Palantir (PLTR) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 26, 2023
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 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	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,069,437,665
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		105,546,704
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	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,040,310	$ 2,598,540
Marketable securities	2,243,264	35,135
Accounts receivable, net	430,269	258,346
Prepaid expenses and other current assets	95,554	149,556
Total current assets	3,809,397	3,041,577
Property and equipment, net	50,133	69,170
Operating lease right-of-use assets	190,191	200,240
Other assets	143,696	150,252
Total assets	4,193,417	3,461,239
Current liabilities:
Accounts payable	9,475	44,788
Accrued liabilities	174,753	172,715
Deferred revenue	223,507	183,350
Customer deposits	228,986	141,989
Operating lease liabilities	52,204	45,099
Total current liabilities	688,925	587,941
Deferred revenue, noncurrent	34,880	9,965
Customer deposits, noncurrent	2,234	3,936
Operating lease liabilities, noncurrent	184,067	204,305
Other noncurrent liabilities	11,414	12,655
Total liabilities	921,520	818,802
Commitments and Contingencies (Note 7)
Stockholders’ equity:
Common stock	2,174	2,099
Additional paid-in capital	8,938,050	8,427,998
Accumulated other comprehensive loss, net	(7,205)	(5,333)
Accumulated deficit	(5,743,004)	(5,859,438)
Total stockholders’ equity	3,190,015	2,565,326
Noncontrolling interests	81,882	77,111
Total equity	3,271,897	2,642,437
Total liabilities and equity	$ 4,193,417	$ 3,461,239

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Common stock, authorized (in shares)	22,701,005,000	22,701,005,000
Common stock, issued (in shares)	2,175,241,000	2,099,075,000
Common stock, outstanding (in shares)	2,175,241,000	2,099,075,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	20,000,000,000	20,000,000,000
Common stock, issued (in shares)	2,068,689,000	1,995,414,000
Common stock, outstanding (in shares)	2,068,689,000	1,995,414,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	2,700,000,000	2,700,000,000
Common stock, issued (in shares)	105,547,000	102,656,000
Common stock, outstanding (in shares)	105,547,000	102,656,000
Class F Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	1,005,000	1,005,000
Common stock, issued (in shares)	1,005,000	1,005,000
Common stock, outstanding (in shares)	1,005,000	1,005,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 558,159	$ 477,880	$ 1,616,662	$ 1,397,247
Cost of revenue	107,922	107,611	322,466	304,238
Gross profit	450,237	370,269	1,294,196	1,093,009
Operating expenses:
Sales and marketing	176,373	182,918	547,629	512,278
Research and development	105,708	100,863	295,341	277,635
General and administrative	128,173	148,679	397,054	446,471
Total operating expenses	410,254	432,460	1,240,024	1,236,384
Income (loss) from operations	39,983	(62,191)	54,172	(143,375)
Interest income	36,864	5,540	88,027	7,559
Interest expense	(742)	(1,082)	(3,334)	(2,346)
Other income (expense), net	3,864	(65,046)	(8,021)	(260,714)
Income (loss) before provision for income taxes	79,969	(122,779)	130,844	(398,876)
Provision for income taxes	6,530	1,096	10,382	5,707
Net income (loss)	73,439	(123,875)	120,462	(404,583)
Less: Net income attributable to noncontrolling interests	1,934	0	4,028	0
Net income (loss) attributable to common stockholders	$ 71,505	$ (123,875)	$ 116,434	$ (404,583)
Net earnings (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.03	$ (0.06)	$ 0.05	$ (0.20)
Net earnings (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.03	$ (0.06)	$ 0.05	$ (0.20)
Weighted-average shares of common stock outstanding used in computing net earnings (loss) per share attributable to common stockholders, basic (in shares)	2,162,530,000	2,073,265,000	2,134,045,000	2,054,926,000
Weighted-average shares of common stock outstanding used in computing net earnings (loss) per share attributable to common stockholders, diluted (in shares)	2,325,600,000	2,073,265,000	2,281,347,000	2,054,926,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 73,439	$ (123,875)	$ 120,462	$ (404,583)
Other comprehensive income (loss)
Foreign currency translation adjustments	(2,164)	(3,161)	(1,268)	(7,486)
Net unrealized gain (loss) on available-for-sale securities	168	0	(604)	0
Comprehensive income (loss)	71,443	(127,036)	118,590	(412,069)
Less: Comprehensive income attributable to noncontrolling interests	1,934	0	4,028	0
Comprehensive income (loss) attributable to common stockholders	$ 69,509	$ (127,036)	$ 114,562	$ (412,069)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Noncontrolling Interest	Parent
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)		16,341,000
Issuance of common stock from the exercise of stock options	72,108	$ 17	72,091
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)		35,849,000
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0	$ 36	(36)
Stock-based compensation	435,546		435,546
Other comprehensive loss	(7,486)			(7,486)
Net income (loss)	(404,583)				(404,583)
Ending balance (in shares) at Sep. 30, 2022		2,079,664,000
Ending balance at Sep. 30, 2022	2,386,615	$ 2,080	8,284,686	(9,835)	(5,890,316)
Beginning balance (in shares) at Jun. 30, 2022		2,062,741,000
Beginning balance at Jun. 30, 2022	2,348,824	$ 2,063	8,119,876	(6,674)	(5,766,441)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options (in shares)		4,907,000
Issuance of common stock from the exercise of stock options	24,567	$ 5	24,562
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)		12,016,000
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0	$ 12	(12)
Stock-based compensation	140,260		140,260
Other comprehensive loss	(3,161)			(3,161)
Net income (loss)	(123,875)				(123,875)
Ending balance (in shares) at Sep. 30, 2022		2,079,664,000
Ending balance at Sep. 30, 2022	$ 2,386,615	$ 2,080	8,284,686	(9,835)	(5,890,316)
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	$ 2,099	8,427,998	(5,333)	(5,859,438)	$ 77,111	$ 2,565,326
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options (in shares)	35,332,000	35,332,000
Issuance of common stock from the exercise of stock options	$ 166,829	$ 35	166,794				166,829
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)		40,834,000
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0	$ 40	(40)
Stock-based compensation	343,298		343,298				343,298
Other comprehensive loss	(1,872)			(1,872)			(1,872)
Other, net	743					743
Net income (loss)	$ 120,462				116,434	4,028	116,434
Ending balance (in shares) at Sep. 30, 2023	2,175,241,000	2,175,241,000
Ending balance at Sep. 30, 2023	$ 3,271,897	$ 2,174	8,938,050	(7,205)	(5,743,004)	81,882	3,190,015
Beginning balance (in shares) at Jun. 30, 2023		2,149,980,000
Beginning balance at Jun. 30, 2023	3,035,138	$ 2,149	8,773,043	(5,209)	(5,814,509)	79,664	2,955,474
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options (in shares)		10,889,000
Issuance of common stock from the exercise of stock options	50,556	$ 11	50,545				50,556
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)		14,372,000
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0	$ 14	(14)
Stock-based compensation	114,476		114,476				114,476
Other comprehensive loss	(1,996)			(1,996)			(1,996)
Other, net	284					284
Net income (loss)	$ 73,439				71,505	1,934	71,505
Ending balance (in shares) at Sep. 30, 2023	2,175,241,000	2,175,241,000
Ending balance at Sep. 30, 2023	$ 3,271,897	$ 2,174	$ 8,938,050	$ (7,205)	$ (5,743,004)	$ 81,882	$ 3,190,015

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income (loss)	$ 120,462	$ (404,583)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	25,382	15,149
Stock-based compensation	343,295	435,400
Noncash operating lease expense	34,810	30,130
Unrealized and realized (gain) loss from marketable securities, net	11,810	260,720
Noncash consideration	(34,852)	(7,971)
Other operating activities	(13,328)	9,001
Changes in operating assets and liabilities:
Accounts receivable, net	(159,752)	(154,591)
Prepaid expenses and other current assets	(75)	(4,497)
Other assets	1,941	10,490
Accounts payable	(32,387)	(15,165)
Accrued liabilities	2,552	(828)
Deferred revenue, current and noncurrent	64,464	(44,912)
Customer deposits, current and noncurrent	84,272	44,263
Operating lease liabilities, current and noncurrent	(37,767)	(27,437)
Other noncurrent liabilities	184	(195)
Net cash provided by operating activities	411,011	144,974
Investing activities
Purchases of property and equipment	(10,254)	(35,109)
Purchases of marketable securities	(4,791,670)	(124,500)
Proceeds from sales and redemption of marketable securities	2,608,898	41,101
Proceeds from sales of alternative investments	51,072	0
Net cash used in investing activities	(2,141,954)	(118,508)
Financing activities
Proceeds from the exercise of common stock options	166,829	72,108
Other financing activities	778	(269)
Net cash provided by financing activities	167,607	71,839
Effect of foreign exchange on cash, cash equivalents, and restricted cash	(2,113)	(12,470)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(1,565,449)	85,835
Cash, cash equivalents, and restricted cash - beginning of period	2,627,335	2,366,914
Cash, cash equivalents, and restricted cash - end of period	$ 1,061,886	$ 2,452,749

Organization

Organization	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2023 2022 Cash and cash equivalents $ 1,040,310 $ 2,411,290 Restricted cash included in prepaid expenses and other current assets 3,132 20,557 Restricted cash included in other assets 18,444 20,902 Total cash, cash equivalents, and restricted cash $ 1,061,886 $ 2,452,749 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, 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 September 30, 2023 and December 31, 2022, the Company recorded an allowance for credit losses of $10.5 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 September 30, 2023 and December 31, 2022

Contract Liabilities and Remain

Contract Liabilities and Remaining Performance Obligations	9 Months Ended
	Sep. 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 September 30, 2023 and December 31, 2022, the Company's contract liability balances were $489.6 million and $339.2 million, respectively. Revenue of $314.9 million and $353.8 million was recognized during the nine months ended September 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 $987.7 million as of September 30, 2023, of which the Company expects to recognize approximately 57% as revenue over the next 12 months, 35% 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	9 Months Ended
	Sep. 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 September 30, 2023 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 599,605 $ 599,605 $ — $ — U.S. treasury securities 141,946 — 141,946 — Certificates of deposit 938 — 938 — Prepaid expenses and other current assets and other assets: Certificates of deposit 7,577 — 7,577 — Marketable securities: U.S. treasury securities 2,233,198 — 2,233,198 — Publicly-traded equity securities 10,066 10,066 — — Total $ 2,993,330 $ 609,671 $ 2,383,659 $ — 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 September 30, 2023, available-for-sale debt securities consisted of the following (in thousands): As of September 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 2,375,747 $ 123 $ (726) $ 2,375,144 Total debt securities $ 2,375,747 $ 123 $ (726) $ 2,375,144 Included in cash and cash equivalents $ 141,925 $ 21 $ — $ 141,946 Included in marketable securities $ 2,233,822 $ 102 $ (726) $ 2,233,198 The Company did not sell any available-for-sale debt securities during the three months ended September 30, 2023. The Company sold $694.6 million of available-for-sale debt securities during the nine months ended September 30, 2023 and immediately reinvested such proceeds into additional available-for-sale debt securities. The realized gains and losses from those sales were immaterial. No credit or non-credit losses related to available-for sale debt securities were recorded as of September 30, 2023. As of September 30, 2023, available-for-sale debt securities of $1.4 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 September 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 September 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. Total equity securities received as noncash consideration was $17.3 million and $6.4 million during the nine months ended September 30, 2023 and 2022, respectively. Realized and unrealized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of operations. During the three and nine months ended September 30, 2022, the Company recorded net unrealized losses of $18.0 million and $192.8 million, respectively, and realized losses of $41.3 million and $67.9 million, respectively, within other income (expense), net on the condensed consolidated statements of operations. For the three months ended September 30, 2023 and 2022, net unrealized losses from publicly-traded equity securities held at the end of each period were $0.7 million and $57.2 million, respectively. For the nine months ended September 30, 2023 and 2022, net unrealized losses from publicly-traded equity securities held at the end of each period were $5.6 million and $223.4 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 nine months ended September 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 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 Strategic Commercial Contracts was $392.1 million as of September 30, 2023, which is inclusive of $43.7 million of contractual options. The original terms of Strategic Commercial Contracts with remaining deal value as of September 30, 2023, including contractual options, range from two seven Alternative Investments

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 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 September 30, As of December 31, Leasehold improvements $ 82,214 $ 80,378 Computer equipment, software, and other 48,353 52,688 Furniture and fixtures 13,725 13,010 Construction in progress 1,389 5,506 Total property and equipment, gross 145,681 151,582 Less: accumulated depreciation and amortization (95,548) (82,412) Total property and equipment, net $ 50,133 $ 69,170 Depreciation and amortization expense related to property and equipment, net was $6.3 million and $5.5 million for the three months ended September 30, 2023 and 2022, respectively, and $18.2 million and $13.9 million for the nine months ended September 30, 2023 and 2022, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of September 30, As of December 31, Accrued payroll and related expenses $ 62,410 $ 43,495 Accrued taxes 36,479 41,326 Accrued other liabilities 75,864 87,894 Total accrued liabilities $ 174,753 $ 172,715

Debt

Debt	9 Months Ended
	Sep. 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 September 30, 2023, the Company had no outstanding debt balances, and undrawn revolving commitments of $500.0 million available to fund working capital and general corporate expenditures under the 2014 Credit Facility, which has a maturity date of March 31, 2027. Outstanding balances under the 2014 Credit Facility would incur interest at the Secured Overnight Financing Rate (“SOFR”) as administered by the Federal Reserve Bank of New York, or a successor administrator of the SOFR (or the applicable benchmark replacement), plus 2.00% or a base rate plus 1.00%, subject to certain adjustments. The Company incurs a commitment fee of 0.30% assessed on the daily average undrawn portion of revolving commitments. Applicable interest and commitment fees are payable quarterly or more or less frequently in certain circumstances. The 2014 Credit Facility also allows for an incremental loan facility of additional term loans or revolving loans in an aggregate principal amount up to the amount and upon the terms and conditions set forth therein with one or more existing or new lenders upon mutual agreement between the Company and such lenders. 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 September 30, 2023.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments In September 2023, the Company amended one of its third-party cloud hosting services agreements. Under this amendment, the Company has a commitment to spend at least $1.95 billion over ten 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 S hijun 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. On August 22, 2023, a stockholder derivative action was filed in the Court of Chancery of the State of Delaware captioned Central Laborers’ Pension Fund v. Karp, et al. , Case No. 2023-0864 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 relief under 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 September 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 $21.6 million and $28.8 million as of September 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 September 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 September 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 September 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 the fullest extent permitted under the law and the Company’s Amended and Restated Bylaws and Amended and Restated Certificate of Incorporation.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 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 September 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 September 30, 2023. The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands): As of September 30, 2023 As of December 31, 2022 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 2,068,689 20,000,000 1,995,414 Class B Common Stock 2,700,000 105,547 2,700,000 102,656 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,175,241 22,701,005 2,099,075 Share Repurchase Program

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options The following table summarizes stock option activity for the nine months ended September 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 (35,332) 4.72 Options canceled and forfeited (1,844) 5.18 Balance as of September 30, 2023 289,737 $ 8.47 7.82 $ 2,181,036 Options vested and exercisable as of September 30, 2023 166,761 $ 6.41 7.07 $ 1,598,629 As of September 30, 2023, the total unrecognized stock-based compensation expense related to options outstanding was $625.7 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 nine months ended September 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 14,601 9.47 RSUs vested and converted to shares (40,834) 9.53 RSUs canceled (7,580) 10.60 RSUs unvested and outstanding as of September 30, 2023 92,613 $ 10.11 As of September 30, 2023, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $565.1 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 Nine Months Ended 2023 2022 2023 2022 Cost of revenue $ 7,814 $ 10,525 $ 24,995 $ 33,413 Sales and marketing 39,290 48,824 116,956 147,501 Research and development 21,952 25,113 65,068 76,996 General and administrative 45,324 55,846 136,276 177,490 Total stock-based compensation expense $ 114,380 $ 140,308 $ 343,295 $ 435,400

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision for income taxes of $6.5 million and $1.1 million for the three months ended September 30, 2023 and 2022, respectively, and a provision for income taxes of $10.4 million and $5.7 million for the nine months ended September 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 September 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 . The provision for income taxes increased by $5.4 million and $4.7 million for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022 primarily related to higher foreign income taxes as the result of higher foreign taxable income and higher withholding taxes in the current year.

Net Earnings (Loss) Per Share A

Net Earnings (Loss) Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Earnings (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 Nine Months Ended 2023 2022 2023 2022 Numerator Net income (loss) attributable to common stockholders for diluted net earnings (loss) per share $ 71,505 $ (123,875) $ 116,434 $ (404,583) Denominator Weighted-average shares used in computing net earnings (loss) per share: Basic 2,162,530 2,073,265 2,134,045 2,054,926 Effect of dilutive shares 163,070 — 147,302 — Diluted 2,325,600 2,073,265 2,281,347 2,054,926 Net earnings (loss) per share Net earnings (loss) per share attributable to common stockholders: Basic $ 0.03 $ (0.06) $ 0.05 $ (0.20) Diluted $ 0.03 $ (0.06) $ 0.05 $ (0.20) 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 Nine Months Ended 2023 2022 2023 2022 Options issued and outstanding — 331,121 162,000 331,121 RSUs outstanding 6,941 128,182 12,032 128,182 Warrants to purchase common stock 13,042 13,042 13,042 13,042 Total 19,983 472,345 187,074 472,345

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 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 Nine Months Ended 2023 2022 2023 2022 Revenue: Government $ 307,603 $ 273,834 $ 898,178 $ 778,622 Commercial 250,556 204,046 718,484 618,625 Total revenue $ 558,159 $ 477,880 $ 1,616,662 $ 1,397,247 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Contribution: Government $ 185,867 $ 153,552 $ 526,330 $ 447,004 Commercial 135,101 93,148 362,188 314,641 Total contribution $ 320,968 $ 246,700 $ 888,518 $ 761,645 The reconciliation of contribution to income (loss) from operations is as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income (loss) from operations $ 39,983 $ (62,191) $ 54,172 $ (143,375) Research and development expenses (1) 83,756 75,750 230,273 200,639 General and administrative expenses (1) 82,849 92,833 260,778 268,981 Total stock-based compensation expense 114,380 140,308 343,295 435,400 Total contribution $ 320,968 $ 246,700 $ 888,518 $ 761,645 ————— (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 Nine Months Ended 2023 2022 2023 2022 Amount % Amount % Amount % Amount % Revenue: United States $ 345,479 62 % $ 296,650 62 % $ 1,010,336 62 % $ 859,786 62 % United Kingdom 64,390 11 % 59,435 12 % 177,198 11 % 161,477 11 % Rest of world (1) 148,290 27 % 121,795 26 % 429,128 27 % 375,984 27 % Total revenue $ 558,159 100 % $ 477,880 100 % $ 1,616,662 100 % $ 1,397,247 100 % ————— (1) No other country represents 10% or more of total revenue for the three and nine months ended September 30, 2023 or 2022.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 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 September 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 4.08 $ 10,400 $ (1,907) $ 8,493 $ 10,400 $ (347) $ 10,053 Reacquired rights 6.08 17,619 (2,306) 15,313 17,619 (420) 17,199 Backlog 1.08 6,700 (3,071) 3,629 6,700 (558) 6,142 Other 0.52 4,224 (3,347) 877 5,717 (3,572) 2,145 Total intangible assets $ 38,943 $ (10,631) $ 28,312 $ 40,436 $ (4,897) $ 35,539 Amortization expense of intangible assets was not material for the three and nine months ended September 30, 2023 or 2022. As of September 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 $ 2,410 2024 7,844 2025 4,597 2026 4,597 2027 4,250 Thereafter 4,614 Total $ 28,312

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 71,505	$ (123,875)	$ 116,434	$ (404,583)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 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
Peter Thiel [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 15, 2023, Mithril PAL-SPV 1, LLC, a stockholder whose shares may be deemed to be beneficially owned by Peter Thiel (the Chairman of our Board of Directors), and its affiliated entity adopted Rule 10b5-1 arrangements intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), subject to the satisfaction of certain price and/or other conditions, as follows: (i) Mithril PAL-SPV 1, LLC adopted a Rule 10b5-1 distribution arrangement for the potential distribution of an aggregate of up to 17,861,224 shares of our Class A common stock to its sole member, Mithril LP (the “Distribution”), and (ii) Mithril LP adopted a Rule 10b5-1 distribution arrangement providing for the potential sub-distribution of all the shares received in the Distribution to its partners or members (the “Sub-Distribution”). The duration of the Distribution and Sub-Distribution arrangements is until August 15, 2024, or earlier, upon the completion or expiration of all transactions subject to the arrangement.
Name	Peter Thiel
Title	Chairman of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 15, 2023
Arrangement Duration	366 days
Aggregate Available	17,861,224	17,861,224
Alexandra Schiff [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 17, 2023, Alexandra Schiff, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 26,000 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. 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 or expiration of all transactions subject to the trading arrangement.
Name	Alexandra Schiff
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 17, 2023
Arrangement Duration	288 days
Aggregate Available	26,000	26,000
Lauren Friedman Stat [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 21, 2023, Lauren Friedman Stat, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 11,150 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2024, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name	Lauren Friedman Stat
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 21, 2023
Arrangement Duration	498 days
Aggregate Available	11,150	11,150
Shyam Sankar [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 31, 2023, Shyam Sankar, our Chief Technology Officer and Executive Vice President, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 9,372,618 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions, less any shares to be withheld and/or sold to satisfy applicable tax withholdings. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until June 30, 2025, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name	Shyam Sankar
Title	Chief Technology Officer and Executive Vice President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 31, 2023
Arrangement Duration	669 days
Aggregate Available	9,372,618	9,372,618
Stephen Cohen [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 1, 2023, Stephen Cohen, our President, Secretary, and a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 6,894,355 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until December 1, 2024, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name	Stephen Cohen
Title	President, Secretary, and a member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 1, 2023
Arrangement Duration	457 days
Aggregate Available	6,894,355	6,894,355

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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, 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 September 30, 2023 and December 31, 2022, the Company recorded an allowance for credit losses of $10.5 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 September 30, 2023 and December 31, 2022

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 2022 Cash and cash equivalents $ 1,040,310 $ 2,411,290 Restricted cash included in prepaid expenses and other current assets 3,132 20,557 Restricted cash included in other assets 18,444 20,902 Total cash, cash equivalents, and restricted cash $ 1,061,886 $ 2,452,749
Restrictions on 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 September 30, 2023 2022 Cash and cash equivalents $ 1,040,310 $ 2,411,290 Restricted cash included in prepaid expenses and other current assets 3,132 20,557 Restricted cash included in other assets 18,444 20,902 Total cash, cash equivalents, and restricted cash $ 1,061,886 $ 2,452,749

Investments and Fair Value Me_2

Investments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 599,605 $ 599,605 $ — $ — U.S. treasury securities 141,946 — 141,946 — Certificates of deposit 938 — 938 — Prepaid expenses and other current assets and other assets: Certificates of deposit 7,577 — 7,577 — Marketable securities: U.S. treasury securities 2,233,198 — 2,233,198 — Publicly-traded equity securities 10,066 10,066 — — Total $ 2,993,330 $ 609,671 $ 2,383,659 $ — 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 September 30, 2023, available-for-sale debt securities consisted of the following (in thousands): As of September 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 2,375,747 $ 123 $ (726) $ 2,375,144 Total debt securities $ 2,375,747 $ 123 $ (726) $ 2,375,144 Included in cash and cash equivalents $ 141,925 $ 21 $ — $ 141,946 Included in marketable securities $ 2,233,822 $ 102 $ (726) $ 2,233,198

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 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 September 30, As of December 31, Leasehold improvements $ 82,214 $ 80,378 Computer equipment, software, and other 48,353 52,688 Furniture and fixtures 13,725 13,010 Construction in progress 1,389 5,506 Total property and equipment, gross 145,681 151,582 Less: accumulated depreciation and amortization (95,548) (82,412) Total property and equipment, net $ 50,133 $ 69,170
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): As of September 30, As of December 31, Accrued payroll and related expenses $ 62,410 $ 43,495 Accrued taxes 36,479 41,326 Accrued other liabilities 75,864 87,894 Total accrued liabilities $ 174,753 $ 172,715

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 As of December 31, 2022 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 2,068,689 20,000,000 1,995,414 Class B Common Stock 2,700,000 105,547 2,700,000 102,656 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,175,241 22,701,005 2,099,075

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity for the nine months ended September 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 (35,332) 4.72 Options canceled and forfeited (1,844) 5.18 Balance as of September 30, 2023 289,737 $ 8.47 7.82 $ 2,181,036 Options vested and exercisable as of September 30, 2023 166,761 $ 6.41 7.07 $ 1,598,629
Summary of RSU Activity	The following table summarizes the RSU activity for the nine months ended September 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 14,601 9.47 RSUs vested and converted to shares (40,834) 9.53 RSUs canceled (7,580) 10.60 RSUs unvested and outstanding as of September 30, 2023 92,613 $ 10.11
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense was as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of revenue $ 7,814 $ 10,525 $ 24,995 $ 33,413 Sales and marketing 39,290 48,824 116,956 147,501 Research and development 21,952 25,113 65,068 76,996 General and administrative 45,324 55,846 136,276 177,490 Total stock-based compensation expense $ 114,380 $ 140,308 $ 343,295 $ 435,400

Net Earnings (Loss) Per Share_2

Net Earnings (Loss) Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2023 2022 2023 2022 Numerator Net income (loss) attributable to common stockholders for diluted net earnings (loss) per share $ 71,505 $ (123,875) $ 116,434 $ (404,583) Denominator Weighted-average shares used in computing net earnings (loss) per share: Basic 2,162,530 2,073,265 2,134,045 2,054,926 Effect of dilutive shares 163,070 — 147,302 — Diluted 2,325,600 2,073,265 2,281,347 2,054,926 Net earnings (loss) per share Net earnings (loss) per share attributable to common stockholders: Basic $ 0.03 $ (0.06) $ 0.05 $ (0.20) Diluted $ 0.03 $ (0.06) $ 0.05 $ (0.20)
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 Nine Months Ended 2023 2022 2023 2022 Options issued and outstanding — 331,121 162,000 331,121 RSUs outstanding 6,941 128,182 12,032 128,182 Warrants to purchase common stock 13,042 13,042 13,042 13,042 Total 19,983 472,345 187,074 472,345

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2023 2022 2023 2022 Revenue: Government $ 307,603 $ 273,834 $ 898,178 $ 778,622 Commercial 250,556 204,046 718,484 618,625 Total revenue $ 558,159 $ 477,880 $ 1,616,662 $ 1,397,247 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Contribution: Government $ 185,867 $ 153,552 $ 526,330 $ 447,004 Commercial 135,101 93,148 362,188 314,641 Total contribution $ 320,968 $ 246,700 $ 888,518 $ 761,645
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 Nine Months Ended 2023 2022 2023 2022 Income (loss) from operations $ 39,983 $ (62,191) $ 54,172 $ (143,375) Research and development expenses (1) 83,756 75,750 230,273 200,639 General and administrative expenses (1) 82,849 92,833 260,778 268,981 Total stock-based compensation expense 114,380 140,308 343,295 435,400 Total contribution $ 320,968 $ 246,700 $ 888,518 $ 761,645 ————— (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 Nine Months Ended 2023 2022 2023 2022 Amount % Amount % Amount % Amount % Revenue: United States $ 345,479 62 % $ 296,650 62 % $ 1,010,336 62 % $ 859,786 62 % United Kingdom 64,390 11 % 59,435 12 % 177,198 11 % 161,477 11 % Rest of world (1) 148,290 27 % 121,795 26 % 429,128 27 % 375,984 27 % Total revenue $ 558,159 100 % $ 477,880 100 % $ 1,616,662 100 % $ 1,397,247 100 % ————— (1) No other country represents 10% or more of total revenue for the three and nine months ended September 30, 2023 or 2022.

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 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 September 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 4.08 $ 10,400 $ (1,907) $ 8,493 $ 10,400 $ (347) $ 10,053 Reacquired rights 6.08 17,619 (2,306) 15,313 17,619 (420) 17,199 Backlog 1.08 6,700 (3,071) 3,629 6,700 (558) 6,142 Other 0.52 4,224 (3,347) 877 5,717 (3,572) 2,145 Total intangible assets $ 38,943 $ (10,631) $ 28,312 $ 40,436 $ (4,897) $ 35,539
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 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 $ 2,410 2024 7,844 2025 4,597 2026 4,597 2027 4,250 Thereafter 4,614 Total $ 28,312

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 1,040,310	$ 2,598,540	$ 2,411,290
Total cash, cash equivalents, and restricted cash	1,061,886	$ 2,627,335	2,452,749	$ 2,366,914
Prepaid Expenses and Other Current Assets
Cash and Cash Equivalents [Line Items]
Restricted Cash	3,132		20,557
Other Current Assets
Cash and Cash Equivalents [Line Items]
Restricted Cash	$ 18,444		$ 20,902

Significant Accounting Polici_5

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Line Items]
Allowance for credit losses	$ 10,500	$ 10,100
Accounts receivable, net	$ 430,269	$ 258,346
Accounts Receivable Benchmark | Customer Concentration Risk | Customer J
Accounting Policies [Line Items]
Percentage concentration	22%
Accounts Receivable Benchmark | Customer Concentration Risk | Customer I
Accounting Policies [Line Items]
Percentage concentration	12%

Contract Liabilities and Rema_2

Contract Liabilities and Remaining Performance Obligations - Additional information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability	$ 489.6		$ 339.2
Revenue recognized from contract liability balances	314.9	$ 353.8
Remaining performance obligation	$ 987.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as percent)	57%
Expected timing of satisfaction (in months)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as percent)	35%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction (in months)	13 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction (in months)	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Marketable securities:
Debt securities	$ 2,375,144,000		$ 2,375,144,000		$ 0
Total	2,993,330,000		2,993,330,000		1,209,935,000
Revenue	558,159,000	$ 477,880,000	1,616,662,000	$ 1,397,247,000
Level 1
Marketable securities:
Total	609,671,000		609,671,000		1,184,437,000
Level 2
Marketable securities:
Total	2,383,659,000		2,383,659,000		25,498,000
Level 3
Marketable securities:
Total	0		0		0
U.S. treasury securities
Marketable securities:
Debt securities	2,375,144,000		2,375,144,000
Cash and Cash Equivalents | Money market funds
Cash and cash equivalents:
Cash and cash equivalents	599,605,000		599,605,000		1,149,302,000
Cash and Cash Equivalents | Money market funds | Level 1
Cash and cash equivalents:
Cash and cash equivalents	599,605,000		599,605,000		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 | U.S. treasury securities
Cash and cash equivalents:
Cash and cash equivalents	141,946,000		141,946,000
Marketable securities:
Debt securities	141,946,000		141,946,000
Cash and Cash Equivalents | U.S. treasury securities | Level 1
Cash and cash equivalents:
Cash and cash equivalents	0		0
Cash and Cash Equivalents | U.S. treasury securities | Level 2
Cash and cash equivalents:
Cash and cash equivalents	141,946,000		141,946,000
Cash and Cash Equivalents | U.S. treasury securities | Level 3
Cash and cash equivalents:
Cash and cash equivalents	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	7,577,000		7,577,000		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	7,577,000		7,577,000		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 | U.S. treasury securities
Marketable securities:
Debt securities	2,233,198,000		2,233,198,000
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	2,233,198,000		2,233,198,000
Marketable Securities | U.S. treasury securities | Level 3
Marketable securities:
Debt securities	0		0
Marketable Securities | Publicly-traded equity securities
Marketable securities:
Publicly-traded equity securities	10,066,000		10,066,000		35,135,000
Marketable Securities | Publicly-traded equity securities | Level 1
Marketable securities:
Publicly-traded equity securities	10,066,000		10,066,000		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

Investments and Fair Value Me_4

Investments and Fair Value Measurements - Available-For-Sale Debt Securities (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 2,375,747,000
Unrealized Gains	123,000
Unrealized Losses	(726,000)
Fair Value	2,375,144,000	$ 0
U.S. treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	2,375,747,000
Unrealized Gains	123,000
Unrealized Losses	(726,000)
Fair Value	2,375,144,000
U.S. treasury securities | Cash and Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	141,925,000
Unrealized Gains	21,000
Unrealized Losses	0
Fair Value	141,946,000
U.S. treasury securities | Current Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	2,233,822,000
Unrealized Gains	102,000
Unrealized Losses	(726,000)
Fair Value	$ 2,233,198,000

Investments and Fair Value Me_5

Investments and Fair Value Measurements - Additional Information (Detail)	3 Months Ended		9 Months Ended		12 Months Ended	33 Months Ended
	Sep. 30, 2023 USD ($) security	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) security	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) oz	Sep. 30, 2023 USD ($) 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	$ 1,400,000,000		$ 1,400,000,000			$ 1,400,000,000
Number of securities in an unrealized loss position for greater than 12 months | security	0		0			0
Debt securities	$ 2,375,144,000		$ 2,375,144,000			$ 2,375,144,000	$ 0
Equity securities received as noncash consideration			17,300,000	$ 6,400,000
Unrealized gain (loss) from equity securities		$ (18,000,000)		(192,800,000)
Realized loss from equity securities		41,300,000		67,900,000
Aggregate purchase price	0		0			0	$ 124,500,000
Revenue	558,159,000	477,880,000	1,616,662,000	1,397,247,000
Publicly-Traded Equity Securities Held
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) from equity securities	(700,000)	$ (57,200,000)	(5,600,000)	$ (223,400,000)
Alternative Investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in physical commodities					$ 50,900,000
Weight of commodities purchased | 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	392,100,000		392,100,000			392,100,000
Revenue	14,700,000		67,400,000			234,100,000
Commercial Contract | Investment Agreement | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual option amounts	$ 43,700,000		$ 43,700,000			$ 43,700,000
Subscription contract term			7 years
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	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Line Items]
Total property and equipment, gross	$ 145,681	$ 151,582
Less: accumulated depreciation and amortization	(95,548)	(82,412)
Total property and equipment, net	50,133	69,170
Leasehold improvements
Balance Sheet Related Disclosures [Line Items]
Total property and equipment, gross	82,214	80,378
Computer equipment, software, and other
Balance Sheet Related Disclosures [Line Items]
Total property and equipment, gross	48,353	52,688
Furniture and fixtures
Balance Sheet Related Disclosures [Line Items]
Total property and equipment, gross	13,725	13,010
Construction in progress
Balance Sheet Related Disclosures [Line Items]
Total property and equipment, gross	$ 1,389	$ 5,506

Balance Sheet Components - Addi

Balance Sheet Components - Additional information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense excluding the impact of foreign exchange fluctuations	$ 6.3	$ 5.5	$ 18.2	$ 13.9

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued payroll and related expenses	$ 62,410	$ 43,495
Accrued taxes	36,479	41,326
Accrued other liabilities	75,864	87,894
Total accrued liabilities	$ 174,753	$ 172,715

Debt (Detail)

Debt (Detail) - 2014 Revolving Credit Facility - Line of Credit	9 Months Ended
	Sep. 30, 2023 USD ($)
Short-Term Debt [Line Items]
Debt instrument maximum borrowing capacity	$ 500,000,000
Revolving Credit Facility
Short-Term Debt [Line Items]
Debt instrument carrying amount	$ 0
Line of credit facility commitment fee percentage	0.30%
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%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Letter of credit outstanding amount	$ 21.6	$ 28.8
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Letter of credit outstanding amount	21.6	$ 28.8
Purchase Commitment Two
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Long-term purchase commitment, amount	$ 1,950
Period for purchase price commitment (in years)	10 years
Purchase commitment for year one	$ 154

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail)	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) shares	Sep. 30, 2023 USD ($) vote shares	Aug. 31, 2023 USD ($)
Class of Stock [Line Items]
Minimum ownership threshold (in shares) | shares	100,000,000	100,000,000
Dividends declared | $	$ 0	$ 0
Stock repurchase program, authorized amount | $			$ 1,000,000,000
Stock repurchased during period (in shares) | shares	0
Class A Common Stock
Class of Stock [Line Items]
Voting rights | vote		1
Class B Common Stock
Class of Stock [Line Items]
Voting rights | vote		10
Common stock, convertible, conversion ratio		1
Class F Common Stock
Class of Stock [Line Items]
Control of total voting power	50%	50%

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Total Authorized, Issued, And Outstanding Shares (Detail) - shares	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, authorized (in shares)	22,701,005,000	22,701,005,000
Common stock, issued (in shares)	2,175,241,000	2,099,075,000
Common stock, outstanding (in shares)	2,175,241,000	2,099,075,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	20,000,000,000	20,000,000,000
Common stock, issued (in shares)	2,068,689,000	1,995,414,000
Common stock, outstanding (in shares)	2,068,689,000	1,995,414,000
Class B Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	2,700,000,000	2,700,000,000
Common stock, issued (in shares)	105,547,000	102,656,000
Common stock, outstanding (in shares)	105,547,000	102,656,000
Class F Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	1,005,000	1,005,000
Common stock, issued (in shares)	1,005,000	1,005,000
Common stock, outstanding (in shares)	1,005,000	1,005,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	(35,332,000)
Options canceled and forfeited (in shares) | shares	(1,844,000)
Ending balance (in shares) | shares	289,737,000	326,913,000
Options vested and exercisable, end of period (in shares) | shares	166,761,000
Weighted-Average Exercise Price Per Share
Beginning balance (in dollars per share) | $ / shares	$ 8.05
Options exercised (in dollars per share) | $ / shares	4.72
Options canceled and forfeited (in dollars per share) | $ / shares	5.18
Ending balance (in dollars per share) | $ / shares	8.47	$ 8.05
Options vested and exercisable, end of period (in dollars per share) | $ / shares	$ 6.41
Weighted-Average Remaining Contractual Life (years) and Aggregate Intrinsic Value
Options outstanding, Weighted-average remaining contractual life (years)	7 years 9 months 25 days	8 years 3 months 29 days
Options vested and exercisable (in years)	7 years 25 days
Options outstanding, aggregate intrinsic value | $	$ 2,181,036	$ 272,603
Options vested and exercisable, end of period | $	$ 1,598,629

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 625.7
Unrecognized share based compensation expense, period for recognition	7 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 565.1
Unrecognized share based compensation expense, period for recognition	3 years

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
RSUs Outstanding
RSUs unvested and outstanding, beginning balance (in shares) | shares	126,426,000
RSUs granted (in shares) | shares	14,601,000
RSUs vested and converted to shares (in shares) | shares	(40,834,000)
RSUs canceled (in shares) | shares	(7,580,000)
RSUs unvested and outstanding, ending balance (in shares) | shares	92,613,000
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	9.47
RSUs vested and converted to shares (in dollars per share) | $ / shares	9.53
RSUs cancelled (in dollars per share) | $ / shares	10.60
RSUs unvested and outstanding, ending balance (in dollars per share) | $ / shares	$ 10.11

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 114,380	$ 140,308	$ 343,295	$ 435,400
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	7,814	10,525	24,995	33,413
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	39,290	48,824	116,956	147,501
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	21,952	25,113	65,068	76,996
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 45,324	$ 55,846	$ 136,276	$ 177,490

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 6,530	$ 1,096	$ 10,382	$ 5,707
Increase (decrease) in income taxes	$ 5,400		$ 4,700

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net income (loss) attributable to common stockholders for diluted net earnings (loss) per share	$ 71,505	$ (123,875)	$ 116,434	$ (404,583)
Denominator
Weighted-average shares used in computing net earnings (loss) per share, basic (in shares)	2,162,530,000	2,073,265,000	2,134,045,000	2,054,926,000
Effect of dilutive shares	163,070,000	0	147,302,000	0
Weighted-average shares used in computing net earnings (loss) per share, diluted (in shares)	2,325,600,000	2,073,265,000	2,281,347,000	2,054,926,000
Net earnings (loss) per share
Basic (in dollars per share)	$ 0.03	$ (0.06)	$ 0.05	$ (0.20)
Diluted (in dollars per share)	$ 0.03	$ (0.06)	$ 0.05	$ (0.20)

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	19,983	472,345	187,074	472,345
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	0	331,121	162,000	331,121
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,941	128,182	12,032	128,182
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 558,159	$ 477,880	$ 1,616,662	$ 1,397,247
Operating Segments
Segment Reporting Information [Line Items]
Revenue	558,159	477,880	1,616,662	1,397,247
Contribution	320,968	246,700	888,518	761,645
Operating Segments | Government
Segment Reporting Information [Line Items]
Revenue	307,603	273,834	898,178	778,622
Contribution	185,867	153,552	526,330	447,004
Operating Segments | Commercial
Segment Reporting Information [Line Items]
Revenue	250,556	204,046	718,484	618,625
Contribution	$ 135,101	$ 93,148	$ 362,188	$ 314,641

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Income (loss) from operations	$ 39,983	$ (62,191)	$ 54,172	$ (143,375)
Total stock-based compensation expense	114,380	140,308	343,295	435,400
Reconciling items
Segment Reporting Information [Line Items]
Income (loss) from operations	39,983	(62,191)	54,172	(143,375)
Research and development expenses	83,756	75,750	230,273	200,639
General and administrative expenses	82,849	92,833	260,778	268,981
Total stock-based compensation expense	114,380	140,308	343,295	435,400
Operating Segments
Segment Reporting Information [Line Items]
Total contribution	$ 320,968	$ 246,700	$ 888,518	$ 761,645

Segment and Geographic Inform_5

Segment and Geographic Information - Summary of Revenue by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 558,159	$ 477,880	$ 1,616,662	$ 1,397,247
Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 558,159	$ 477,880	$ 1,616,662	$ 1,397,247
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	$ 345,479	$ 296,650	$ 1,010,336	$ 859,786
United States | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	62%	62%	62%	62%
United Kingdom | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 64,390	$ 59,435	$ 177,198	$ 161,477
United Kingdom | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	11%	12%	11%	11%
Rest of world | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 148,290	$ 121,795	$ 429,128	$ 375,984
Rest of world | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	27%	26%	27%	27%

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 38,943	$ 40,436
Accumulated Amortization	(10,631)	(4,897)
Total	$ 28,312	35,539
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	4 years 29 days
Gross Carrying Amount	$ 10,400	10,400
Accumulated Amortization	(1,907)	(347)
Total	$ 8,493	10,053
Reacquired rights
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	6 years 29 days
Gross Carrying Amount	$ 17,619	17,619
Accumulated Amortization	(2,306)	(420)
Total	$ 15,313	17,199
Backlog
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	1 year 29 days
Gross Carrying Amount	$ 6,700	6,700
Accumulated Amortization	(3,071)	(558)
Total	$ 3,629	6,142
Other
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	6 months 7 days
Gross Carrying Amount	$ 4,224	5,717
Accumulated Amortization	(3,347)	(3,572)
Total	$ 877	$ 2,145

Intangible Assets - Expected Am

Intangible Assets - Expected Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 2,410
2024	7,844
2025	4,597
2026	4,597
2027	4,250
Thereafter	4,614
Total	$ 28,312	$ 35,539