In Q4'25, PLTR's operating expenses reached a total of approximately 615M USD, with SG&A Expenses at 472M USD forming the dominant portion (about 77%) and R&D Expenses contributing 144M USD. This marks a slight quarterly decline from Q3'25's total of around 580M USD, primarily driven by a modest dip in R&D spending despite continued stability in SG&A. Over the period from Q1'23 to Q4'25, operating expenses exhibited steady growth, rising from roughly 413M USD to 615M USD, fueled by consistent increases in both R&D (from 90M USD to 144M USD) and SG&A (from 323M USD to 472M USD), with notable accelerations in Q4'24 and Q3'25. The stacked bar chart highlights SG&A as the primary driver of expenses throughout, accounting for 70-80% of totals, while R&D showed volatility including a sharp Q4'24 spike to 172M USD before stabilizing; overall, this reflects expanding operational scale amid PLTR's business growth, though the recent Q4'25 moderation suggests potential cost management efforts.