Was There Any Sign Palantir Stock Would Run?
Palantir Technologies (PLTR) stock returned 60.3% in the three months from June 30 to September 29, 2026. A $10,000 holding at the start of that window was worth about $16,030 at the end. The run came from faster sales growth, led by the U.S. business, and Palantir reports that growth every quarter. Could you have seen that growth coming before June 30?
Yes, Palantir’s Growth Was Public From Late 2024
Yes, and the first sign came early. On its third-quarter 2024 call, held on November 4, 2024, Palantir said its U.S. business grew revenue 44% from a year earlier. Management also put the U.S. commercial customer count at 321. Management said the value in AI would come from software that runs a company’s daily work. Management called that software Palantir’s strength.
Company-wide, the filed results then showed growth speeding up. Revenue grew 39.3% from a year earlier in the first quarter of 2025. Growth was faster in each of the next four quarters. In the first quarter of 2026, revenue rose 84.7% from a year earlier. Palantir filed that result on May 5, 2026, almost two months before the run began.
Palantir stock fell in the first half of 2026, even as those growth figures kept rising. The shares traded at $177.75 in the last days of 2025. By June 30, 2026, they had lost about a third of that value.
So the signs were public, but if you bought on them early, you first sat through that fall. Palantir’s next report, in August 2026, showed the growth had gone further still.
Palantir Reported Its Fastest Growth Yet In August
On its second-quarter 2026 call, Palantir said revenue grew 93% from a year earlier. Management called it the highest growth rate the company had ever reported. The U.S. business led, with revenue up 115% from a year earlier. The U.S. business now makes up over 81% of Palantir’s revenue. Palantir also raised its full-year revenue forecast by the largest amount it ever has.
Over the same three months as the run, the S&P 500 returned just 2.6%, against Palantir’s 60.3%.
The customer count from the 2024 call had about doubled. Palantir ended the second quarter of 2026 with 653 U.S. commercial customers, against 321 on the November 2024 call. The count was up 35% from a year earlier.
What Does Palantir Expect For The Third Quarter?
On Palantir’s own forecast, growth would slow. The company’s forecast for third-quarter revenue is $2.160 billion to $2.164 billion. That would be about 80% more than the $1.2 billion it reported for the third quarter of 2025. That is still fast growth, but slower than the 93% of the second quarter.
Palantir stock costs 148.7 times its earnings over the past year, a ratio known as the P/E. The S&P 500 trades at 21.9 times earnings. At that price, Palantir shares are more exposed than most to slower growth.
You will see which way the growth is heading when Palantir reports the third quarter. Revenue growth above the second quarter’s 93% would mean the growth that lifted the stock is still building. Growth below 93%, as in Palantir’s own forecast, would mean the growth behind the run has started to slow.
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