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Segment and Geographic Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Summary of Financial Information for Each Reportable Segment | Financial information for each reportable segment was as follows (in thousands, except percentages):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| Amount |  | % |  | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Contribution: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government revenue | $ | 632,676 |  |  |  |  | $ | 408,341 |  |  |  |  | $ | 1,672,622 |  |  |  |  | $ | 1,114,481 |  |  |
Expenses attributable to government segment | (214,967) |  |  |  |  | (165,114) |  |  |  |  | (603,541) |  |  |  |  | (440,472) |  |  |
Government contribution | 417,709 |  |  | 66 | % |  | 243,227 |  |  | 60 | % |  | 1,069,081 |  |  | 64 | % |  | 674,009 |  |  | 60 | %
Commercial revenue | 548,416 |  |  |  |  | 317,175 |  |  |  |  | 1,396,022 |  |  |  |  | 923,507 |  |  |
Expenses attributable to commercial segment | (188,039) |  |  |  |  | (127,178) |  |  |  |  | (506,924) |  |  |  |  | (373,336) |  |  |
Commercial contribution | 360,377 |  |  | 66 | % |  | 189,997 |  |  | 60 | % |  | 889,098 |  |  | 64 | % |  | 550,171 |  |  | 60 | %
Total contribution | $ | 778,086 |  |  | 66 | % |  | $ | 433,224 |  |  | 60 | % |  | $ | 1,958,179 |  |  | 64 | % |  | $ | 1,224,180 |  |  | 60 | %
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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income from operations | $ | 393,256 |  |  | $ | 113,140 |  |  | $ | 838,621 |  |  | $ | 299,360 |
Research and development expenses (1) | 109,142 |  |  | 86,840 |  |  | 315,172 |  |  | 248,844 |
General and administrative expenses (1) | 103,370 |  |  | 90,819 |  |  | 316,758 |  |  | 266,136 |
Total stock-based compensation expense | 172,318 |  |  | 142,425 |  |  | 487,628 |  |  | 409,840 |
Total contribution | $ | 778,086 |  |  | $ | 433,224 |  |  | $ | 1,958,179 |  |  | $ | 1,224,180 |
————— (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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| Amount |  | % |  | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 882,571 |  |  | 75 | % |  | $ | 498,986 |  |  | 69 | % |  | $ | 2,243,657 |  |  | 73 | % |  | $ | 1,342,564 |  |  | 66 | %
United Kingdom | 114,713 |  |  | 10 | % |  | 69,496 |  |  | 10 | % |  | 301,539 |  |  | 10 | % |  | 209,688 |  |  | 10 | %
Rest of world (1) | 183,808 |  |  | 15 | % |  | 157,034 |  |  | 21 | % |  | 523,448 |  |  | 17 | % |  | 485,736 |  |  | 24 | %
Total revenue | $ | 1,181,092 |  |  | 100 | % |  | $ | 725,516 |  |  | 100 | % |  | $ | 3,068,644 |  |  | 100 | % |  | $ | 2,037,988 |  |  | 100 | %
————— (1) No other country represented 10% or more of total revenue for the three and nine months ended September 30, 2025 or 2024.

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