Welcome, everyone, and thank you for joining our 2025 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 seven directors, 2) Ratify the appointment of Ernst & Young as the company's independent registered public accounting firm for the year ending December 31st, 2025, and 3) Transact any other business that may properly come before the meeting. We have appointed Jim Reint 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 25th, 2025. An agenda for the meeting has been made available, which includes voting on the two proposals in our 2025 proxy statement and an announcement of preliminary voting results. Our Board of Directors has fixed the close of business on April 11th, 2025, as the record date for determining the stockholders entitled to vote at this meeting.
We 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 25th, 2025. Mr. Reint 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've 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 25th, 2025, and our other filings with the Securities and Exchange Commission.
It is shortly after 8:00 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 25th, 2025. The first proposal is to elect seven directors: Alexander Karp, Stephen Cohen, Peter Thiel, Alexander Moore, Alexandra Schiff, Lauren Friedman- Statt, 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 31st, 2025. 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 31st, 2025. 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, the annual meeting is adjourned. I'll now turn it over to Kerry Lee 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 U.S. 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: Were there any particular AIP use cases or industry verticals that you saw an uptick in last quarter? Where is the demand coming from?
We continue to see unrelenting demand for AIP, really, across a variety of industries. I feel it in the conversations I'm having with customers. Organizations that are coming to Palantir are those that want to adapt quickly, leverage advancing AI models in production, and be on the right side of the growing chasm of AI haves and have-nots. One area of particularly explosive growth is the demand we're seeing for Warp Speed or our manufacturing operating system. Since we launched our inaugural Warp Speed cohort at the end of last year, adoption and demand has exceeded expectations, with Palantir powering a growing portion of the legacy defense industrial base, new defense entrants, and the broader manufacturing industry.
While Warp Speed is one example, more and more organizations across industries are looking to Palantir because they need to find a solution that truly works, and that is where the demand is coming from.
Thank you, Ryan. The next question is: Within the U.S. commercial business, are you seeing more momentum from existing customers or from new customers?
We're seeing momentum from both. AIP continues to fuel new customer acquisition and significant expansion opportunities at existing customers. Customers are getting started with Palantir, then expanding in quick succession. On the new customer front, we're seeing very strong momentum in the deal cycle. For example, a large healthcare company did a boot camp with us, then five weeks later converted to a multi-year deal worth tens of millions of dollars. For our existing customers, we remain differentiated in our elite execution to deliver quantified exceptionalism, which is creating significant expansion momentum. AIG highlighted that they expect the end-to-end adoption of tech advancements leveraging Palantir will double their five-year CAGR. The magnitude of that impact is impossible to ignore. We're seeing organizations expand to additional use cases and other areas of their business after witnessing the impact our software can have on their business.
For example, an American telecom company became a customer a couple of years ago and recently signed a significant expansion deal. Growth really is coming from both existing customers and new customers as we continue to see unrelenting demand for AIP.
Thank you, Ryan. This concludes our Q&A. Thank you for joining us today.