Palantir (PLTR) 10-Q 5 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39540
Entity Registrant Name	Palantir Technologies Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	68-0551851
Entity Address, Address Line One	1200 17th Street, Floor 15
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	(720)
Local Phone Number	358-3679
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	PLTR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001321655
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,142,323,448
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		96,125,336
Class F Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,005,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 512,659	$ 831,047
Marketable securities	3,485,800	2,843,132
Accounts receivable, net	659,339	364,784
Prepaid expenses and other current assets	115,712	99,655
Total current assets	4,773,510	4,138,618
Property and equipment, net	43,483	47,758
Operating lease right-of-use assets	213,453	182,863
Other assets	161,434	153,186
Total assets	5,191,880	4,522,425
Current liabilities:
Accounts payable	67,345	12,122
Accrued liabilities	195,489	222,991
Deferred revenue	278,441	246,901
Customer deposits	221,519	209,828
Operating lease liabilities	44,125	54,176
Total current liabilities	806,919	746,018
Deferred revenue, noncurrent	15,649	28,047
Customer deposits, noncurrent	1,527	1,477
Operating lease liabilities, noncurrent	214,334	175,216
Other noncurrent liabilities	15,645	10,702
Total liabilities	1,054,074	961,460
Commitments and Contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.001 par value: 20,000,000 Class A shares authorized as of June 30, 2024 and December 31, 2023; 2,140,809 and 2,096,982 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; 2,700,000 Class B shares authorized as of June 30, 2024 and December 31, 2023; 96,125 and 102,141 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; and 1,005 Class F shares authorized, issued, and outstanding as of June 30, 2024 and December 31, 2023	2,238	2,200
Additional paid-in capital	9,463,178	9,122,173
Accumulated other comprehensive income (loss), net	(4,935)	801
Accumulated deficit	(5,409,957)	(5,649,613)
Total stockholders’ equity	4,050,524	3,475,561
Noncontrolling interests	87,282	85,404
Total equity	4,137,806	3,560,965
Total liabilities and equity	$ 5,191,880	$ 4,522,425

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Common stock authorized (in shares)	22,701,005,000	22,701,005,000
Common stock, issued (in shares)	2,237,939,000	2,200,128,000
Common stock, outstanding (in shares)	2,237,939,000	2,200,128,000
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)	2,140,809,000	2,096,982,000
Common stock, outstanding (in shares)	2,140,809,000	2,096,982,000
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)	96,125,000	102,141,000
Common stock, outstanding (in shares)	96,125,000	102,141,000
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 678,134	$ 533,317	$ 1,312,472	$ 1,058,503
Cost of revenue	128,562	106,899	244,818	214,544
Gross profit	549,572	426,418	1,067,654	843,959
Operating expenses:
Sales and marketing	196,809	184,163	389,986	371,256
Research and development	108,781	99,533	218,821	189,633
General and administrative	138,643	132,648	272,627	268,881
Total operating expenses	444,233	416,344	881,434	829,770
Income from operations	105,339	10,074	186,220	14,189
Interest income	46,593	30,310	89,945	51,163
Other income (expense), net	(11,173)	(10,341)	(24,680)	(14,477)
Income before provision for income taxes	140,759	30,043	251,485	50,875
Provision for income taxes	5,189	2,171	9,844	3,852
Net income	135,570	27,872	241,641	47,023
Less: Net income (loss) attributable to noncontrolling interests	1,444	(255)	1,985	2,094
Net income attributable to common stockholders	$ 134,126	$ 28,127	$ 239,656	$ 44,929
Net earnings per share attributable to common stockholders, basic (in dollars per share)	$ 0.06	$ 0.01	$ 0.11	$ 0.02
Net earnings per share attributable to common stockholders, diluted (in dollars per share)	$ 0.06	$ 0.01	$ 0.10	$ 0.02
Weighted-average shares of common stock outstanding used in computing net earnings per share attributable to common stockholders, basic (in shares)	2,231,592,000	2,131,224,000	2,222,569,000	2,119,567,000
Weighted-average shares of common stock outstanding used in computing net earnings per share attributable to common stockholders, diluted (in shares)	2,414,696,000	2,278,155,000	2,407,402,000	2,252,205,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 135,570	$ 27,872	$ 241,641	$ 47,023
Other comprehensive income (loss)
Foreign currency translation adjustments	731	166	(1,168)	896
Net unrealized loss on available-for-sale securities	(53)	(1,057)	(4,675)	(772)
Comprehensive income	136,248	26,981	235,798	47,147
Less: Comprehensive income (loss) attributable to noncontrolling interests	1,337	(255)	1,878	2,094
Comprehensive income attributable to common stockholders	$ 134,911	$ 27,236	$ 233,920	$ 45,053

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss, Net	Accumulated Deficit	Noncontrolling Interests	AOCI Attributable to Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022			2,099,075,000
Beginning balance at Dec. 31, 2022	$ 2,642,437	$ 2,565,326	$ 2,099	$ 8,427,998	$ (5,333)	$ (5,859,438)	$ 77,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options (in shares)			24,443,000
Issuance of common stock from the exercise of stock options	116,273	116,273	$ 24	116,249
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) (in shares)			26,462,000
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”)			$ 26	(26)
Stock-based compensation	228,822	228,822		228,822
Other comprehensive income (loss)	124	124			124
Other, net	459						459
Net income	47,023	44,929				44,929	2,094
Ending balance (in shares) at Jun. 30, 2023			2,149,980,000
Ending balance at Jun. 30, 2023	3,035,138	2,955,474	$ 2,149	8,773,043	(5,209)	(5,814,509)	79,664
Beginning balance (in shares) at Mar. 31, 2023			2,117,730,000
Beginning balance at Mar. 31, 2023	2,803,193	2,723,733	$ 2,117	8,568,570	(4,318)	(5,842,636)	79,460
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options (in shares)			19,062,000
Issuance of common stock from the exercise of stock options	90,349	90,349	$ 19	90,330
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) (in shares)			13,188,000
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”)			$ 13	(13)
Stock-based compensation	114,156	114,156		114,156
Other comprehensive income (loss)	(891)	(891)			(891)
Other, net	459						459
Net income	27,872	28,127				28,127	(255)
Ending balance (in shares) at Jun. 30, 2023			2,149,980,000
Ending balance at Jun. 30, 2023	$ 3,035,138	2,955,474	$ 2,149	8,773,043	(5,209)	(5,814,509)	79,664
Beginning balance (in shares) at Dec. 31, 2023	2,200,128,000		2,200,128,000
Beginning balance at Dec. 31, 2023	$ 3,560,965	3,475,561	$ 2,200	9,122,173	801	(5,649,613)	85,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options (in shares)	20,876,000		20,876,000
Issuance of common stock from the exercise of stock options	$ 99,870	99,870	$ 21	99,849
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) (in shares)			18,090,000
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”)			$ 18	(18)
Repurchases of common stock (in shares)			(1,155,000)
Repurchases of common stock	(26,699)	(26,699)	$ (1)	(26,698)
Stock-based compensation	267,872	267,872		267,872
Other comprehensive income (loss)	(5,843)	(5,736)			(5,736)			$ (107)
Net income	$ 241,641	239,656				239,656	1,985
Ending balance (in shares) at Jun. 30, 2024	2,237,939,000		2,237,939,000
Ending balance at Jun. 30, 2024	$ 4,137,806	4,050,524	$ 2,238	9,463,178	(4,935)	(5,409,957)	87,282
Beginning balance (in shares) at Mar. 31, 2024			2,226,963,000
Beginning balance at Mar. 31, 2024	3,861,172	3,775,227	$ 2,227	9,322,803	(5,720)	(5,544,083)	85,945
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options (in shares)			3,394,000
Issuance of common stock from the exercise of stock options	16,030	16,030	$ 4	16,026
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) (in shares)			8,369,000
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”)			$ 8	(8)
Repurchases of common stock (in shares)			(787,000)
Repurchases of common stock	(17,699)	(17,699)	$ (1)	(17,698)
Stock-based compensation	142,055	142,055		142,055
Other comprehensive income (loss)	678	785			785			$ (107)
Net income	$ 135,570	134,126				134,126	1,444
Ending balance (in shares) at Jun. 30, 2024	2,237,939,000		2,237,939,000
Ending balance at Jun. 30, 2024	$ 4,137,806	$ 4,050,524	$ 2,238	$ 9,463,178	$ (4,935)	$ (5,409,957)	$ 87,282

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 241,641	$ 47,023
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,494	16,719
Stock-based compensation	267,415	228,915
Noncash operating lease expense	22,439	22,724
Unrealized and realized (gain) loss from marketable securities, net	20,042	11,078
Noncash consideration	(26,484)	(20,166)
Other operating activities	(11,088)	(17,817)
Changes in operating assets and liabilities:
Accounts receivable, net	(298,311)	(113,663)
Prepaid expenses and other current assets	(2,774)	1,091
Other assets	5,571	(3,485)
Accounts payable	53,372	(39,057)
Accrued liabilities	(30,548)	13,780
Deferred revenue, current and noncurrent	21,463	115,868
Customer deposits, current and noncurrent	11,806	40,144
Operating lease liabilities, current and noncurrent	(23,778)	(25,603)
Other noncurrent liabilities	6,506	17
Net cash provided by operating activities	273,766	277,568
Investing activities
Purchases of property and equipment	(5,543)	(8,689)
Purchases of marketable securities	(1,784,115)	(2,936,939)
Proceeds from sales and redemption of marketable securities	1,133,535	948,866
Proceeds from sales of alternative investments	0	51,072
Other investing activities	(4,000)	0
Net cash used in investing activities	(660,123)	(1,945,690)
Financing activities
Proceeds from the exercise of common stock options	99,870	116,273
Repurchases of common stock	(26,699)	0
Other financing activities	102	394
Net cash provided by financing activities	73,273	116,667
Effect of foreign exchange on cash, cash equivalents, and restricted cash	(4,948)	(1,855)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(318,032)	(1,553,310)
Cash, cash equivalents, and restricted cash - beginning of period	850,107	2,627,335
Cash, cash equivalents, and restricted cash - end of period	$ 532,075	$ 1,074,025

Organization

Organization	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Palantir Technologies Inc. (including its subsidiaries, “Palantir” or the “Company”) was incorporated in Delaware on May 6, 2003. The Company builds and deploys software platforms that serve as the central operating systems for its customers.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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 from operations, net income, or cash flows. The Company's fiscal year ends on December 31. The unaudited condensed consolidated balance sheet as of December 31, 2023 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, 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, 2023, which was filed with the SEC on February 20, 2024. 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, and the collectability of contract consideration, including accounts receivable. 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, 2023, which was filed with the SEC on February 20, 2024. There have been no significant changes to these policies during the six months ended June 30, 2024, except for the changes noted below. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds and available-for-sale debt securities. Restricted cash primarily consists of cash and certificates of deposit that are held as collateral against letters of credit and guarantees that the Company is required to maintain for operating lease agreements, certain customer contracts, and other guarantees and financing arrangements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands): As of June 30, 2024 2023 Cash and cash equivalents $ 512,659 $ 1,055,923 Restricted cash included in prepaid expenses and other current assets — 5,999 Restricted cash included in other assets 19,416 12,103 Total cash, cash equivalents, and restricted cash $ 532,075 $ 1,074,025 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 June 30, 2024 and December 31, 2023, the Company recorded an allowance for credit losses of $2.8 million and $10.5 million, respectively. 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, marketable securities, and privately-held equity securities. Cash equivalents primarily consist of money market funds and U.S. treasury securities with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of June 30, 2024 and December 31, 2023 were $659.3 million and $364.8 million, respectively. Customer I represented 32% and 15% of total accounts receivable as of June 30, 2024 and December 31, 2023, respectively, and no other customer represented more than 10% of total accounts receivable as of June 30, 2024 or December 31, 2023. For the three and six months ended June 30, 2024, no customer represented more than 10% of total revenue. For the three and six months ended June 30, 2023, Customer K, which is in the government operating segment, represented 10% of total revenue. No other customer represented more than 10% of total revenue for the three and six months ended June 30, 2023. Share Repurchase Program Share repurchases are recorded at trade date and the repurchase price is inclusive of any related fees and commissions. Upon retirement, the par value of the Class A common stock repurchased is deducted from common stock with the excess of repurchase price recorded to additional paid-in capital on the Company’s condensed consolidated balance sheets. Stock-Based Compensation The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of GAAP, which require compensation cost for the grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company determines the fair value of stock-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. The Company recognizes forfeitures as they occur.

Contract Liabilities and Remain

Contract Liabilities and Remaining Performance Obligations	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Contract Liabilities and Remaining Performance Obligations	Contract Liabilities and Remaining Performance Obligations Contract Liabilities The Company’s contract liabilities consist of deferred revenue and customer deposits. As of June 30, 2024 and December 31, 2023, the Company's contract liability balances were $517.1 million and $486.3 million, respectively. Revenue of $362.4 million and $270.2 million was recognized during the six months ended June 30, 2024 and 2023, respectively, that was included in the contract liability balances as of December 31, 2023 and 2022, respectively. Remaining Performance Obligations The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation. The Company’s remaining performance obligations were $1.4 billion as of June 30, 2024, of which the Company expects to recognize approximately 50% as revenue over the next 12 months, 39% as revenue over the subsequent 13 to 36 months, and the remainder thereafter. Disaggregation of Revenue See Note 12. Segment and Geographic Information for disaggregated revenue by customer segment and geographic region.

Investments and Fair Value Meas

Investments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Investments and Fair Value Measurements	Investments and Fair Value Measurements The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands): As of June 30, 2024 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 263,215 $ 263,215 $ — $ — Prepaid expenses and other current assets and other assets: Certificates of deposit 4,802 — 4,802 — Marketable securities: U.S. treasury securities 3,477,167 — 3,477,167 — Publicly-traded equity securities 8,633 8,633 — — Total $ 3,753,817 $ 271,848 $ 3,481,969 $ — As of December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 576,565 $ 576,565 $ — $ — U.S treasury securities 10,079 — 10,079 — Certificates of deposit 938 — 938 — Prepaid expenses and other current assets and other assets: Certificates of deposit 4,777 — 4,777 — Marketable securities: U.S. treasury securities 2,824,861 — 2,824,861 — Publicly-traded equity securities 18,271 18,271 — — Total $ 3,435,491 $ 594,836 $ 2,840,655 $ — Certificates of Deposit The Company’s certificates of deposit are Level 2 instruments. The fair value of such instruments is estimated based on valuations obtained from third-party pricing services that utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable either directly or indirectly. These inputs include interest rate curves, foreign exchange rates, and credit ratings. Debt Securities As of June 30, 2024, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands): As of June 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 3,480,199 $ 41 $ (3,073) $ 3,477,167 Total debt securities $ 3,480,199 $ 41 $ (3,073) $ 3,477,167 As of December 31, 2023, available-for-sale debt securities consisted of the following (in thousands): As of December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 2,831,505 $ 4,520 $ (1,085) $ 2,834,940 Total debt securities $ 2,831,505 $ 4,520 $ (1,085) $ 2,834,940 Included in cash and cash equivalents $ 10,078 $ 1 $ — $ 10,079 Included in marketable securities $ 2,821,427 $ 4,519 $ (1,085) $ 2,824,861 The Company did not sell any available-for-sale debt securities during the three and six months ended June 30, 2024 or for the three months ended June 30, 2023. The Company sold $694.6 million of available-for-sale debt securities during the six months ended June 30, 2023 and immediately reinvested such proceeds into additional debt securities. The realized gains and losses from those sales were immaterial. No credit or non-credit losses related to debt securities were recorded during the three and six months ended June 30, 2024 and 2023. As of June 30, 2024 and December 31, 2023, available-for-sale debt securities of $3.1 billion and $236.0 million, respectively, were in an unrealized loss position primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the available-for-sale debt securities held as of June 30, 2024 or December 31, 2023 were in a continuous unrealized loss position for greater than 12 months. The decline in fair value below amortized cost basis was not considered other than temporary as it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis, and no credit-related impairment losses were recorded as of June 30, 2024 or December 31, 2023. All of the Company’s U.S. treasury securities had remaining contractual maturities due within one year as of June 30, 2024. Equity Securities The Company holds equity securities in publicly-traded companies, which are recorded at fair market value each reporting period in marketable securities on the condensed consolidated balance sheets. Realized and unrealized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of operations. For the three months ended June 30, 2024 and 2023, net unrealized losses from publicly-traded equity securities held at the end of each period were $6.6 million and $0.6 million, respectively. For the six months ended June 30, 2024 and 2023, net unrealized losses from publicly-traded equity securities held at the end of each period were $12.2 million and $7.0 million, respectively. The Company also holds equity securities in privately-held companies without readily determinable fair values that are recorded using the measurement alternative. As of June 30, 2024 and December 31, 2023, the total amount of privately-held equity securities included in other assets on the consolidated balance sheets was $49.9 million and $32.6 million, respectively. The Company classifies these fair value measurements as Level 3 within the fair value hierarchy. The Company did not record any material adjustments or impairments for the privately-held equity securities held during the three and six months ended June 30, 2024 and 2023. Additionally, we have accepted, and may continue to accept, securities as noncash consideration. Total equity securities received as noncash consideration was $30.3 million and $14.5 million during the six months ended June 30, 2024 and 2023, respectively. Strategic Commercial Contracts 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”). No Investments were purchased under such Investment Agreements during the six months ended June 30, 2024 or the fiscal year ended December 31, 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 assessed the concurrent agreements under the noncash consideration and consideration 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. The Company performs ongoing assessments of customers’ financial condition, including the consideration of customers’ ability and intention to pay, and whether all or some portion of the value of such contracts continue to meet the criteria for revenue recognition, among other factors. During the three months ended June 30, 2024 and 2023, revenue recognized from Strategic Commercial Contracts was $9.2 million and $19.4 million, respectively. During the six months ended June 30, 2024 and 2023, revenue recognized from Strategic Commercial Contracts was $33.1 million and $52.8 million, respectively.

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of June 30, As of December 31, Leasehold improvements $ 84,407 $ 83,139 Computer equipment, software, and other 53,899 50,844 Furniture and fixtures 13,894 13,834 Construction in progress 3,171 2,099 Total property and equipment, gross 155,371 149,916 Less: accumulated depreciation and amortization (111,888) (102,158) Total property and equipment, net $ 43,483 $ 47,758 Depreciation and amortization expense related to property and equipment, net was $6.0 million and $6.0 million for the three months ended June 30, 2024 and 2023, respectively, and $12.1 million and $11.9 million for the six months ended June 30, 2024 and 2023, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of June 30, As of December 31, Accrued payroll and related expenses $ 61,986 $ 83,094 Accrued taxes 40,429 47,257 Accrued other liabilities 93,074 92,640 Total accrued liabilities $ 195,489 $ 222,991

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt 2014 Credit Facility In October 2014, the Company entered into an unsecured revolving credit facility, which has been subsequently secured by substantially all of the Company’s assets and amended from time to time (as amended, the “2014 Credit Facility”). As of June 30, 2024, the Company had no outstanding debt balances and had 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. The 2014 Credit Facility contains customary representations and warranties, and certain financial and nonfinancial covenants, including but not limited to maintaining minimum liquidity of $50.0 million, and certain limitations on liens and indebtedness. The Company was in compliance with all covenants associated with the 2014 Credit Facility as of June 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments The Company has commitments with various third parties to purchase cloud hosting services. In September 2023, the Company amended one of its third-party cloud hosting services agreements. Under this amendment, the Company has committed 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 March 31, 2024, the Court dismissed the Cupat matter without prejudice. On May 24, 2024, plaintiffs filed a second amended complaint. On November 21, 2022 a stockholder derivative action was filed in the United States District Court for the District of Colorado, captioned Li v. Karp, et al. , Case No. 22-cv-3028 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 seeks 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 June 30, 2024, 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. Warranties and Indemnification The Company generally provides a warranty for its software products and services and a service level agreement (“SLA”) for the Company’s performance of software operations. The Company’s products are generally warranted to perform substantially as described in the associated product documentation during the subscription term or for a period of up to 90 days where the software is hosted by the customer, and the Company includes operations and maintenance (“O&M”) services as part of its subscription and license agreements to support this warranty and maintain the operability of the software. The Company’s services are generally warranted to be performed in a professional manner and by an adequate staff with knowledge about the products. In the event there is a failure of such warranties, the Company generally is obligated to correct the product or service to conform to the warranty provision, or, if the Company is unable to do so, the customer is entitled to seek a refund of the purchase price of the product and service (generally prorated over the contract term). Due to the absence of historical warranty claims, the Company’s expectations of future claims related to products under warranty continue to be insignificant. The Company has not recorded warranty expense or related accruals as of June 30, 2024 and December 31, 2023. The Company generally agrees to indemnify its customers against legal claims that the Company’s software products infringe certain third-party intellectual property rights and accounts for its indemnification obligations. In the event of such a claim, the Company is generally obligated to defend its customer against the claim and to either settle the claim at the Company’s expense or pay damages that the customer is legally required to pay to the third-party claimant. In addition, in the event of an infringement, the Company generally agrees to secure the right for the customer to continue using the infringing product; to modify or replace the infringing product; or, if those options are not commercially practicable, to refund the cost of the software, as prorated over the period. To date, the Company has not been required to make any payment resulting from infringement claims asserted against its customers and does not believe that the Company will be liable for such claims in the foreseeable future. As such, the Company has not recorded a liability for infringement costs as of June 30, 2024 and December 31, 2023. 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	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The Company’s Class A, Class B, and Class F common stock (collectively, the “common stock”) all have the same rights, except with respect to voting and conversion rights. Class A and Class B common stock have voting rights of 1 and 10 votes per share, respectively. The Class F common stock has the voting rights generally described herein, and each share of Class F common stock is convertible at any time, at the option of the holder thereof, into one share of Class B common stock. All shares of Class F common stock are held in a voting trust established by Stephen Cohen, Alexander Karp, and Peter Thiel (the “Founders”). The Class F common stock generally gives the Founders the ability to control up to 49.999999% of the total voting power of the Company’s capital stock, so long as the Founders and certain of their affiliates collectively meet a minimum ownership threshold, which was 100.0 million of the Company's equity securities as of June 30, 2024. Holders of the common stock are entitled to dividends when, as, and if declared by the Company’s Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. No dividends have been declared as of June 30, 2024. The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands): As of June 30, 2024 As of December 31, 2023 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 2,140,809 20,000,000 2,096,982 Class B Common Stock 2,700,000 96,125 2,700,000 102,141 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,237,939 22,701,005 2,200,128 Share Repurchase Program In August 2023, the Company’s Board of Directors authorized a stock repurchase program of up to $1.0 billion of the Company’s outstanding shares of Class A common stock (the “Share Repurchase Program”). The Company may repurchase shares of its Class A common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act in accordance with applicable securities laws and other restrictions. The timing and the amount of stock repurchases under the Share Repurchase Program will be determined by the Company’s management, based on its evaluation of factors including business and market conditions, corporate and regulatory requirements, and other considerations. The Share Repurchase Program does not obligate the Company to repurchase any specific number of shares and may be discontinued at any time. During the three and six months ended June 30, 2024, the Company repurchased and subsequently retired 0.8 million and 1.2 million shares, respectively, of its Class A common stock for an aggregate amount, including commissions, of $17.7 million and $26.7 million, respectively under the Share Repurchase Program. As of June 30, 2024, approximately $973.3 million of the originally authorized amount under the Share Repurchase Program remained available for future repurchases.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options and SARs The following table summarizes stock option and SAR activity for the six months ended June 30, 2024 (in thousands, except per share amounts and years): Options Outstanding SARs Outstanding Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Balance as of December 31, 2023 278,470 $ 8.62 7.6 $ 2,381,172 — $ — 0.0 $ — Granted — — 44,593 50.00 Exercised (20,876) 4.78 — — Canceled and forfeited (630) 5.94 (2,018) 50.00 Balance as of June 30, 2024 256,964 $ 8.94 7.3 $ 4,212,345 42,575 $ 50.00 39.5 $ — Vested and exercisable as of June 30, 2024 149,463 $ 7.20 6.7 $ 2,710,036 — $ — 0.0 $ — As of June 30, 2024, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $548.8 million, and $128.6 million, respectively, which is expected to be recognized over a weighted-average service period of seven During the six months ended June 30, 2024, the Company granted SARs that vest upon the achievement of a market-based vesting condition subject to continued service. The market-based vesting condition is satisfied when the price per share of the Company’s Class A common stock exceeds $50 (measured based on the closing price on the immediately prior trading day) (an “Above Price Day”). Following vesting, SARs may only be exercised on an Above Price Day which occurs within an open trading window. The maximum appreciation is up to $20 per SAR. The Company determined the grant date fair value of SARs using a Monte Carlo simulation model which incorporates various assumptions including the contractual term, expected stock price volatility, risk-free interest rate, suboptimal exercise factor, annual post-vest termination rate, and cost of capital as of the grant date. For the awards granted during the six months ended June 30, 2024, the assumptions used in the Monte Carlo simulation model included the following: Six Months Ended Expected volatility rate 58.2% - 58.9% Risk-free interest rate 4.1% - 4.7% Grant-date fair value per share $3.30 - $4.61 The expected volatility rate is based on a combination of the Company’s implied volatility and the historical volatility of comparable publicly-traded companies. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The SARs granted during the six months ended June 30, 2024 had derived service periods of up to five years. RSUs and P-RSUs The following table summarizes the RSU and P-RSU activity for the six months ended June 30, 2024 (in thousands, except per share amounts): RSUs Outstanding Weighted Average Grant Date Fair Value per Share P-RSUs Outstanding Weighted Average Grant Date Fair Value per Share Unvested and outstanding as of December 31, 2023 82,262 $ 10.71 1,976 $ 15.39 Granted 3,520 19.90 2,862 18.84 Vested (16,747) 13.37 (2,069) 17.38 Canceled and forfeited (2,428) 13.13 (477) 9.58 Adjustment for performance achievement (1) — — (1,094) 16.42 Unvested and outstanding as of June 30, 2024 66,607 $ 10.44 1,198 $ 21.59 (1) This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance. As of June 30, 2024, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $430.3 million, which the Company expects to recognize over a weighted-average service period of three years. As of June 30, 2024, there was no unrecognized stock-based compensation expense related to the P-RSUs outstanding. Stock-based Compensation Expense Total stock-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 12,402 $ 8,004 $ 22,818 $ 17,181 Sales and marketing 48,314 38,131 90,470 77,666 Research and development 29,943 23,192 56,817 43,116 General and administrative 51,105 44,874 97,310 90,952 Total stock-based compensation expense $ 141,764 $ 114,201 $ 267,415 $ 228,915

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision for income taxes of $5.2 million and $2.2 million for the three months ended June 30, 2024 and 2023, respectively, and a provision for income taxes of $9.8 million and $3.9 million for the six months ended June 30, 2024 and 2023, respectively. The Company is subject to income tax in the U.S. as well as other tax jurisdictions in which it conducts business. The Company’s effective tax rate as of June 30, 2024 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 $3.0 million and $6.0 million for the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023 primarily related to increased foreign tax expense as a result of higher foreign taxable income and withholding taxes, as well as increases in state taxes. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. The Company assesses its ability to realize the deferred tax assets on a quarterly basis, and it establishes a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including its earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. For example, due to the weight of objectively verifiable negative evidence, including its history of U.S. and U.K. net operating tax losses, the Company has maintained a full valuation allowance on its U.S. and U.K. deferred tax assets as of June 30, 2024. However, given the Company’s recent earnings and anticipated future earnings, there is a reasonable possibility that it will have sufficient positive evidence in the future to release all or a portion of the valuation allowance it recorded against its deferred tax assets.

Net Earnings Per Share Attribut

Net Earnings Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Earnings Per Share Attributable to Common Stockholders	Net Earnings Per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net earnings per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator Net income attributable to common stockholders for diluted net earnings per share $ 134,126 $ 28,127 $ 239,656 $ 44,929 Denominator Weighted-average shares used in computing net earnings per share: Basic 2,231,592 2,131,224 2,222,569 2,119,567 Effect of dilutive shares 183,104 146,931 184,833 132,638 Diluted 2,414,696 2,278,155 2,407,402 2,252,205 Net earnings per share Net earnings per share attributable to common stockholders: Basic $ 0.06 $ 0.01 $ 0.11 $ 0.02 Diluted $ 0.06 $ 0.01 $ 0.10 $ 0.02 The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net earnings per share attributable to common stockholders for the periods presented due to their anti-dilutive effect (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Options issued and outstanding — 162,000 — 162,000 RSUs and P-RSUs outstanding 787 11,840 787 16,535 Warrants to purchase common stock — 13,042 — 13,042 Total 787 186,882 787 191,577

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2024
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 or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses. Financial information for each reportable segment was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue: Government $ 370,767 $ 301,505 $ 706,140 $ 590,575 Commercial 307,367 231,812 606,332 467,928 Total revenue $ 678,134 $ 533,317 $ 1,312,472 $ 1,058,503 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Contribution: Government $ 231,394 $ 174,230 $ 430,782 $ 340,463 Commercial 182,085 114,160 360,174 227,087 Total contribution $ 413,479 $ 288,390 $ 790,956 $ 567,550 The reconciliation of contribution to income from operations is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income from operations $ 105,339 $ 10,074 $ 186,220 $ 14,189 Research and development expenses (1) 78,838 76,341 162,004 146,517 General and administrative expenses (1) 87,538 87,774 175,317 177,929 Total stock-based compensation expense 141,764 114,201 267,415 228,915 Total contribution $ 413,479 $ 288,390 $ 790,956 $ 567,550 ————— (1) Excludes stock-based compensation expense. Geographic Information Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Amount % Amount % Amount % Amount % Revenue: United States $ 437,189 64 % $ 328,012 62 % $ 843,578 64 % $ 664,857 63 % United Kingdom 76,991 11 % 63,229 12 % 140,192 11 % 112,808 11 % Rest of world (1) 163,954 25 % 142,076 26 % 328,702 25 % 280,838 26 % Total revenue $ 678,134 100 % $ 533,317 100 % $ 1,312,472 100 % $ 1,058,503 100 % ————— (1) No other country represents 10% or more of total revenue for the three and six months ended June 30, 2024 or 2023.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2024
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, except years): Weighted average useful life (years) As of June 30, 2024 As of December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 3.3 $ 10,400 $ (3,467) $ 6,933 $ 10,400 $ (2,427) $ 7,973 Reacquired rights 5.3 17,618 (4,195) 13,424 17,618 (2,936) 14,682 Backlog 0.3 6,700 (5,583) 1,117 6,700 (3,908) 2,792 Other 0.0 4,225 (4,225) — 4,225 (3,770) 455 Total intangible assets $ 38,943 $ (17,469) $ 21,474 $ 38,943 $ (13,041) $ 25,902 Amortization expense of intangible assets was not material for the three and six months ended June 30, 2024 or 2023. As of June 30, 2024, expected amortization expense for the unamortized finite-lived intangible assets is as follows (in thousands): Year ended December 31, Amount Remainder of 2024 $ 3,416 2025 4,597 2026 4,597 2027 4,250 2028 2,517 Thereafter 2,097 Total $ 21,474

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 134,126	$ 28,127	$ 239,656	$ 44,929

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 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
Heather Planishek [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	431 days	On May 13, 2024, Heather Planishek, our Chief Accounting Officer, 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 280,000 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 July 18, 2025, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name	Heather Planishek
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 13, 2024
Expiration Date	July 18, 2025
Aggregate Available	280,000	280,000
Peter Thiel [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	595 days
David Glazer [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	275 days	On June 12, 2024, David Glazer, our Chief Financial Officer and Treasurer, 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 1,119,169 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 March 14, 2025, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name	David Glazer
Title	Chief Financial Officer and Treasurer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 12, 2024
Expiration Date	March 14, 2025
Aggregate Available	1,119,169	1,119,169
Rivendell 7 LLC Plan [Member] | Peter Thiel [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 15, 2024, Rivendell 7 LLC, a stockholder whose shares may be deemed to be beneficially owned by Peter Thiel (the Chairman of our Board of Directors), adopted a Rule 10b5-1 arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), subject to the satisfaction of certain price and/or other conditions, with 28,590,737 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The duration of the trading arrangement is until December 31, 2025, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name	Peter Thiel
Title	Chairman of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 15, 2024
Expiration Date	December 31, 2025
Aggregate Available	28,590,737	28,590,737

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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 from operations, net income, or cash flows. The Company's fiscal year ends on December 31. The unaudited condensed consolidated balance sheet as of December 31, 2023 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, 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, 2023, which was filed with the SEC on February 20, 2024.
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, and the collectability of contract consideration, including accounts receivable. 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. 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.
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 June 30, 2024 and December 31, 2023, the Company recorded an allowance for credit losses of $2.8 million and $10.5 million, respectively.
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, marketable securities, and privately-held equity securities. Cash equivalents primarily consist of money market funds and U.S. treasury securities with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of June 30, 2024 and December 31, 2023 were $659.3 million and $364.8 million, respectively. Customer I represented 32% and 15% of total accounts receivable as of June 30, 2024 and December 31, 2023, respectively, and no other customer represented more than 10% of total accounts receivable as of June 30, 2024 or December 31, 2023. For the three and six months ended June 30, 2024, no customer represented more than 10% of total revenue. For the three and six months ended June 30, 2023, Customer K, which is in the government operating segment, represented 10% of total revenue. No other customer represented more than 10% of total revenue for the three and six months ended June 30, 2023.
Share Repurchase Program	Share Repurchase Program Share repurchases are recorded at trade date and the repurchase price is inclusive of any related fees and commissions. Upon retirement, the par value of the Class A common stock repurchased is deducted from common stock with the excess of repurchase price recorded to additional paid-in capital on the Company’s condensed consolidated balance sheets.
Share-Based Payment Arrangement	Stock-Based Compensation The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of GAAP, which require compensation cost for the grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company determines the fair value of stock-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. The Company recognizes forfeitures as they occur. Service-Based Vesting The Company grants RSUs and stock option awards that vest based upon the satisfaction of only a service condition. The Company determines the grant-date fair value of the RSUs based on the fair value of the Company’s common stock on the grant date. The Company records stock-based compensation expense for stock options and RSUs that vest based upon the satisfaction of only a service condition on a straight-line basis over the requisite service period, which is generally up to four years. For stock option awards, the Company uses the Black-Scholes option pricing model to determine the fair value of the stock options granted. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the expected term of the option, the expected volatility of the price of the common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. Performance-Based Vesting The Company also grants awards, including RSUs, that vest upon the satisfaction of both a service condition and a performance condition. The Company determines the grant-date fair value of RSUs with both a service-based vesting condition and a performance-based vesting condition based on the fair value of the Company’s common stock on the grant date and records stock-based compensation expense using the accelerated attribution method over the service period. The performance-based vesting condition for the RSUs granted prior to September 30, 2020, the date the Company completed a direct listing of its Class A common stock on the New York Stock Exchange (the “Direct Listing”) was satisfied upon the occurrence of the Company’s Direct Listing. For P-RSUs granted after the Direct Listing, the Company recognizes expense for the number of P-RSUs expected to vest, determined based on the level of achievement against certain performance conditions, over the requisite service period when it is probable that the performance condition will be achieved. Market-Based Vesting

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands): As of June 30, 2024 2023 Cash and cash equivalents $ 512,659 $ 1,055,923 Restricted cash included in prepaid expenses and other current assets — 5,999 Restricted cash included in other assets 19,416 12,103 Total cash, cash equivalents, and restricted cash $ 532,075 $ 1,074,025

Investments and Fair Value Me_2

Investments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis	The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands): As of June 30, 2024 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 263,215 $ 263,215 $ — $ — Prepaid expenses and other current assets and other assets: Certificates of deposit 4,802 — 4,802 — Marketable securities: U.S. treasury securities 3,477,167 — 3,477,167 — Publicly-traded equity securities 8,633 8,633 — — Total $ 3,753,817 $ 271,848 $ 3,481,969 $ — As of December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 576,565 $ 576,565 $ — $ — U.S treasury securities 10,079 — 10,079 — Certificates of deposit 938 — 938 — Prepaid expenses and other current assets and other assets: Certificates of deposit 4,777 — 4,777 — Marketable securities: U.S. treasury securities 2,824,861 — 2,824,861 — Publicly-traded equity securities 18,271 18,271 — — Total $ 3,435,491 $ 594,836 $ 2,840,655 $ —
Debt Securities, Available-for-Sale	As of June 30, 2024, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands): As of June 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 3,480,199 $ 41 $ (3,073) $ 3,477,167 Total debt securities $ 3,480,199 $ 41 $ (3,073) $ 3,477,167 As of December 31, 2023, available-for-sale debt securities consisted of the following (in thousands): As of December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 2,831,505 $ 4,520 $ (1,085) $ 2,834,940 Total debt securities $ 2,831,505 $ 4,520 $ (1,085) $ 2,834,940 Included in cash and cash equivalents $ 10,078 $ 1 $ — $ 10,079 Included in marketable securities $ 2,821,427 $ 4,519 $ (1,085) $ 2,824,861

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): As of June 30, As of December 31, Leasehold improvements $ 84,407 $ 83,139 Computer equipment, software, and other 53,899 50,844 Furniture and fixtures 13,894 13,834 Construction in progress 3,171 2,099 Total property and equipment, gross 155,371 149,916 Less: accumulated depreciation and amortization (111,888) (102,158) Total property and equipment, net $ 43,483 $ 47,758
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): As of June 30, As of December 31, Accrued payroll and related expenses $ 61,986 $ 83,094 Accrued taxes 40,429 47,257 Accrued other liabilities 93,074 92,640 Total accrued liabilities $ 195,489 $ 222,991

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Summary of Total Authorized, Issued, And Outstanding Shares	The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands): As of June 30, 2024 As of December 31, 2023 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 2,140,809 20,000,000 2,096,982 Class B Common Stock 2,700,000 96,125 2,700,000 102,141 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,237,939 22,701,005 2,200,128

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option and SAR activity for the six months ended June 30, 2024 (in thousands, except per share amounts and years): Options Outstanding SARs Outstanding Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Balance as of December 31, 2023 278,470 $ 8.62 7.6 $ 2,381,172 — $ — 0.0 $ — Granted — — 44,593 50.00 Exercised (20,876) 4.78 — — Canceled and forfeited (630) 5.94 (2,018) 50.00 Balance as of June 30, 2024 256,964 $ 8.94 7.3 $ 4,212,345 42,575 $ 50.00 39.5 $ — Vested and exercisable as of June 30, 2024 149,463 $ 7.20 6.7 $ 2,710,036 — $ — 0.0 $ —
Summary of RSU Activity	The following table summarizes the RSU and P-RSU activity for the six months ended June 30, 2024 (in thousands, except per share amounts): RSUs Outstanding Weighted Average Grant Date Fair Value per Share P-RSUs Outstanding Weighted Average Grant Date Fair Value per Share Unvested and outstanding as of December 31, 2023 82,262 $ 10.71 1,976 $ 15.39 Granted 3,520 19.90 2,862 18.84 Vested (16,747) 13.37 (2,069) 17.38 Canceled and forfeited (2,428) 13.13 (477) 9.58 Adjustment for performance achievement (1) — — (1,094) 16.42 Unvested and outstanding as of June 30, 2024 66,607 $ 10.44 1,198 $ 21.59 (1) This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance.
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 12,402 $ 8,004 $ 22,818 $ 17,181 Sales and marketing 48,314 38,131 90,470 77,666 Research and development 29,943 23,192 56,817 43,116 General and administrative 51,105 44,874 97,310 90,952 Total stock-based compensation expense $ 141,764 $ 114,201 $ 267,415 $ 228,915
Summary of Valuation Assumptions	For the awards granted during the six months ended June 30, 2024, the assumptions used in the Monte Carlo simulation model included the following: Six Months Ended Expected volatility rate 58.2% - 58.9% Risk-free interest rate 4.1% - 4.7% Grant-date fair value per share $3.30 - $4.61

Net Earnings Per Share Attrib_2

Net Earnings Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2024
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 per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator Net income attributable to common stockholders for diluted net earnings per share $ 134,126 $ 28,127 $ 239,656 $ 44,929 Denominator Weighted-average shares used in computing net earnings per share: Basic 2,231,592 2,131,224 2,222,569 2,119,567 Effect of dilutive shares 183,104 146,931 184,833 132,638 Diluted 2,414,696 2,278,155 2,407,402 2,252,205 Net earnings per share Net earnings per share attributable to common stockholders: Basic $ 0.06 $ 0.01 $ 0.11 $ 0.02 Diluted $ 0.06 $ 0.01 $ 0.10 $ 0.02
Summary of Antidilutive Securities	The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net earnings per share attributable to common stockholders for the periods presented due to their anti-dilutive effect (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Options issued and outstanding — 162,000 — 162,000 RSUs and P-RSUs outstanding 787 11,840 787 16,535 Warrants to purchase common stock — 13,042 — 13,042 Total 787 186,882 787 191,577

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary of Financial Information for Each Reportable Segment	Financial information for each reportable segment was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue: Government $ 370,767 $ 301,505 $ 706,140 $ 590,575 Commercial 307,367 231,812 606,332 467,928 Total revenue $ 678,134 $ 533,317 $ 1,312,472 $ 1,058,503 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Contribution: Government $ 231,394 $ 174,230 $ 430,782 $ 340,463 Commercial 182,085 114,160 360,174 227,087 Total contribution $ 413,479 $ 288,390 $ 790,956 $ 567,550
Summary of Reconciliation of Segment Financial Information to Loss from Operations	The reconciliation of contribution to income from operations is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income from operations $ 105,339 $ 10,074 $ 186,220 $ 14,189 Research and development expenses (1) 78,838 76,341 162,004 146,517 General and administrative expenses (1) 87,538 87,774 175,317 177,929 Total stock-based compensation expense 141,764 114,201 267,415 228,915 Total contribution $ 413,479 $ 288,390 $ 790,956 $ 567,550 ————— (1) Excludes stock-based compensation expense.
Summary of Revenue by Geography	Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Amount % Amount % Amount % Amount % Revenue: United States $ 437,189 64 % $ 328,012 62 % $ 843,578 64 % $ 664,857 63 % United Kingdom 76,991 11 % 63,229 12 % 140,192 11 % 112,808 11 % Rest of world (1) 163,954 25 % 142,076 26 % 328,702 25 % 280,838 26 % Total revenue $ 678,134 100 % $ 533,317 100 % $ 1,312,472 100 % $ 1,058,503 100 % ————— (1) No other country represents 10% or more of total revenue for the three and six months ended June 30, 2024 or 2023.

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
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, except years): Weighted average useful life (years) As of June 30, 2024 As of December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 3.3 $ 10,400 $ (3,467) $ 6,933 $ 10,400 $ (2,427) $ 7,973 Reacquired rights 5.3 17,618 (4,195) 13,424 17,618 (2,936) 14,682 Backlog 0.3 6,700 (5,583) 1,117 6,700 (3,908) 2,792 Other 0.0 4,225 (4,225) — 4,225 (3,770) 455 Total intangible assets $ 38,943 $ (17,469) $ 21,474 $ 38,943 $ (13,041) $ 25,902
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of June 30, 2024, expected amortization expense for the unamortized finite-lived intangible assets is as follows (in thousands): Year ended December 31, Amount Remainder of 2024 $ 3,416 2025 4,597 2026 4,597 2027 4,250 2028 2,517 Thereafter 2,097 Total $ 21,474

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 512,659	$ 831,047	$ 1,055,923
Total cash, cash equivalents, and restricted cash	532,075	$ 850,107	1,074,025	$ 2,627,335
Prepaid Expenses and Other Current Assets
Cash and Cash Equivalents [Line Items]
Restricted Cash	0		5,999
Other Current Assets
Cash and Cash Equivalents [Line Items]
Restricted Cash	$ 19,416		$ 12,103

Significant Accounting Polici_5

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounting Policies [Line Items]
Allowance for credit losses		$ 2,800		$ 10,500
Accounts receivable, net		$ 659,339		$ 364,784
Maximum
Accounting Policies [Line Items]
Vesting period (in years)		4 years
Customer I | Accounts Receivable Benchmark | Customer Concentration Risk
Accounting Policies [Line Items]
Percentage concentration		32%		15%
Customer K | Revenue Benchmark | Customer Concentration Risk
Accounting Policies [Line Items]
Percentage concentration	10%		10%

Contract Liabilities and Rema_2

Contract Liabilities and Remaining Performance Obligations - Additional information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability	$ 517.1		$ 486.3
Revenue recognized from contract liability balances	362.4	$ 270.2
Remaining performance obligation	$ 1,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as percent)	50%
Expected timing of satisfaction (in years)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as percent)	39%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction (in years)	13 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction (in years)	36 months

Investments and Fair Value Me_3

Investments and Fair Value Measurements - Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Marketable securities:
Debt securities	$ 3,477,167		$ 3,477,167		$ 2,834,940
Total	3,753,817		3,753,817		3,435,491
Revenue	678,134	$ 533,317	1,312,472	$ 1,058,503
Level 1
Marketable securities:
Total	271,848		271,848		594,836
Level 2
Marketable securities:
Total	3,481,969		3,481,969		2,840,655
Level 3
Marketable securities:
Total	0		0		0
U.S. treasury securities
Marketable securities:
Debt securities	3,477,167		3,477,167		2,834,940
Cash and Cash Equivalents | Money market funds
Cash and cash equivalents:
Cash and cash equivalents	263,215		263,215		576,565
Cash and Cash Equivalents | Money market funds | Level 1
Cash and cash equivalents:
Cash and cash equivalents	263,215		263,215		576,565
Cash and Cash Equivalents | Money market funds | Level 2
Cash and cash equivalents:
Cash and cash equivalents	0		0		0
Cash and Cash Equivalents | Money market funds | Level 3
Cash and cash equivalents:
Cash and cash equivalents	0		0		0
Cash and Cash Equivalents | Certificates of deposit
Cash and cash equivalents:
Cash and cash equivalents					938
Cash and Cash Equivalents | Certificates of deposit | Level 1
Cash and cash equivalents:
Cash and cash equivalents					0
Cash and Cash Equivalents | Certificates of deposit | Level 2
Cash and cash equivalents:
Cash and cash equivalents					938
Cash and Cash Equivalents | Certificates of deposit | Level 3
Cash and cash equivalents:
Cash and cash equivalents					0
Cash and Cash Equivalents | U.S. treasury securities
Cash and cash equivalents:
Cash and cash equivalents					10,079
Marketable securities:
Debt securities					10,079
Cash and Cash Equivalents | U.S. treasury securities | Level 1
Cash and cash equivalents:
Cash and cash equivalents					0
Cash and Cash Equivalents | U.S. treasury securities | Level 2
Cash and cash equivalents:
Cash and cash equivalents					10,079
Cash and Cash Equivalents | U.S. treasury securities | Level 3
Cash and cash equivalents:
Cash and cash equivalents					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	4,802		4,802		4,777
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	4,802		4,802		4,777
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 3
Prepaid expenses and other current assets and other assets:
Certificates of deposit	0		0		0
Marketable Securities | Publicly-traded equity securities
Marketable securities:
Publicly-traded equity securities	8,633		8,633		18,271
Marketable Securities | Publicly-traded equity securities | Level 1
Marketable securities:
Publicly-traded equity securities	8,633		8,633		18,271
Marketable Securities | Publicly-traded equity securities | Level 2
Marketable securities:
Publicly-traded equity securities	0		0		0
Marketable Securities | Publicly-traded equity securities | Level 3
Marketable securities:
Publicly-traded equity securities	0		0		0
Marketable Securities | U.S. treasury securities
Marketable securities:
Debt securities	3,477,167		3,477,167		2,824,861
Marketable Securities | U.S. treasury securities | Level 1
Marketable securities:
Debt securities	0		0		0
Marketable Securities | U.S. treasury securities | Level 2
Marketable securities:
Debt securities	3,477,167		3,477,167		2,824,861
Marketable Securities | U.S. treasury securities | Level 3
Marketable securities:
Debt securities	$ 0		$ 0		$ 0

Investments and Fair Value Me_4

Investments and Fair Value Measurements - Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 3,480,199	$ 2,831,505
Unrealized Gains	41	4,520
Unrealized Losses	(3,073)	(1,085)
Fair Value	3,477,167	2,834,940
U.S. treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	3,480,199	2,831,505
Unrealized Gains	41	4,520
Unrealized Losses	(3,073)	(1,085)
Fair Value	3,477,167	2,834,940
U.S. treasury securities | Cash and Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		10,078
Unrealized Gains		1
Unrealized Losses		0
Fair Value		10,079
U.S. treasury securities | Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		2,821,427
Unrealized Gains		4,519
Unrealized Losses		(1,085)
Fair Value	$ 3,477,167	$ 2,824,861

Investments and Fair Value Me_5

Investments and Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of available-for-sale securities	$ 0	$ 0	$ 0	$ 694,600,000
Credit or non-credit losses related to debt securities	0	0	0	0
Available-for-sale debt securities in unrealized loss position	3,100,000,000		3,100,000,000		$ 236,000,000
Available-for-sale debt securities in unrealized loss position for greater than 12 months	0		0		0
Privately-held equity securities without readily determinable fair value, amount	49,900,000		49,900,000		32,600,000
Equity securities received as noncash consideration			30,300,000	14,500,000
Revenue	678,134,000	533,317,000	1,312,472,000	1,058,503,000
Investment Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in shares	0		0		$ 0
Investment Agreement | Commercial Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revenue	9,200,000	19,400,000	33,100,000	52,800,000
Publicly-Traded Equity Securities Held
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) from equity securities	$ (6,600,000)	$ (600,000)	$ (12,200,000)	$ (7,000,000)

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Total property and equipment, gross	$ 155,371	$ 149,916
Less: accumulated depreciation and amortization	(111,888)	(102,158)
Total property and equipment, net	43,483	47,758
Leasehold improvements
Total property and equipment, gross	84,407	83,139
Computer equipment, software, and other
Total property and equipment, gross	53,899	50,844
Furniture and fixtures
Total property and equipment, gross	13,894	13,834
Construction in progress
Total property and equipment, gross	$ 3,171	$ 2,099

Balance Sheet Components - Addi

Balance Sheet Components - Additional information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense excluding the impact of foreign exchange fluctuations	$ 6	$ 6	$ 12.1	$ 11.9

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued payroll and related expenses	$ 61,986	$ 83,094
Accrued taxes	40,429	47,257
Accrued other liabilities	93,074	92,640
Total accrued liabilities	$ 195,489	$ 222,991

Debt - Additional Information (

Debt - Additional Information (Detail) - 2014 Revolving Credit Facility - Line of Credit	6 Months Ended
	Jun. 30, 2024 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 minimum liquidity to be maintained	$ 50,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Purchase Commitment
Loss Contingencies [Line Items]
Minimum annual commitment	$ 1,950,000
Period for purchase price commitment (in years)	10 years
Purchase Commitment, Contract Year Oct 1 2023 - Sep 30 2024
Loss Contingencies [Line Items]
Purchase commitment satisfied	$ 144,900
Purchase commitment for current contract year	$ 154,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($) vote shares	Aug. 31, 2023 USD ($)
Minimum ownership threshold (in shares) | shares	100	100
Dividends declared	$ 0	$ 0
Class A Common Stock
Voting rights | vote		1
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount			$ 1,000,000,000
Stock repurchase program, retired during period (in shares) | shares	0.8	1.2
Stock repurchase program, retired during period	$ 17,700,000	$ 26,700,000
Stock repurchase program, remaining authorized amount	$ 973,300,000	$ 973,300,000
Class B Common Stock
Voting rights | vote		10
Common stock, convertible, conversion ratio		1
Class F Common Stock
Control of total voting power	50%	50%

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Total Authorized, Issued, And Outstanding Shares (Detail) - shares	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized	22,701,005,000	22,701,005,000
Common stock, issued (in shares)	2,237,939,000	2,200,128,000
Common stock, outstanding (in shares)	2,237,939,000	2,200,128,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized	20,000,000,000	20,000,000,000
Common stock, issued (in shares)	2,140,809,000	2,096,982,000
Common stock, outstanding (in shares)	2,140,809,000	2,096,982,000
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized	2,700,000,000	2,700,000,000
Common stock, issued (in shares)	96,125,000	102,141,000
Common stock, outstanding (in shares)	96,125,000	102,141,000
Class F Common Stock
Class of Stock [Line Items]
Common stock, shares authorized	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, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Awards
Beginning balance (in shares) | shares	278,470
Options granted (in shares) | shares	0
Options exercised (in shares) | shares	(20,876)
Options canceled and forfeited (in shares) | shares	(630)
Ending balance (in shares) | shares	256,964	278,470
Options vested and exercisable (in shares) | shares	149,463
Weighted-Average Exercise Price Per Share
Beginning balance (in dollars per share) | $ / shares	$ 8.62
Options granted (in dollars per share) | $ / shares	0
Options exercised (in dollars per share) | $ / shares	4.78
Options canceled and forfeited (in dollars per share) | $ / shares	5.94
Ending balance (in dollars per share) | $ / shares	8.94	$ 8.62
Options vested and exercisable (in dollars per share) | $ / shares	$ 7.20
Weighted-Average Remaining Contractual Life (years) and Aggregate Intrinsic Value
Options outstanding, Weighted-average remaining contractual life (years)	7 years 3 months 18 days	7 years 7 months 6 days
Options vested and exercisable (in years)	6 years 8 months 12 days
Options outstanding, aggregate intrinsic value | $	$ 4,212,345	$ 2,381,172
Options vested and exercisable, end of period | $	$ 2,710,036

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of SARs Activity (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Number of Awards
Beginning Balance (in shares)	0
Granted (in shares)	44,593,000
Exercised (in shares)	0
Canceled and forfeited (in shares)	2,018,000
Ending Balance (in shares)	42,575,000	0
Vested and exercisable (in shares)	0
Stock Appreciation Rights Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	50
Exercised (in dollars per share)	0
Canceled and forfeited (in dollars per share)	50
Ending balance (in dollars per share)	50	$ 0
Vested and exercisable (in dollars per share)	$ 0
Shares outstanding, Weighted average remaining contractual life (in years)	39 years 6 months	0 years
Vested and exercisable, Weighted average remaining contractual life (in years)	0 years
Aggregate Intrinsic Value	$ 0	$ 0
Vested and exercisable, Aggregate Intrinsic Value	$ 0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024 USD ($)
Options issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 548,800,000
Unrecognized share based compensation expense, period for recognition	6 years 6 months 7 days
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 128,600,000
Unrecognized share based compensation expense, period for recognition	4 years
Vesting condition, threshold amount	$ 50
Stock Appreciation Rights (SARs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)	5 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 430,300,000
Unrecognized share based compensation expense, period for recognition	3 years
Performance-Based RSUs (P-RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 0

Stock-Based Compensation - Valu

Stock-Based Compensation - Valuation Assumptions (Details) - Stock Appreciation Rights (SARs)	6 Months Ended
	Jun. 30, 2024 $ / shares
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility rate	58.20%
Risk-free interest rate	4.10%
Grant-date fair value per share (in dollars per share)	$ 3.30
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility rate	58.90%
Risk-free interest rate	4.70%
Grant-date fair value per share (in dollars per share)	$ 4.61

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of RSU Activity (Detail)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Units Outstanding
Unvested and outstanding, beginning balance (in shares) | shares	82,262,000
Granted (in shares) | shares	3,520,000
Vested and converted to shares (in shares) | shares	(16,747,000)
Canceled (in shares) | shares	(2,428,000)
Adjustment for performance achievement (in shares) | shares	0
Unvested and outstanding, ending balance (in shares) | shares	66,607,000
Weighted Average Grant Date Fair Value per Share
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares	$ 10.71
Granted (in dollars per share) | $ / shares	19.90
Vested and converted to shares (in dollars per share) | $ / shares	13.37
Canceled (in dollars per share) | $ / shares	13.13
Adjustment for performance achievement (in dollars per share) | $ / shares	0
Unvested and outstanding, ending balance (in dollars per share) | $ / shares	$ 10.44
Performance-Based RSUs (P-RSUs)
Units Outstanding
Unvested and outstanding, beginning balance (in shares) | shares	1,976,000
Granted (in shares) | shares	2,862,000
Vested and converted to shares (in shares) | shares	(2,069,000)
Canceled (in shares) | shares	(477,000)
Adjustment for performance achievement (in shares) | shares	(1,094,000)
Unvested and outstanding, ending balance (in shares) | shares	1,198,000
Weighted Average Grant Date Fair Value per Share
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares	$ 15.39
Granted (in dollars per share) | $ / shares	18.84
Vested and converted to shares (in dollars per share) | $ / shares	17.38
Canceled (in dollars per share) | $ / shares	9.58
Adjustment for performance achievement (in dollars per share) | $ / shares	16.42
Unvested and outstanding, ending balance (in dollars per share) | $ / shares	$ 21.59

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 141,764	$ 114,201	$ 267,415	$ 228,915
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	12,402	8,004	22,818	17,181
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	48,314	38,131	90,470	77,666
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	29,943	23,192	56,817	43,116
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 51,105	$ 44,874	$ 97,310	$ 90,952

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 5,189	$ 2,171	$ 9,844	$ 3,852
Increase (decrease) in income taxes	$ 3,000		$ 6,000

Net Earnings Per Share Attrib_3

Net Earnings Per Share Attributable to Common Stockholders - Summary of Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net income attributable to common stockholders for diluted net earnings per share	$ 134,126	$ 28,127	$ 239,656	$ 44,929
Denominator
Weighted-average shares used in computing net earnings (loss) per share, basic (in shares)	2,231,592,000	2,131,224,000	2,222,569,000	2,119,567,000
Effect of dilutive shares	183,104,000	146,931,000	184,833,000	132,638,000
Weighted-average shares of common stock outstanding used in computing net earnings per share attributable to common stockholders, diluted (in shares)	2,414,696,000	2,278,155,000	2,407,402,000	2,252,205,000
Net earnings per share
Net earnings per share attributable to common stockholders, basic (in dollars per share)	$ 0.06	$ 0.01	$ 0.11	$ 0.02
Net earnings per share attributable to common stockholders, diluted (in dollars per share)	$ 0.06	$ 0.01	$ 0.10	$ 0.02

Net Earnings Per Share Attrib_4

Net Earnings Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	787	186,882	787	191,577
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	162,000	0	162,000
RSUs and P-RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	787	11,840	787	16,535
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	0	13,042	0	13,042

Net Earnings Per Share Attrib_5

Net Earnings Per Share Attributable to Common Stockholders - Narrative (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	787	186,882	787	191,577
Stock Appreciation Rights (SARs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	42,600		42,600

Segment and Geographic Inform_3

Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 678,134	$ 533,317	$ 1,312,472	$ 1,058,503
Operating Segments
Segment Reporting Information [Line Items]
Revenue	678,134	533,317	1,312,472	1,058,503
Contribution	413,479	288,390	790,956	567,550
Operating Segments | Government
Segment Reporting Information [Line Items]
Revenue	370,767	301,505	706,140	590,575
Contribution	231,394	174,230	430,782	340,463
Operating Segments | Commercial
Segment Reporting Information [Line Items]
Revenue	307,367	231,812	606,332	467,928
Contribution	$ 182,085	$ 114,160	$ 360,174	$ 227,087

Segment and Geographic Inform_4

Segment and Geographic Information - Summary of Reconciliation of Segment Financial Information to Loss from Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Income from operations	$ 105,339	$ 10,074	$ 186,220	$ 14,189
Total stock-based compensation expense	141,764	114,201	267,415	228,915
Reconciling items
Segment Reporting Information [Line Items]
Income from operations	105,339	10,074	186,220	14,189
Research and development expenses	78,838	76,341	162,004	146,517
General and administrative expenses	87,538	87,774	175,317	177,929
Total stock-based compensation expense	141,764	114,201	267,415	228,915
Operating Segments
Segment Reporting Information [Line Items]
Total contribution	$ 413,479	$ 288,390	$ 790,956	$ 567,550

Segment and Geographic Inform_5

Segment and Geographic Information - Summary of Revenue by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 678,134	$ 533,317	$ 1,312,472	$ 1,058,503
Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 678,134	$ 533,317	$ 1,312,472	$ 1,058,503
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	$ 437,189	$ 328,012	$ 843,578	$ 664,857
United States | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	64%	62%	64%	63%
United Kingdom | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 76,991	$ 63,229	$ 140,192	$ 112,808
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	$ 163,954	$ 142,076	$ 328,702	$ 280,838
Rest of world | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Percentage concentration	25%	26%	25%	26%

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 38,943	$ 38,943
Accumulated Amortization	(17,469)	(13,041)
Total	$ 21,474	25,902
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (years)	3 years 3 months 18 days
Gross Carrying Amount	$ 10,400	10,400
Accumulated Amortization	(3,467)	(2,427)
Total	$ 6,933	7,973
Reacquired rights
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (years)	5 years 3 months 18 days
Gross Carrying Amount	$ 17,618	17,618
Accumulated Amortization	(4,195)	(2,936)
Total	$ 13,424	14,682
Backlog
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (years)	3 months 18 days
Gross Carrying Amount	$ 6,700	6,700
Accumulated Amortization	(5,583)	(3,908)
Total	$ 1,117	2,792
Other
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (years)	0 years
Gross Carrying Amount	$ 4,225	4,225
Accumulated Amortization	(4,225)	(3,770)
Total	$ 0	$ 455

Intangible Assets - Expected Am

Intangible Assets - Expected Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 3,416
2025	4,597
2026	4,597
2027	4,250
2028	2,517
Thereafter	2,097
Total	$ 21,474	$ 25,902