2
Marketable securities:
Total	2,042,131,000		2,042,131,000		25,498,000
Level 3
Marketable securities:
Total	0		0		0
U.S. treasury securities
Marketable securities:
Debt securities	2,030,815,000		2,030,815,000
Cash and Cash Equivalents | Money market funds
Cash and cash equivalents:
Cash and cash equivalents	625,336,000		625,336,000		1,149,302,000
Cash and Cash Equivalents | Money market funds | Level 1
Cash and cash equivalents:
Cash and cash equivalents	625,336,000		625,336,000		1,149,302,000
Cash and Cash Equivalents | Money market funds | Level 2
Cash and cash equivalents:
Cash and cash equivalents	0		0		0
Cash and Cash Equivalents | Money market funds | Level 3
Cash and cash equivalents:
Cash and cash equivalents	0		0		0
Cash and Cash Equivalents | Certificates of deposit
Cash and cash equivalents:
Cash and cash equivalents	938,000		938,000		6,791,000
Cash and Cash Equivalents | Certificates of deposit | Level 1
Cash and cash equivalents:
Cash and cash equivalents	0		0		0
Cash and Cash Equivalents | Certificates of deposit | Level 2
Cash and cash equivalents:
Cash and cash equivalents	938,000		938,000		6,791,000
Cash and Cash Equivalents | Certificates of deposit | Level 3
Cash and cash equivalents:
Cash and cash equivalents	0		0		0
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit
Prepaid expenses and other current assets and other assets:
Certificates of deposit	10,378,000		10,378,000		18,707,000
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 1
Prepaid expenses and other current assets and other assets:
Certificates of deposit	0		0		0
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 2
Prepaid expenses and other current assets and other assets:
Certificates of deposit	10,378,000		10,378,000		18,707,000
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 3
Prepaid expenses and other current assets and other assets:
Certificates of deposit	0		0		0
Marketable Securities | Publicly-traded equity securities
Marketable securities:
Publicly-traded equity securities	16,514,000		16,514,000		35,135,000
Marketable Securities | Publicly-traded equity securities | Level 1
Marketable securities:
Publicly-traded equity securities	16,514,000		16,514,000		35,135,000
Marketable Securities | Publicly-traded equity securities | Level 2
Marketable securities:
Publicly-traded equity securities	0		0		0
Marketable Securities | Publicly-traded equity securities | Level 3
Marketable securities:
Publicly-traded equity securities	0		0		$ 0
Marketable Securities | U.S. treasury securities
Marketable securities:
Debt securities	2,030,815,000		2,030,815,000
Marketable Securities | U.S. treasury securities | Level 1
Marketable securities:
Debt securities	0		0
Marketable Securities | U.S. treasury securities | Level 2
Marketable securities:
Debt securities	2,030,815,000		2,030,815,000
Marketable Securities | U.S. treasury securities | Level 3
Marketable securities:
Debt securities	$ 0		$ 0

Investments and Fair Value Me_4

Investments and Fair Value Measurements - Available-For-Sale Debt Securities (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 2,031,587,000
Unrealized Gains	145,000
Unrealized Losses	(917,000)
Fair Value	2,030,815,000	$ 0
U.S. treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	2,031,587,000
Unrealized Gains	145,000
Unrealized Losses	(917,000)
Fair Value	$ 2,030,815,000

Investments and Fair Value Me_5

Investments and Fair Value Measurements - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended	30 Months Ended
	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) oz	Jun. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of available-for-sale securities	$ 0		$ 694,600,000
Credit or non-credit losses related to debt securities			0
Available-for-sale debt securities in unrealized loss position	$ 1,100,000,000		$ 1,100,000,000			$ 1,100,000,000
Number of securities in an unrealized loss position for greater than 12 months | security	0		0			0
Debt securities	$ 2,030,815,000		$ 2,030,815,000			$ 2,030,815,000	$ 0
Unrealized gain (loss) from equity securities		$ (122,800,000)		$ (174,700,000)
Realized loss from equity securities		15,700,000		26,600,000
Investment in shares	0		0			0	$ 124,500,000
Revenue	533,317,000	473,010,000	1,058,503,000	919,367,000
Publicly-Traded Equity Securities Held
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) from equity securities	(600,000)	$ (134,400,000)	(7,000,000)	$ (189,500,000)
Alternative Investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in physical commodities					$ 50,900,000
Investment in number of ounce of gold bars | oz					100
Proceeds from sales of alternative investments			51,100,000
Commercial Contract | Investment Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum contract value	395,400,000		395,400,000			395,400,000
Revenue	19,400,000		$ 52,800,000			219,400,000
Commercial Contract | Investment Agreement | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Subscription contract term			7 years
Contractual option amounts	$ 43,700,000		$ 43,700,000			$ 43,700,000
Commercial Contract | Investment Agreement | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Subscription contract term			2 years

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Total property and equipment, gross	$ 144,528	$ 151,582
Less: accumulated depreciation and amortization	(90,431)	(82,412)
Total property and equipment, net	54,097	69,170
Leasehold improvements
Total property and equipment, gross	83,074	80,378
Computer equipment, software, and other
Total property and equipment, gross	46,713	52,688
Furniture and fixtures
Total property and equipment, gross	13,823	13,010
Construction in progress
Total property and equipment, gross	$ 918	$ 5,506

Balance Sheet Components - Addi

Balance Sheet Components - Additional information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense excluding the impact of foreign exchange fluctuations	$ 6	$ 4.5	$ 11.9	$ 8.4

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued payroll and related expenses	$ 68,052	$ 43,495
Accrued taxes	39,257	41,326
Accrued other liabilities	77,308	87,894
Total accrued liabilities	$ 184,617	$ 172,715

Debt - Additional Information (

Debt - Additional Information (Detail) - 2014 Revolving Credit Facility - Line of Credit	6 Months Ended
	Jun. 30, 2023 USD ($)
Short-Term Debt [Line Items]
Debt instrument maximum borrowing capacity	$ 950,000,000
Revolving Credit Facility
Short-Term Debt [Line Items]
Debt instrument maximum borrowing capacity	$ 500,000,000
Line of credit facility commitment fee percentage	0.30%
Debt instrument carrying amount	$ 0
Undrawn revolving credit facility amount	950,000,000
Line of credit minimum liquidity to be maintained	$ 50,000,000
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Short-Term Debt [Line Items]
Basis spread on variable rate	2%
Revolving Credit Facility | Base Rate
Short-Term Debt [Line Items]
Basis spread on variable rate	1%
Secured Debt
Short-Term Debt [Line Items]
Debt instrument face amount	$ 450,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Dec. 31, 2019	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Letter of credit outstanding amount		$ 18.1	$ 28.8
Purchase Commitment One
Loss Contingencies [Line Items]
Minimum annual commitment	$ 1,490
Period for purchase price commitment (in years)	6 years
Purchase commitment for current contract year		124.2
Purchase commitment for contract, year three		$ 199
Purchase Commitment One | Minimum
Loss Contingencies [Line Items]
Period for purchase price commitment (in years)	3 years
Purchase commitment relief amount	$ 30
Purchase Commitment One | Maximum
Loss Contingencies [Line Items]
Purchase commitment relief amount	$ 50

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) shares in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) vote shares
Minimum ownership threshold (in shares) | shares	100
Dividends declared | $	$ 0
Class A Common Stock
Voting rights	1
Class B Common Stock
Voting rights	10
Common stock, convertible, conversion ratio	1
Class F Common Stock
Control of total voting power	50%

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Total Authorized, Issued, And Outstanding Shares (Detail) - shares	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized	22,701,005,000	22,701,005,000
Common stock, shares issued	2,149,980,000	2,099,075,000
Common stock, shares outstanding	2,149,980,000	2,099,075,000
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	2,045,404,000	1,995,414,000
Common stock, shares outstanding	2,045,404,000	1,995,414,000
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	103,571,000	102,656,000
Common stock, shares outstanding	103,571,000	102,656,000
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

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Unrecognized share based compensation expense	$ 654.8
Unrecognized share based compensation expense, period for recognition	7 years
Restricted Stock Units (RSUs)
Unrecognized share based compensation expense	$ 624.7
Unrecognized share based compensation expense, period for recognition	3 years

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, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Options Outstanding
Beginning balance (in shares) | shares	326,913,000
Options exercised (in shares) | shares	(24,443,000)
Options canceled and forfeited (in shares) | shares	(1,336,000)
Ending balance (in shares) | shares	301,134,000	326,913,000
Options vested and exercisable (in shares) | shares	172,000,000
Weighted-Average Exercise Price Per Share
Beginning balance (in dollars per share) | $ / shares	$ 8.05
Options exercised (in dollars per share) | $ / shares	4.76
Options canceled and forfeited (in dollars per share) | $ / shares	4.99
Ending balance (in dollars per share) | $ / shares	8.33	$ 8.05
Options vested and exercisable (in dollars per share) | $ / shares	$ 6.18
Weighted-Average Remaining Contractual Life (years) and Aggregate Intrinsic Value
Options outstanding, Weighted-average remaining contractual life (years)	8 years 3 days	8 years 3 months 29 days
Options vested and exercisable (in years)	7 years 2 months 15 days
Options outstanding, aggregate intrinsic value | $	$ 2,108,191	$ 272,603
Options vested and exercisable as of June 30, 2023 | $	$ 1,573,350

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
RSUs Outstanding
RSUs unvested and outstanding, beginning balance (in shares) | shares	126,426,000
RSUs granted (in shares) | shares	11,634,000
RSUs vested and converted to shares (in shares) | shares	(26,462,000)
RSUs canceled (in shares) | shares	(5,491,000)
RSUs unvested and outstanding, ending balance (in shares) | shares	106,107,000
Weighted Average Grant Date Fair Value per Share
RSUs unvested and outstanding, beginning balance (in dollars per share) | $ / shares	$ 10.07
RSUs granted (in dollars per share) | $ / shares	7.75
RSUs vested and converted to shares (in dollars per share) | $ / shares	9.57
RSUs cancelled (in dollars per share) | $ / shares	10.66
RSUs unvested and outstanding, ending balance (in dollars per share) | $ / shares	$ 9.85

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 114,201	$ 145,769	$ 228,915	$ 295,092
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	8,004	11,211	17,181	22,888
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	38,131	49,405	77,666	98,677
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	23,192	24,978	43,116	51,883
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 44,874	$ 60,175	$ 90,952	$ 121,644

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,171	$ 2,588	$ 3,852	$ 4,611

Net Earnings (Loss) Per Share_3

Net Earnings (Loss) Per Share Attributable to Common Stockholders - Summary of Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator
Net income (loss) attributable to common stockholders for diluted net earnings (loss) per share	$ 28,127	$ (179,329)	$ 44,929	$ (280,708)
Denominator
Weighted-average shares used in computing net earnings (loss) per share, basic (in shares)	2,131,224,000	2,054,799,000	2,119,567,000	2,045,604,000
Effect of dilutive shares	146,931,000	0	132,638,000	0
Weighted-average shares used in computing net earnings (loss) per share, diluted (in shares)	2,278,155,000	2,054,799,000	2,252,205,000	2,045,604,000
Net earnings (loss) per share
Net earnings (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.01	$ (0.09)	$ 0.02	$ (0.14)
Net earnings (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.01	$ (0.09)	$ 0.02	$ (0.14)

Net Earnings (Loss) Per Share_4

Net Earnings (Loss) Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	186,882	484,379	191,577	484,379
Options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	162,000	336,576	162,000	336,576
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	11,840	134,761	16,535	134,761
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	13,042	13,042	13,042

Segment and Geographic Inform_3

Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 533,317	$ 473,010	$ 1,058,503	$ 919,367
Operating Segments
Segment Reporting Information [Line Items]
Revenue	533,317	473,010	1,058,503	919,367
Contribution	288,390	262,527	567,550	514,945
Operating Segments | Government
Segment Reporting Information [Line Items]
Revenue	301,505	262,998	590,575	504,788
Contribution	174,230	153,642	340,463	293,452
Operating Segments | Commercial
Segment Reporting Information [Line Items]
Revenue	231,812	210,012	467,928	414,579
Contribution	$ 114,160	$ 108,885	$ 227,087	$ 221,493

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Income (loss) from operations	$ 10,074	$ (41,745)	$ 14,189	$ (81,184)
Total stock-based compensation expense	114,201	145,769	228,915	295,092
Reconciling items
Segment Reporting Information [Line Items]
Income (loss) from operations	10,074	(41,745)	14,189	(81,184)
Research and development expenses	76,341	63,193	146,517	124,889
General and administrative expenses	87,774	95,310	177,929	176,148
Total stock-based compensation expense	114,201	145,769	228,915	295,092
Operating Segments
Segment Reporting Information [Line Items]
Total contribution	$ 288,390	$ 262,527	$ 567,550	$ 514,945

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 533,317	$ 473,010	$ 1,058,503	$ 919,367
Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 533,317	$ 473,010	$ 1,058,503	$ 919,367
Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	100%	100%	100%	100%
Geographic Concentration Risk | Revenue Benchmark | Minimum
Disaggregation of Revenue [Line Items]
Percentage concentration	10%	10%	10%	10%
United States | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 328,012	$ 290,223	$ 664,857	$ 563,136
United States | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	62%	61%	63%	61%
United Kingdom | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 63,229	$ 52,140	$ 112,808	$ 102,042
United Kingdom | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	12%	11%	11%	11%
Rest of world | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 142,076	$ 130,647	$ 280,838	$ 254,189
Rest of world | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	26%	28%	26%	28%

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 38,943	$ 40,436
Accumulated Amortization	(8,222)	(4,897)
Total	$ 30,721	35,539
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	4 years 3 months 29 days
Gross Carrying Amount	$ 10,400	10,400
Accumulated Amortization	(1,387)	(347)
Total	$ 9,013	10,053
Reacquired rights
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	6 years 3 months 29 days
Gross Carrying Amount	$ 17,618	17,619
Accumulated Amortization	(1,678)	(420)
Total	$ 15,941	17,199
Backlog
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	1 year 3 months 29 days
Gross Carrying Amount	$ 6,700	6,700
Accumulated Amortization	(2,233)	(558)
Total	$ 4,467	6,142
Other
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	9 months 7 days
Gross Carrying Amount	$ 4,225	5,717
Accumulated Amortization	(2,924)	(3,572)
Total	$ 1,300	$ 2,145

Intangible Assets - Expected Am

Intangible Assets - Expected Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 4,819
2024	7,844
2025	4,597
2026	4,597
2027	4,250
Thereafter	4,614
Total	$ 30,721	$ 35,539

Subsequent Events (Details)

Subsequent Events (Details) $ in Billions	Aug. 07, 2023 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock repurchase program, authorized amount	$ 1