Palantir Technologies Inc.

Q4 2025 Earnings Call

ry of our own, and we are doing things unlike any other company has done, which has, of course, been confounding to people over the years because they said we were a services company when we were doing FTEs. They said that our products were not good. were somehow merely software. In fact, they're implementation orchestration machines. And no one thought we'd be able to generate this kind of revenue while having an anemic and declining sales force. And this obviously has import for the world. And what does it mean for the world? Well, it means that, first of all, that the way in which we view value is obviously no longer relevant. That the bottom of the stack somehow is where the value is lessened and the top of the stack where we impregnate the world with AI, with ontology and FDA and tribal knowledge as represented at this table is actually where the value is created. And that value is so large and so disproportionate that you can create a company that seemingly is exploding in terms of growth and quality of growth.

It also means the riff we've been saying for years that it's chips and ontology, meaning investing purely in commodity products, LLMs that are not orchestrated, Of course, it not only ruins the unit economics of your business, but it also provides the market with a very distorted view of what value creation would mean. Because obviously, if you're making revenue with no way of making profit because the cost of it is so high, that's not valuable. If you're producing something that is the same thing everyone else is producing, it's obviously of de minimis or no value. So we've inverted the stack. We've proven that the investment in what we've done with small numbers can have disproportionate impact both on top and bottom line. And we've also seen, unfortunately, that there's a real hesitance to adopt these kind of products in the West, outside of America. And the two places leading here are China and America. And what we're seeing in America is so widely divergent. And so the non-adopters, the have-nots, are hoping for a KESSUP function. But these numbers are a breakout function. With these numbers, you have broken through to a new category.

It is not the category – the basket of category of AI is actually meaningless. It's the basket of category of performant value creation with the tools we have at hand, of which AI is crucial. And to believe you can go and build companies without this is supremely dangerous. And we're going to see over the next year Companies that adopt things that actually work, we know ontology FDA orchestration is explosive and revolutionary. And obviously companies cannot be expected to perform at this level. truly historic. But how do you even perform at half this level is going to be a real question for tech companies and a real question for countries. Can we produce companies that are producing what we produce in a quarter in a year? And one of the things we've got to figure out in the West is how do we do this? And this is putting enormous political pressure on our institutions because obviously political leaders struggle with how do I provide value when there's a disproportion have and have not. Now, in the Palantir version, the haves are the workers and the people that know how to actually use these products. And the ground truth of this is so far away from what people intuitively believe.

It's actually not the capitalists against the workers. It's the capitalists and the workers. But that's very confounding to political leaders. And it's confounding to structures that don't know how to adopt this and cultures that are not producing these kind of products. Last not least, these numbers are extraordinary because they're fully organic. They're not just organic because we don't do acquisitions. We don't do acquisitions because we are a thick, dense culture. which means you'd have to fit in. And we have the perfect excuse now of not being able to do them because no one has numbers like this, and it would reduce our numbers to do acquisitions. But they're also fully organic in the sense that we have no intertwined economics. Palantir has direct relationships with our clients in defense, intel, and commercial clients. We are not co-investing. We are not investing in commodity products. The numbers are pure. The purity of the Palantir enterprise and the courage of the enterprise – And we have lots of debates internally about what we should do, how we should do it.

But from the beginning, we have stuck to our very strong values of expanding what we believe is the noble side of the West, which means being lethal on the front end, meaning outside against adversaries if necessary. Hopefully adversaries do not want to mess with us. And on the inside, meaning... domestic institutions, intelligence institutions, essentially taking an incantation of the Fourth Amendment, which is completely represented by our pipelining foundry and impregnating institutions with it so that every institution that uses our product is doing it within conformity of the law and the ethics of America and hopefully a logical extension of those around the world. Thank you. Thanks, Alex. We'll now turn to questions from our shareholders before opening up the call. We received a question from Jeff Jay who asks, how are you thinking about your international business? Do you anticipate re-acceleration in the near future, for instance, due to European rearmament? Well, Shyam and Ryan should comment on this. But one of the big difficulties outside of America, including the Allies, is, and again, as these numbers show, it's not how much you spend, it's with whom.

And so we're currently, first of all, Palantir is in a unique position where we really don't have the bandwidth to do anything that's difficult outside of America. And as this learning curve goes on, it's more and more difficult to help people understand how to implement these things. And the demand in the U.S. is so great. But the core issue for our allies is going to be can we get to a point where there's a clear recognition that you're going to have to buy products that are much, much more advanced than what is being built domestically. And that's complicated for them because they tend to want to buy products for themselves.

But if you just go back to a wider frame, Is this institution load-bearing? is the purchasing structure of a European country actually allowed to bear the load of buying the best product? Can they understand the delta in a way that allows them to make a decision that might go against the narrow economics of their own country? And I think, unfortunately, what you see is you see in the Arab and non-Arab Middle East, so Arab countries and Israel, you see adoption, you see wide-scale adoption in China, and you see a lack of adoption in Canada, Northern Europe. and in Europe in general. But the real difficulty for the world is, you know, if Palantir is going to bear a lot of the weight of this work, We are scaling. I mean, Sean should talk about this, but like the demands on our product in the U.S. government in defense and civil are extraordinary. So how do you in fact even justify moving into something that's more complicated as a real issue? And again, but the issue ends up being their issue more than our issue.

I think one of the things you're going to see in Northern Europe, Canada and other places is a real pressure to move to the left and right politically very far because The way you deal with this, when you don't have an answer to the question, you come up with ideologies that make no sense, and you try to implement them. And that's the pressure they're going to have. The pressure we're going to have as a company, as a country, is how do we actually service the demand at the unyielding level of quality that we demand from ourselves? And, you know, the bar at Palantir is not we're the best. It's that it's got to be magical. We're not in the business of delivering the best products. We're in the business of delivering magically projects that are magical on the front line. And we, unfortunately, can't talk about some of that, but we've seen that in the last year, magical implementations that have actually changed how people view U.S. deterrence. Obviously, the primary heroes here are the warfighters. But, you know, the implementation orchestration which Sham and many, many people at Palantir have spent tireless nights working on has actually changed what people are able to do.

If you have any questions about this, you can actually go – if you speak or read French, go into the French newspapers. One of the countries that has the clearest idea of the problem is France. But they don't really know how to solve it because solution involves buying American products, particularly Palantir. Nothing to add to that. That's great. Thanks, Alex.

Our next question is from Mariana with Bank of America. Mariana, please turn on your camera, and then you'll receive a prompt to unmute your line. Good afternoon, everyone. Can you hear me? So two questions as usual, one in the commercial side, the other one on defense. On the commercial side, the markets have already decided that 2026 is the show me story for AI. Have you seen that in the customers or software partners? Like you talk about this, I think you call it hesitancy, but like Over time, you have talked about this resistance from some corporates to implement AI the way you thought it was the right way. Have you seen a change in that dynamic? The other one is related to SHIP OS. Shipbuilding has not been the only thing that the Pentagon has struggled to ramp up. There is a major effort to reindustrialize the U.S., and especially the military-related stuff. But, like, is there an opportunity to have, like, I don't know, an ammo OS or a missile OS? And, like, where else we could see that applied? Yeah. So I would say our whole commercial go-to-market strategy is showing and actually delivering value impact to our customers directly as quickly as possible.

And that's where we're seeing the stories of customers that are starting at larger sizes and expanding more quickly. We closed, you know, in our overall business, we closed 61 deals over $10 million. That's because of the impact that we're delivering to customers, and the customers are excited. I'm having a lot of those conversations with those customers, and it's all because we're showing them what we can do with the software, and we're showing the impact, and we're the only one that's delivering that leveraged impact from the models with the ontology, with the FD, with our products in those organizations. Again, here you'd have to disambiguate America from all other markets, but in the American market, We have inbounds where people have already seen proof points at other companies and not on one use case. It will be like migration of this kind of product, underwriting, a myriad of use cases. The conversation two years ago was much more I've heard you're kind of this weird thing that might be able to make it work. In general, the conversation now is I've heard you've made this work. I don't understand where you fit into a slot.

The reality of Palantir is we're not a one-slot company. So it's like if you want to view us, what people know us for is it will work, and it will work really well, and it will be very quick. And then, but a lot of our customers come now with, I know it'll work. What do I need to do to make this accelerate? And then on the end where it's like not as positive, it might be, you know, I don't quite understand how this would work or why this would work. But there's a lot less of that. And quite frankly, we're in a much better position to shape who we work with than we've ever been. And part of what we're doing, quite frankly, is shaping who we work with. Because, you know, like, Ryan is sitting on one of the more interesting deployments, both technically and commercially. And the person running that deployment on their end, de facto, is the CEO. And they're very far in the weeds. And it's like, and they're, like, they've reshaped their org to absorb our product. And, like, we've never had anything like, and it's the same thing, Shams, you talk about this in the D&D, but it's not.

One of the unusual things that, unfortunately, we can't talk about is also just how much we can shape what's going on under the hood, including, like, how do you orchestrate something in a defense or civilian context? And it's not that we're the deciders, but it is the first time that, you know, we can help shape the footprint against which we execute. Not in all cases, but for the first time in many. we need to get done this year is to expand that. It's much more density of client base than volume. We're into transforming large institutions and then making a lot of money with them. It's very counterintuitive, but because of that, they see very deep alignment and they're willing to listen to us when we say, yeah, we know that won't work. Like in the past, we had to show them it won't work. Now a lot of our conversations are, look, we know this won't work. Everyone thinks this will work. This is some BS that companies tell you. It's never going to work. If you want the event planning and the steak dinner, you can have that. And quite frankly, some companies are like, yeah, we have some part of our company that's not real.

We'll use some other company that does event planning and steak dinners for that. And then we're part of the real part of the business. And on defense and reindustrialization, obviously, reindustrialization is something we've been talking about for the better part of two or three years now. It's something we're very focused on. It starts in defense, but I think it goes to pharmaceuticals. It goes to chain reaction where we're helping build data centers. So, like, there's so much activity there that we're uniquely positioned to go after. Shyam's being overly modest. Shyam's phone rings off the hook all day, and what they want from him is, how do I do this same thing across government? That's literally what's happening. And that's what it is. The ship OS, of course, we're starting with the sub fleet, but people are asking us to help with all sorts of different weapon systems, fighters, bombers, surface vessels, drones, weapons themselves, munitions. And it's a big area for us that spans not only the production of the weapon, but also sustainment of them.

And if you think about lethality, the ability to deliver combat power you need an integrated ability to do this from the factory floor to the foxhole. And MAVEN is a huge investment that has changed how we fight across the joint force on the foxhole side. And what we're doing that Chip OS is really the kernel of and is powered by Warp Speed is how we're going to reinvigorate the factory floor and provide an integrated view to the Pentagon through this.

Thank you.

Our next question is from Dan with Wedbush. Dan, please turn on your camera, and then you'll receive a prompt to unmute your line. Yeah. Yeah, so great to see you again. And, look, obviously a phenomenal quarter. My question is, does it feel like you're getting more and more of the budgets on the commercial, as well as even on the government defense side, where you go in to do X and all of a sudden instead you're doing Y? Is that starting to happen now? You're just getting a bigger and bigger piece of these budgets when Palantir comes in? Well, if you look at You look at our numbers very closely. What you will see is inexplicable growth in revenue, but not inexplicable growth in customers. And it's inexplicable growth in revenue because customers that are serious are putting a lot of their most important problems in our hands. And then the value creation, we're downstream from that, but the value creation is so large that So it's both, you know, it's not just that you get more problems. It's that you solve them in a way that is determinative for the business, and then they pay you a lot more.

And then there's also just this consensus, right or wrong, that the alternatives to us are not great. You know, it's like, you know, I'm constantly, before these calls, I get 50 texts, could you please be more modest? And it's an issue. But we struggle. We all struggle with something. But the thing is, I think the true answers to this, it's not like I don't understand this false modesty of like the customers we work with know that we know things other people don't. And we've been sticking to the way we do things for a long time. And now AI has just put gasoline on all this tribal knowledge we have in our products. And I would say, you know, and then we're much better at actually, I wouldn't say being modest, but saying you may be a customer or a country that's not getting this right now, like Western Europe. I'm very pro-Western Europe. I've been admonishing Germany in German to, like, wake up because I care, not for commercial reasons. But the reality is most people there are not ready. So it's like we're in a position to say, yes, you understand what we can do, and this is how it would work.

The best examples are in all the stuff Sham is doing and other people are doing in government. which cannot be talked about, but the initial discussions are like, well, how would you shape the problem? No one's, you know, it's like that's what people want from us. Because, like, our weapons software is in every combat situation I'm aware of now. Maybe the more people with higher clearances are aware of some things we're not involved in. And people say, well, this should not have worked, and it did. And then on the commercial side, which is, I think, of great interest to investors, I mean, that's why we have, you know, these – that's why we have a rule of 127. That's why we're growing 93 percent in the U.S. That's why our guidance is at 61 percent. It was at 31 percent last year at the beginning of the year, something like that. So it's like – it's because we have a very tethered and deep and dense proximate relationship with investors. the leaders in almost every field of industry. And last, adjacent to your question, but it's like, and these relationships are not circular pay relationships in any way. It's like, we provide value.

I tell, I mean, not that it comes up very much, but I used to tell people all the time, just imagine we're a Swiss company, but, you know, we have to pay us a little. We're like, we deliver a high value product. We don't want any BS about getting paid. We're not going to give you any BS about why our product didn't work. and offer you a steak dinner or an event planning event. We're going to deliver and then we get paid. And we got paid last year. A lot. 127, 70, 93. Those are my favorite numbers. Thank you. Alex, as always, we have a lot of individual investors on the line. Is there anything you'd like to say before we end the call? You know, When we are thinking about what we're building, we are building these things with our internal culture, our defense clients, partners, and with a great thought to people who have put their own money into Palantir.

And it's just a very important part of why we continue to perform and what motivates a lot of us here and definitely me And I hope that you are having a great time when you run into professional analysts who thought we would never be free cash pro positive, we'd never be profitable, we'd never have a two-handle, a three-handle, a four-handle, a five-handle, and now a seven-handle on our aggregate growth. And the rule of 40 was some. unattainable category, although 127 is unattainable by everyone besides us. So I hope you're enjoying the ride. There's always ups and downs, and there are ups and downs for all of us. We've been doing this for a long time. But we're having fun tonight. I hope you are, too. And, yeah, congratulations. Thank you. That concludes Q&A for today's call.

Q3 2025 Earnings Call

nd what does that mean? It means when our customers have a unique and tribal way of doing something, whether it's underwriting or fighting or making workers even more valuable, we put an FDA, we orchestrate an ontology, we take the tribal understanding of their business, the specific nature of their business that makes them particular and valuable and lethal, and we empower that. And how do we participate in that? Unlike-seemingly, in the most obvious way, we are downstream from the value creation. So when you see 141 or you see 77 percent or 63, and you ask-and, by the way, with really a workforce that is not growing in any way linearly proportional to that growth, and also with a sales force which is declining, which seems improbable, The reason why that's working is because we are making our clients more money or we're making them more dominant on the battlefield, and they're paying us a subset of that. And this is why these numbers are so extraordinary. The sociological and political version of this should be, wait a minute. How can we learn from this? How can we implement institutions? By the way, you know, we have all these people talking about an AI bottle.

I'll tell you what 114 proves. There is a massive part of the AI market that actually cares about value creation, and that's the part we own. And we own that part because to do this, you have to have FD orchestration, you have to have ontology, and you have to have foundry, and you have to have access to the game. And you have to have deep understanding of how to do that. And you have to have done this for a very, very long time with products. By the way, and then the products are getting better and better and better and better. And I'll let Sean talk about what we're doing on the battlefield to the extent that he can. you see the very similar trajectory where we're giving America, both in industry and in government, a massive unfair advantage. And again, you see it. Like, if you look at our numbers, look at how poorly Europe is doing. Look how well America is doing. Look how we're doing this. And again, it's not just top line. The rule of 114 that we have shows top line and bottom line growth that is distinctive, massive, and unique.

And on top of everything else, You know, there is this issue in the U.S. that we're all focused on at Palantir, which is what access-what portion of the GDP growth that we're blessed to have in this country-meaning GDP growth defined or helped out and bolstered by AI-what portion percentage of that is available to the American worker. And so when we're, you know, AI, GDP availability for the American worker, meaning do they participate in this growth? Or is it just people around this table who are getting richer and richer? And then you see our platform on the battlefield, as Sean was mentioning, the people doing the coding in AIP are vocationally trained, smart Americans with specific knowledge. They don't have, and actually, and your people on the factory floor, very same thing. People across the nation, truck drivers, anybody with specific domain expertise is more powerful, more valuable in our product than they were yesterday. In fact, the real misalignment of, AI is with people with commodity-like, high-trained, elite institution, general specialists. That's just not as valuable as it was.

And yes, the positive destruction of capitalism is going to put that class of people Typically the class of people that also is kind of skeptical of Palantir under enormous pressure. But, you know, it is our, what I see in these numbers and what I think we see in these numbers is, you know, to put it slightly over the top. Yeah, we were right. You were wrong. And we are going to go very, very deep on our rightness because it is exceedingly good for America. It's exceedingly good for the American economy. It's as good for American workers. And you know what? I really enjoy turning on TV and seeing some analysts explain why some other company is better than ours simply because they didn't make any money on our company and probably aren't. And we're just going to keep going and going and going. And then we're obviously not going to forecast for next year, but I would say If you're thinking about how this company is going to go, look at our ability to value create. Look at our ability to create revenue on the top end. Look at the unit economics of our business.

If you're a technical expert in how do you evaluate business, evaluate those numbers against any other business you've ever seen, and then make your decision. But, yeah, I'm wildly enthusiastic. I think we're wildly enthusiastic. And thank you for those of you who stayed with us to enjoy these numbers, especially Palantirians who work day and night to deliver these kind of numbers. Thank you, Alex. We'll now turn to questions from our shareholders before opening up the call. We received a few questions asking, what do you see as Palantir's unique differentiator that others may not understand? Well, Alex mentioned a bit of this here. You know, it's become fashionable, actually, for lots of companies to start hiring FDEs. The Financial Times had an article about how it's the most popular new job title. But what you see is that they don't really understand it. It's just mimetic. And if you – everything Alex just said, like, we build software that works, not software that ought to work. We build software for the world as it exists, not a world that never was. And this ability to find what's true – That comes from the FDA.

Our measure of success is not did we sell the software, it's did we solve the problem. And we have built an entire software stack over two decades. downstream of creating value for our customers. That led to the ontology a decade ago, more than a decade ago, which is a fundamental prerequisite to getting value out of LLMs in the enterprise. And this past year, it led to AI Hivemind and AI FDE. The other thing which, like, is implicit in that is the way we work puts us up, forces us to go up the chain of complexity. every day. So, we're taking on the most painful, most integral, most valuable parts of the stack in every enterprise. And it's precisely because, like, that's the way we actually lever our ability to deploy and orchestrate FDEs. That's the way we make our product stronger.

And quite frankly, that's the way we produce these numbers, because the closer you are to the front line of the very complex problem that a black box was not meant to solve, cannot solve and at this point everyone knows a joke to believe it could solve that's where you and by the way it's the safest position for us because this company we will always believe we're we that we are outsiders we need to be in the place where the most valuable problem is being solved because that's the way we end up staying solving the problem tomorrow tomorrow and the way we get paid Thank you both.

Our next question is from Dan with Wedbush. Dan, please turn on your camera, and then you'll receive a prompt to unmute your line. Mr. Dan Ives, we don't see you. Oh, there you are. Yeah, great. Look, obviously another monster quarter for you guys. Congrats. So my question for you is, you know, for Alex and the team, Can you just walk through just the accelerated sales cycles that you're seeing from so many companies that have gone to the boot camps? What surprised you from when they come to you at that first sort of contact to now actually launching deals? I mean, maybe you could talk about that just in terms of everything you're seeing anecdotally. Great. Thanks, Dan. So, I think, you know, we look at U.S. commercial. We closed $1.3 billion in TCV at 6x on a dollar-weighted duration basis from what it was a year ago. And of those deals, 83 were worth a million or more, 40 were $5 million or more, 21 deals were $10 million or more. I've been involved in a lot of those directly. I'm feeling exactly what you're asking on the ground from customers. And what's happening now is from the C-suite across the company, customers are coming to us looking to not just say, let's do a use case.

The customers who are having the most impact are coming to us saying, how do we deploy this across our entire organization? How do we reorganize our entire organization around Palantir and AIP? And that's what's happening on the ground. And we're singularly focused on delivering the value to the customers. And that's our go to market. How do we get the product to them and deliver Where Ryan is like really very much on the front line here is, you know, there's both how many customers approach you. I think where we're seeing the biggest shift is the customers who've approached us very quickly want to move to how would I change my enterprise to express it in a way that's most valuable according to my terms in your product. And then, and literally want to reorg, a shorthand version that we often use is you used to have to take your company private to change the unit economics of it. Basically, just like we're providing venture results, high-end venture results to normal investors in the last couple years, what we're doing actually in enterprises is providing a private equity-like transformation in the public markets, in the public space, under the current leadership.

And that's essentially what our best. And by the way, the other thing Ryan would tell you about is our newer clients have much higher expectations of us. They're like, essentially, I want to transform my business. I want to do it in months. I want to do it in the public eye while being in the public market, mostly, not exclusively. And I want you to not only do the product side, but also tell us. How would you actually implement AI, foundry ontology, FTE model, and our tribal knowledge to do that? And it's a completely different game. We used to have to beg and plead to be like, when we first started talking, we were begging and pleading to be at the margin of a problem that could affect a subset of the business. By the way, Shyam, you know, it's like, unfortunately, he can only tell you 1 percent of what he's involved in. But this is, like, exactly the same in the U.S. government around the world. It's like, the things that we're sitting on and working on are, like, crazy, crazy important. And they're not downstream of the problem. They are the problem. And we're reshaping them. Thank you both.

Our next question is from Mariana with Bank of America. Mariana, please turn on your camera, and then you'll receive a prompt to unmute your line. Afternoon, everyone. Hello. So I'm going to do, as usual, a couple of questions, one on commercial, one on defense or government. On commercial, I'd like to follow up to Dan's question. And let's see if you can discuss what changed from a behavioral perspective, from a customer's perspective, to see this accelerated appetite to incorporate volunteer, to not only accelerating how many customers you have, but also the existing customers go up the value chain. And what changed internally as well? We recently saw in a visit these like AI agents or AI FTS, like how are you incorporating tech internally to be able to accelerate and catch up with that demand? And on the government side, US government up 50% plus is really impressive. And how do you think about opportunities like Golden Dome going forward piling up to this? Well, you guys want to answer these questions? I think there's the external one, which is, like, what does it feel like? That's clearly you. The internal one is a really subtle question, and I don't know.

Anyone should jump in there, and then obviously you should have Sean opine on it. Yeah. Yeah. Well, do you want to start with commercial or? Sure. Yeah. I think on the external, I think it's like going deeper and deeper and more and more like tangible results with customers where there's a network effect incoming, like customer sharing impact that we're having and direct impact we're having with customers. Customers are seeing as we, you know, it's a continuation of what we've been doing, but going deeper and deeper with the customers on that impact. And I think that, you know, what we're seeing is more and more are now coming to us saying, and the ones that are most impactful are coming to us saying, let's do more. You know, Ryan is our best at being a wonderful, I'll just give a vulgar version here. You know, our clients realize that choices suck. basically, and they've tried a lot of stuff. It hasn't worked. And then we're in so many verticals. Say, let's just say we're in vertical 252, and we dominate for one customer. People see that. And then they're like, oh, well, I'll try this with some, I don't know, knockoff half fake thing.

You know, it's just like, you know, and then a lot of people really still don't understand that are still trying to do this long migration where, you know, LLMs are going to perform as if they're LLMs and ontology and as if the LLMs were not a commodity. And and then. But then in the marketplace, they see the final result of someone else using ontology, foundry, FTE. And now it's like, wait a minute. I'm paying hundreds of millions of dollars and getting nothing. And the person down the road I kind of look down on is way ahead of me. And their unit economics are transforming overnight. And that just shifts the whole conversation because then we're like, okay, well, if you want it to work, you're going to have to do these five things. And these things are like you're going to have to talk to Ryan and you're going to have to, I don't know, occasionally meet with me and you're going to have to actually allow us to come in with engineers and we're going to have to actually work on the problems that are valuable for your business and also look at the costs that are dragging you down. By the way, the cost for most businesses is not just the actual money they're wasting.

That wasted money creates an ecosystem of waste. They're talking to all these vendors all the time about all these things that will never work instead of solving the problem. And so getting the pathogens out of their business is a real issue, and now they're really, really interested in this. And then on the internal front, I would say it's just we have to double down The most important thing for us internally is with all this success, we do not want to give up the unique attributes of Palantir and somehow purchase fake ways for us that are artificial for us. And so making sure we are very, very close to the problem and making sure everyone here, like if you heard our internal dialogue, it's much more like who's on the factory floor here? What are we doing internally? How do we make sure our products are better and better? How do we make sure, say, Sham, you know, who's a savant at going around and figuring out what the underlying tech issue is, how do we make sure we have the best product team and the very, very exact right fit for every single deployment across our deployments that we care about, especially mission deployments, which we highly, highly overvalue in terms of our time and energy? How do you make sure Palantir stays as tribal and cultist and unique as it was 20 years ago? How do we double and triple down on that? And how do we recruit the right people? And then internally, we have – look, we power ICE. We power efforts to defend America and Ukraine and with allies. We're on the front line of all adversaries, including vis-a-vis China. And we support – we're at ICE, and we've supported Israel – Okay, these are very controversial. I don't know why this is all controversial, but many people find that controversial. Okay, so how do you align people to focus on these things in a way that is actually beneficial for us and our clients? These are really hard and tricky issues that we spend a lot of time, I would say, as an overarching thing because what we found is the more we focus on our internal dynamics, the better our numbers are. That's why we have less salespeople, and we have 77% growth in 75% of our market. 121% growth in US Comm. Please tell that to some of your friends. I don't even understand how they can look at these numbers and not drop the key out of their Motel 6 and just like say, you know, I mean, they're like, they're bombastic numbers. But it's like internal focus. I'll make the mistake of trying to follow Alex there and just say, on the internal side with AI FDE, that's why we actually originally built it. Our headcount has grown roughly 10%, but revenue grew 63%. How are we doing that? We've made our FDEs wildly more productive, so much so that we decided to give it to our customers. And we've started to make our customers more productive. When you have a note like the Army Vantage note, where the Army is consolidating into the Army data platform, you now have an army, literal army, of green suiters who need to become proficient developers in the software. And you have a generation of green suiters whose first interaction with the software is going to be with AI FTE. They're going to be superheroes on day one. I think it's accelerating adoption. It's accelerating understanding the depth of adoption, not just are you using it, but how much of it are you really using? How much of it can you understand? And then quickly on your comment on the US government business, like, yeah, the number of opportunities out there are great. I can't comment on all the opportunities you mentioned there, but whether it's NGC2, the continued growth of MAVEN. I mean, we have, of course, America's involved with three conflicts right now in the world, from Europe, the Middle East, and in our own hemisphere right now. And things are getting a little spicy in Africa. By the way, let me say something slightly political. And I'm not saying other people agree with this. But when people are attacking our soldiers for stopping fentanyl from coming to this country, I want people to remember, if fentanyl was killing 60,000 Yale grads instead of 60,000 working class people, we'd be dropping a nuclear bomb on whoever was sending it from South America. So, you know, it's slightly like we in this at Palantir, we are on the side of the American, average American, who sometimes gets screwed because all the empathy goes to elite. people, and none of it goes to the people who are actually dying on our streets. And that's why it's like, when you have an open border, it means that the average poor American earns less. I know my fellow progressives believe having an open border is going to make things, but that's because they're actually repping elite people instead of the working class. And the same thing in South America, where it's like, to believe our Constitution does not give us a right to stop 60,000 deaths a year of working class men and women is insane. And this country is right to stop that, and I am very proud. I don't know all the efforts we're involved in, but to the extent we're involved in these efforts, I and most Palantirians are very proud of this. You're here. Thank you. Alex, as always, we have a lot of individual investors on the line. Is there anything you'd like to say before we end the call? We're rocking along. Please turn on the conventional television and see how unhappy those that didn't invest in us are. Get some popcorn. They're crying. We are every day making this company better. We're doing it for this nation, for allied countries, and also for, and I never really liked the term retail investors. How about sane people who put up their own money and fight for us? And by the way, you know, you are fighting for the right side of what should work in this country. Meritocracy, lethal technology vis-a-vis adversaries, products that spread GDP to working class women and men and women by making their value creation higher. And by the way, your bank account. And thank you for that. Thank you. That concludes Q&A for today's call.