Welcome, everyone, and thank you for joining our 2024 Annual Meeting of Stockholders. I'm Ryan Taylor, the Chief Revenue Officer and Chief Legal Officer of Palantir Technologies. I'd like to welcome the members of our Board of Directors and our executive officers who are virtually attending this meeting. We also have with us representatives from Ernst & Young, our independent registered public accounting firm, as well as legal counsel from Wilson Sonsini Goodrich & Rosati. Stockholders are voting on the following matters: 1, elect 7 directors. 2, ratify the appointment of Ernst & Young as the company's independent registered public accounting firm for the year ending December 31, 2024. And 3, transact any other business that may properly come before the meeting. We have appointed Jim Raitt to act as the Inspector of Election today.
He has executed an oath of office to carry out his duties with strict impartiality and to the best of his ability, and he will examine and tabulate the proxies and ballots at this meeting. This annual meeting is being held in accordance with the company's bylaws and Delaware law. We will address the matters described in the company's proxy statement, dated April 26th, 2024. An agenda for the meeting has been made available, which includes voting on the two proposals in our 2024 proxy statement and announcement of preliminary voting results. Our board of directors has fixed the close of business on April 11th, 2024, as the record date for determining the stockholders entitled to vote at this meeting.
I have an affidavit of distribution from Broadridge Financial Solutions, confirming that the notice of internet availability related to this meeting was mailed to stockholders of record, determined as of the close of business on the record date, starting on April 26, 2024. Mr. Raitt reports that a majority of the voting power of the shares of our capital stock issued and outstanding and entitled to vote as of the record date, is present at the meeting, either virtually or by proxy, which constitutes a quorum. Therefore, today's meeting is duly convened and open for business. We'll now proceed with the formal business of the meeting.
We have reviewed the questions submitted by stockholders in advance of the meeting and believe that any questions relevant to the proposals have been addressed by the company's proxy statement, dated April 26th, 2024, and our other filings with the Securities and Exchange Commission. It is shortly after 8 A.M., and the polls are open for stockholders who are voting today. If you have already sent in a proxy or voted via the telephone or internet and do not wish to change your vote, no further action is needed. There are two proposals to be considered and voted upon by our stockholders. Each of these proposals is more fully described in our proxy statement, filed with the Securities and Exchange Commission on April 26th, 2024.
The first proposal is to elect seven directors, Alexander Karp, Stephen Cohen, Peter Thiel, Alexander Moore, Alexandra Schiff, Lauren Friedman Stat, and Eric Woersching, to serve a one-year term until our next annual meeting of stockholders and until their successors are duly elected and qualified. No other director nominees have been properly submitted pursuant to our bylaws or the rules of the Securities and Exchange Commission, so no other nominations are being considered. All of the director nominees are currently serving on our board, and our board of directors recommends a vote for all of the director nominees. The second proposal is to ratify the appointment of Ernst & Young as our independent registered public accounting firm for our fiscal year ending December 31, 2024. Our board of directors recommends a vote for the ratification of the appointment of Ernst & Young.
As previously mentioned, if you already submitted a proxy or voted via the telephone or internet and do not wish to change your vote, no further action is needed at this time. For everyone else, we will leave the polls open for another minute to allow anyone who chooses to vote electronically to cast their ballots so your vote can be counted by the Inspector of Election. Over a minute has passed, and the polls are now closed. No additional ballots, proxies, or votes and no changes or revocations will be accepted.
Based on the preliminary voting results as reported by the Inspector of Election, the stockholders have elected the seven nominated directors to serve until our next annual meeting of stockholders and until their successors are duly elected and qualified, and ratified the appointment of Ernst & Young as our independent registered public accounting firm for our fiscal year ending December 31, 2024. The final voting results will be set forth in a report of the Inspector of Election and will be included with the minutes of this meeting. We will also report the final voting results on a Form 8-K, which we will file with the Securities and Exchange Commission within four business days of today's date. This concludes our planned agenda today, as there is no other formal business before us. This annual meeting is adjourned.
I'll now turn it over to Carrie Li from our finance team to oversee a separate Q&A session.
Thank you, Ryan. Today, we'll be focusing our Q&A with Ryan on questions related to our commercial business and our Artificial Intelligence Platform. We look forward to engaging with stockholders on other topics in future earnings calls and via investor outreach events. Before we begin, I would like to note that our responses to your questions today may include forward-looking statements. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance. Please take a look at our filings with the Securities and Exchange Commission for a discussion of the factors that could cause our results to differ materially from those contained in our projections or forward-looking statements.
Also, note that any forward-looking statements are based on information available to us as of today's date, and we disclaim any obligation to update any forward-looking statements except as required by law. The first question is, "What is Palantir's plan to continue to drive growth in the commercial space aside from Boot camps?
Thanks, Carrie. Yeah, both new and existing customers are adopting AIP, which is helping to drive notable growth, both in customer count and revenue in our U.S. commercial business, and we're seeing that our deal cycles are compressing. So customers that sign significant deals shortly after completing AIP Bootcamps as a result of that compression. In addition to our focus on the deal cycle compression and landing new customers, I'm also really pleased that we're able to grow and expand these new customers. So as we noted in our last earnings call, we expect the favorable unit economics of AIP and the higher throughput, as well as the expansions, to continue to drive our growth in the commercial space.
The next question is, "I've heard that Palantir's view of LLMs historically is that they are a commodity and that Palantir's value lies in the operational application of AI. Has this view changed as increasingly powerful models like GPT-4o are being released?
That view has actually not changed in that LLMs are becoming more and more ubiquitous with the new models as they emerge. Actually, in fact, we're seeing it's reinforced by our experience with customers and their journeys deploying AI. Palantir and AIP are helping them move their AI strategy beyond just chat. And our unique offering, the value impact that we provide, is upstream of those LLMs. And the transformational value of AI is really unlocked when organizations are able to deploy LLMs within their enterprise on their enterprise data in a secure way, allowing them to make operational decisions and actions using AI. Palantir is very well positioned to do this, given our years of expertise, our experience making our customers' data accessible and understandable within an ontology, so that the organizations can deploy LLMs operationally to achieve the greatest impact.
Thank you, Ryan. This concludes our Q&A. Thank you for joining us today.
This concludes today's meeting. You may now disconnect.