Palantir Technologies (PLTR)
Market Price (7/23/2026): $125.53 | Market Cap: $300.5 BilInvestor Relations Sector: Information Technology | Industry: Application Software
Palantir Technologies (PLTR)
Market Price (7/23/2026): $125.53Market Cap: $300.5 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 68% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 38% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 52%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 51%, CFO LTM is 2.7 Bil, FCF LTM is 2.7 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% Megatrend and thematic driversMegatrends include Artificial Intelligence, Autonomous Technologies, Cloud Computing, Digital Health & Telemedicine, Show more. | Expensive valuation multiplesP/SPrice/Sales ratio is 57x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 150x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 109x, P/EPrice/Earnings or Price/(Net Income) is 131x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6% Short seller report Key risksPLTR key risks include [1] its exceptionally high valuation, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 68% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 38% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 52%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 51%, CFO LTM is 2.7 Bil, FCF LTM is 2.7 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Autonomous Technologies, Cloud Computing, Digital Health & Telemedicine, Show more. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 57x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 150x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 109x, P/EPrice/Earnings or Price/(Net Income) is 131x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6% |
| Short seller report |
| Key risksPLTR key risks include [1] its exceptionally high valuation, Show more. |
Qualitative Assessment
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Updated on 7/22/2026
Palantir Technologies (PLTR) stock has lost about 15% since 3/31/2026 because of the following key factors:
1. Persistent valuation concerns amidst strong growth. Palantir Technologies (PLTR) experienced a stock decline of approximately 15% since March 31, 2026, despite reporting strong fiscal Q1 2026 earnings on May 4, 2026, which saw revenue grow 84.7% year-over-year to $1.63 billion, beating analyst estimates. However, the stock continued to trade at a premium, with a trailing price-to-earnings (P/E) ratio of 139.97 and a forward P/E ratio of 106.47, leading investors to scrutinize its valuation, especially in a cautious market for expensive AI stocks. The high valuation, trading around 90 times forward earnings, made the stock susceptible to pullbacks even with positive fundamental performance.
2. Significant insider selling activities. During the period, several Palantir insiders engaged in substantial stock sales. On May 20, 2026, director and officer Stephen Andrew Cohen sold approximately $43.5 million worth of shares, and Shyam Sankar, the Chief Technology Officer, sold approximately $22.5 million worth of shares. Sankar further sold approximately $24.05 million in shares on July 2, 2026, under a pre-arranged trading plan. These transactions, all exceeding the $5 million threshold, contributed to negative investor sentiment and raised concerns about insider confidence.
Show more
Palantir Technologies (PLTR) stock has lost about 15% since 3/31/2026 because of the following key factors:
1. Persistent valuation concerns amidst strong growth. Palantir Technologies (PLTR) experienced a stock decline of approximately 15% since March 31, 2026, despite reporting strong fiscal Q1 2026 earnings on May 4, 2026, which saw revenue grow 84.7% year-over-year to $1.63 billion, beating analyst estimates. However, the stock continued to trade at a premium, with a trailing price-to-earnings (P/E) ratio of 139.97 and a forward P/E ratio of 106.47, leading investors to scrutinize its valuation, especially in a cautious market for expensive AI stocks. The high valuation, trading around 90 times forward earnings, made the stock susceptible to pullbacks even with positive fundamental performance.
2. Significant insider selling activities. During the period, several Palantir insiders engaged in substantial stock sales. On May 20, 2026, director and officer Stephen Andrew Cohen sold approximately $43.5 million worth of shares, and Shyam Sankar, the Chief Technology Officer, sold approximately $22.5 million worth of shares. Sankar further sold approximately $24.05 million in shares on July 2, 2026, under a pre-arranged trading plan. These transactions, all exceeding the $5 million threshold, contributed to negative investor sentiment and raised concerns about insider confidence.
Show more
Updated on 7/22/2026
Palantir Technologies (PLTR) stock has lost about 15% since 3/31/2026 because of the following key factors:
1. Persistent valuation concerns amidst strong growth. Palantir Technologies (PLTR) experienced a stock decline of approximately 15% since March 31, 2026, despite reporting strong fiscal Q1 2026 earnings on May 4, 2026, which saw revenue grow 84.7% year-over-year to $1.63 billion, beating analyst estimates. However, the stock continued to trade at a premium, with a trailing price-to-earnings (P/E) ratio of 139.97 and a forward P/E ratio of 106.47, leading investors to scrutinize its valuation, especially in a cautious market for expensive AI stocks. The high valuation, trading around 90 times forward earnings, made the stock susceptible to pullbacks even with positive fundamental performance.
2. Significant insider selling activities. During the period, several Palantir insiders engaged in substantial stock sales. On May 20, 2026, director and officer Stephen Andrew Cohen sold approximately $43.5 million worth of shares, and Shyam Sankar, the Chief Technology Officer, sold approximately $22.5 million worth of shares. Sankar further sold approximately $24.05 million in shares on July 2, 2026, under a pre-arranged trading plan. These transactions, all exceeding the $5 million threshold, contributed to negative investor sentiment and raised concerns about insider confidence.
3. Regulatory scrutiny on a key contract and emerging open-source competition. Palantir faced company-specific headwinds, including regulatory attention on its high-profile UK National Health Service (NHS) Federated Data Platform (FDP) contract. The UK Office for Statistics Regulation (OSR) raised compliance questions regarding NHS England's communication of performance data, which caused concern given the FDP's significance to Palantir's healthcare AI capabilities. Additionally, the launch of "World Monitor," a free open-source tool offering global intelligence monitoring similar to Palantir's commercial offerings, on GitHub in July 2026, presented a new competitive challenge.
4. Broader AI sector sentiment shifts. The general market sentiment towards AI software companies became more cautious during the second fiscal quarter of 2026. Concerns about the sustainability of AI spending and the potential for AI agents to reshape traditional enterprise software business models pressured valuations across the sector. Specifically, comments from Meta CEO Mark Zuckerberg in early July 2026, suggesting that AI agents had not advanced as quickly as expected, triggered a broad AI sector rout, contributing to Palantir's decline, including a 4.3% drop in a single session on July 8, 2026.
Show less
Palantir Technologies (PLTR) stock has lost about 15% since 3/31/2026 because of the following key factors:
1. Persistent valuation concerns amidst strong growth. Palantir Technologies (PLTR) experienced a stock decline of approximately 15% since March 31, 2026, despite reporting strong fiscal Q1 2026 earnings on May 4, 2026, which saw revenue grow 84.7% year-over-year to $1.63 billion, beating analyst estimates. However, the stock continued to trade at a premium, with a trailing price-to-earnings (P/E) ratio of 139.97 and a forward P/E ratio of 106.47, leading investors to scrutinize its valuation, especially in a cautious market for expensive AI stocks. The high valuation, trading around 90 times forward earnings, made the stock susceptible to pullbacks even with positive fundamental performance.
2. Significant insider selling activities. During the period, several Palantir insiders engaged in substantial stock sales. On May 20, 2026, director and officer Stephen Andrew Cohen sold approximately $43.5 million worth of shares, and Shyam Sankar, the Chief Technology Officer, sold approximately $22.5 million worth of shares. Sankar further sold approximately $24.05 million in shares on July 2, 2026, under a pre-arranged trading plan. These transactions, all exceeding the $5 million threshold, contributed to negative investor sentiment and raised concerns about insider confidence.
3. Regulatory scrutiny on a key contract and emerging open-source competition. Palantir faced company-specific headwinds, including regulatory attention on its high-profile UK National Health Service (NHS) Federated Data Platform (FDP) contract. The UK Office for Statistics Regulation (OSR) raised compliance questions regarding NHS England's communication of performance data, which caused concern given the FDP's significance to Palantir's healthcare AI capabilities. Additionally, the launch of "World Monitor," a free open-source tool offering global intelligence monitoring similar to Palantir's commercial offerings, on GitHub in July 2026, presented a new competitive challenge.
4. Broader AI sector sentiment shifts. The general market sentiment towards AI software companies became more cautious during the second fiscal quarter of 2026. Concerns about the sustainability of AI spending and the potential for AI agents to reshape traditional enterprise software business models pressured valuations across the sector. Specifically, comments from Meta CEO Mark Zuckerberg in early July 2026, suggesting that AI agents had not advanced as quickly as expected, triggered a broad AI sector rout, contributing to Palantir's decline, including a 4.3% drop in a single session on July 8, 2026.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -14.8% change in PLTR stock from 3/31/2026 to 7/22/2026 was primarily driven by a -39.4% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 146.28 | 124.57 | -14.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,475 | 5,224 | 16.7% |
| Net Income Margin (%) | 36.3% | 43.7% | 20.3% |
| P/E Multiple | 215.8 | 130.7 | -39.4% |
| Shares Outstanding (Mil) | 2,397 | 2,394 | 0.1% |
| Cumulative Contribution | -14.8% |
Market Drivers
3/31/2026 to 7/22/2026| Return | Correlation | |
|---|---|---|
| PLTR | -14.8% | |
| Market (SPY) | 14.9% | 17.6% |
| Sector (XLK) | 35.6% | 15.8% |
Fundamental Drivers
The -29.9% change in PLTR stock from 12/31/2025 to 7/22/2026 was primarily driven by a -66.1% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 177.75 | 124.57 | -29.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,896 | 5,224 | 34.1% |
| Net Income Margin (%) | 28.1% | 43.7% | 55.3% |
| P/E Multiple | 385.2 | 130.7 | -66.1% |
| Shares Outstanding (Mil) | 2,374 | 2,394 | -0.8% |
| Cumulative Contribution | -29.9% |
Market Drivers
12/31/2025 to 7/22/2026| Return | Correlation | |
|---|---|---|
| PLTR | -29.9% | |
| Market (SPY) | 9.9% | 30.4% |
| Sector (XLK) | 25.4% | 30.0% |
Fundamental Drivers
The -8.6% change in PLTR stock from 6/30/2025 to 7/22/2026 was primarily driven by a -76.7% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 136.32 | 124.57 | -8.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,115 | 5,224 | 67.7% |
| Net Income Margin (%) | 18.3% | 43.7% | 138.4% |
| P/E Multiple | 561.0 | 130.7 | -76.7% |
| Shares Outstanding (Mil) | 2,349 | 2,394 | -1.9% |
| Cumulative Contribution | -8.6% |
Market Drivers
6/30/2025 to 7/22/2026| Return | Correlation | |
|---|---|---|
| PLTR | -8.6% | |
| Market (SPY) | 22.0% | 40.9% |
| Sector (XLK) | 43.0% | 41.0% |
Fundamental Drivers
The 712.6% change in PLTR stock from 6/30/2023 to 7/22/2026 was primarily driven by a 251.1% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.33 | 124.57 | 712.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,985 | 5,224 | 163.2% |
| P/S Multiple | 16.3 | 57.1 | 251.1% |
| Shares Outstanding (Mil) | 2,105 | 2,394 | -12.1% |
| Cumulative Contribution | 712.6% |
Market Drivers
6/30/2023 to 7/22/2026| Return | Correlation | |
|---|---|---|
| PLTR | 712.6% | |
| Market (SPY) | 74.6% | 51.0% |
| Sector (XLK) | 111.3% | 49.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PLTR Return | -23% | -65% | 167% | 340% | 135% | -25% | 463% |
| Peers Return | 31% | -33% | 52% | 22% | 33% | -1% | 117% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| PLTR Win Rate | 33% | 42% | 67% | 67% | 75% | 43% | |
| Peers Win Rate | 63% | 32% | 67% | 58% | 52% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| PLTR Max Drawdown | -54% | -68% | -30% | -23% | -41% | -41% | |
| Peers Max Drawdown | -18% | -43% | -18% | -26% | -27% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, AMZN, GOOGL, SNOW, IBM. See PLTR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/22/2026 (YTD)
How Low Can It Go
| Event | PLTR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.0% | -18.8% |
| % Gain to Breakeven | 51.4% | 23.1% |
| Time to Breakeven | 21 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.2% | -7.8% |
| % Gain to Breakeven | 18.0% | 8.5% |
| Time to Breakeven | 3 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.6% | -9.5% |
| % Gain to Breakeven | 18.6% | 10.5% |
| Time to Breakeven | 10 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -63.8% | -24.5% |
| % Gain to Breakeven | 176.2% | 32.4% |
| Time to Breakeven | 446 days | 427 days |
In The Past
Palantir Technologies's stock fell -34.0% during the 2025 US Tariff Shock. Such a loss loss requires a 51.4% gain to breakeven.
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| Event | PLTR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.0% | -18.8% |
| % Gain to Breakeven | 51.4% | 23.1% |
| Time to Breakeven | 21 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -63.8% | -24.5% |
| % Gain to Breakeven | 176.2% | 32.4% |
| Time to Breakeven | 446 days | 427 days |
In The Past
Palantir Technologies's stock fell -34.0% during the 2025 US Tariff Shock. Such a loss loss requires a 51.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Palantir Technologies (PLTR)
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Palantir Technologies Inc. (PLTR) develops and deploys advanced software platforms designed to help organizations analyze vast, complex datasets and identify hidden patterns. Its initial focus and a significant part of its business involve supporting the United States intelligence community in counterterrorism investigations and operations, enabling users to identify threats and facilitate coordinated real-world responses.
The company offers several key products. Palantir Gotham is specifically tailored for government and intelligence agencies, integrating diverse data sources—from signals intelligence to confidential informant reports—to assist analysts and operators. Palantir Foundry serves a broader market, acting as a central operating system for data within various organizations, allowing users to integrate and analyze information to transform operations. Additionally, Palantir provides Apollo, a software platform that enables customers to deploy their own applications virtually in any environment.
```AI Analysis | Feedback
1. Like SAP or Oracle, but focused on being the central operating system for an organization's data, rather than its business processes.
2. A highly specialized Splunk or Microsoft Power BI that identifies hidden patterns in vast, disparate datasets to enable real-world operational responses.
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- Palantir Gotham: A software platform designed for the intelligence community to identify patterns within datasets and facilitate real-world responses to identified threats.
- Palantir Foundry: A platform that serves as a central operating system for an organization's data, enabling users to integrate and analyze data in one place.
- Apollo: Software that allows customers to deploy their own software virtually in any environment.
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Palantir Technologies Inc. sells its software platforms primarily to organizations, including government entities and commercial enterprises, rather than to individuals.
Based on the provided information, its major customers fall into the following categories:
- The Intelligence Community in the United States: This is a primary customer segment for Palantir, for which it builds and deploys software platforms to assist in counterterrorism investigations and operations. This encompasses various U.S. government intelligence agencies.
- Large Organizations and Enterprises: Palantir Foundry is described as a platform that transforms the ways organizations operate by creating a central operating system for their data. This indicates a focus on large commercial companies across different industries, as well as potentially other government departments beyond the intelligence community.
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Amazon.com, Inc. (AMZN)
Microsoft Corporation (MSFT)
Alphabet Inc. (GOOGL)
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Alexander Karp, Chief Executive Officer
Alexander Karp is a co-founder of Palantir Technologies and has served as CEO since its early days. He earned a J.D. from Stanford Law School and a Ph.D. in neoclassical social theory from Goethe University Frankfurt. Before co-founding Palantir in 2003/2004, Karp established and managed the London-based money management firm Caedmon Group, through which he successfully managed investments for high-net-worth clients.
David Glazer, Chief Financial Officer and Treasurer
David Glazer joined Palantir in July 2013 and became Chief Financial Officer in July 2020. Prior to this role, he held various leadership positions within the company, including Head of Finance, Head of Switzerland, and Investor Relations/Global Head of Real Estate. Before joining Palantir, Glazer was a corporate securities attorney at Wilson Sonsini Goodrich & Rosati, where he specialized in advising technology companies on IPOs, mergers, and corporate governance. He holds a J.D. from Emory University School of Law and a B.A. from Santa Clara University.
Shyam Sankar, Chief Technology Officer and Executive Vice President
Shyam Sankar joined Palantir Technologies as its 13th employee in 2006. He pioneered the company's "Forward Deployed Engineer" model, which involves embedding engineers directly with clients to address complex data challenges. Sankar holds a B.S. in Electrical and Computer Engineering from Cornell University and an M.S. in Management Science and Engineering from Stanford University. He also serves as Chairman of Ginkgo Bioworks.
Ryan Taylor, Chief Revenue Officer and Chief Legal Officer
Ryan Taylor has been with Palantir since 2010. Before assuming his current roles, he served as Chief Legal and Business Affairs Officer at Palantir from 2020 to 2023. His professional journey includes roles as an Associate at Covington & Burling and a Law Clerk at the United States District Court for the Central District of California. Taylor holds a J.D. from Harvard Law School and degrees in Management Science & Engineering and Computer Science from Stanford University.
Stephen Cohen, President and Secretary
Stephen Cohen is one of the co-founders of Palantir Technologies. He co-founded the company in 2003/2004 alongside Peter Thiel, Alex Karp, Joe Lonsdale, and Nathan Gettings. He has served in various positions with the company since its inception and is also a member of the Board of Directors.
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Key Risks to Palantir Technologies (PLTR)
- Reliance on Government Contracts and Reputational Risks: Palantir Technologies heavily relies on contracts with government agencies, including the intelligence community and defense sectors, which constitute a significant portion of its revenue. This dependence exposes the company to risks associated with changes in government priorities, political shifts, budget cuts, and contract losses. Furthermore, the nature of its work, particularly in surveillance and data analytics for government entities, often raises concerns regarding data privacy, civil liberties, and ethical implications. Public scrutiny and political backlash related to its operations, especially with agencies like Immigration and Customs Enforcement (ICE), can lead to reputational damage and impact its ability to secure new contracts or retain existing ones. Geopolitical tensions can also influence demand for its software, creating unpredictable revenue streams.
- High Valuation and Commercial Growth Uncertainty: Palantir's stock is frequently noted for its "excessively high" or "stretched" valuation, with high price-to-earnings and price-to-sales ratios. This indicates that the company is "priced for perfection," leaving little margin for error and making the stock highly vulnerable to significant corrections if it fails to consistently meet ambitious growth expectations. While Palantir aims to diversify its revenue by expanding its commercial client base through its Foundry platform, this segment faces challenges. The company's software often involves large, complex, and costly implementations, which may limit its appeal to small and mid-sized businesses and slow down the scaling of its commercial operations, thus sustaining its reliance on government spending for overall growth.
- Intensifying Competition and Potential Loss of Differentiation: The data analytics and artificial intelligence (AI) sectors in which Palantir operates are highly competitive and rapidly evolving. The company faces increasing competition from well-established technology giants such as Microsoft, Amazon Web Services (AWS), and Databricks, as well as emerging startups that are developing rival AI platforms and data solutions. This competitive landscape could lead to an erosion of Palantir's pricing power and a loss of its competitive advantage if competitors achieve feature parity or if customers increasingly opt for in-house developed solutions rather than purchasing Palantir's platforms.
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The increasing maturity and integration of native data, analytics, artificial intelligence (AI), and machine learning (ML) services offered by major cloud hyperscalers (e.g., Amazon Web Services, Microsoft Azure, Google Cloud Platform) represent a clear emerging threat. These platforms provide comprehensive and often more modular alternatives for enterprises to manage, analyze, and operationalize their data, directly competing with Palantir's Foundry and Apollo platforms by offering similar capabilities directly within the cloud environment. Furthermore, the rapid advancement and accessibility of open-source AI and ML frameworks and libraries empower organizations to build customized solutions with greater flexibility and potentially lower cost, reducing reliance on proprietary, end-to-end platforms like Palantir's.
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Here are 3-5 expected drivers of future revenue growth for Palantir Technologies (PLTR) over the next 2-3 years:
- Accelerated Adoption and Expansion of the Artificial Intelligence Platform (AIP): Palantir's Artificial Intelligence Platform (AIP) is consistently highlighted as a primary driver of revenue growth, particularly within the U.S. commercial sector. The company's "bootcamp" go-to-market strategy for AIP is effectively shortening sales cycles and rapidly converting new clients by demonstrating how the platform can integrate generative AI with operational data and workflows to solve real-world business problems. This strategy is enabling triple-digit U.S. commercial growth.
- Strong Growth in U.S. Commercial Business: Palantir's U.S. commercial business, predominantly driven by its Foundry platform, is experiencing significant and accelerating year-over-year revenue increases. This momentum is fueled by strong demand for its AI-driven solutions and the platform's ability to help enterprises turn complex, siloed data into actionable intelligence across various use cases such as supply chain optimization and predictive manufacturing.
- Continued Expansion of Government Contracts: Palantir maintains a strong and growing presence in the government sector, especially with the U.S. government. The Gotham platform continues to be indispensable for governments and defense in mission-critical analytics, integrating vast datasets to identify threats and enhance situational awareness. Securing and expanding large government contracts remains a foundational driver of revenue.
- Increased Customer Lifetime Value and Net Dollar Retention: The company is demonstrating strong customer engagement and expansion, reflected in its high net dollar retention rate and record total contract value (TCV) bookings. Existing customers are increasingly expanding their use of Palantir's platforms, leading to sustained and growing revenue streams as they integrate and apply the software more broadly across their operations.
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Share Repurchases
- Palantir Technologies announced a $1 billion stock buyback program on August 8, 2023, with no specified end date.
- In 2024, the company repurchased and retired 2.1 million shares of its Class A common stock for $64.2 million.
- As of December 31, 2024, $935.8 million remained available for future repurchases under the authorized program.
Share Issuance
- Palantir's annual basic shares outstanding increased to $2.37 billion in 2025, up 5.31% from $2.25 billion in 2024.
- Basic shares outstanding for 2024 increased by 4.78% from $2.147 billion in 2023, which itself was a 4.05% increase from 2022.
- Diluted average shares outstanding grew from $1.9 billion in 2021 to $2.6 billion by the fourth quarter of 2025.
Outbound Investments
- Palantir has engaged in a program of investing in companies, including those going public via SPACs, in exchange for multi-year commitments to use its software.
- As of June 30, [year not specified, but context suggests 2021], the company committed $250 million to a group of 10 companies through SPACs, with potential commercial contracts valued at $428 million.
- No investments were purchased under Investment Agreements during the fiscal years ended December 31, 2025, or 2024.
Capital Expenditures
- Palantir Technologies' annual capital expenditures were $33.88 million in 2025, $12.63 million in 2024, and $15.11 million in 2023.
- In 2022, the company's capital expenditures were $40.03 million.
- Palantir is characterized as a "capital-light software player" maintaining minimal capital expenditures.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 256.32 |
| Mkt Cap | 1,464.3 |
| Rev LTM | 193,592 |
| Op Inc LTM | 49,184 |
| FCF LTM | 7,473 |
| FCF 3Y Avg | 16,808 |
| CFO LTM | 81,262 |
| CFO 3Y Avg | 67,258 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.7% |
| Rev Chg 3Y Avg | 14.7% |
| Rev Chg Q | 20.0% |
| QoQ Delta Rev Chg LTM | 4.5% |
| Op Inc Chg LTM | 20.6% |
| Op Inc Chg 3Y Avg | 22.5% |
| Op Mgn LTM | 25.7% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 32.9% |
| CFO/Rev 3Y Avg | 31.3% |
| FCF/Rev LTM | 20.3% |
| FCF/Rev 3Y Avg | 21.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1,464.3 |
| P/S | 9.5 |
| P/Op Inc | 24.7 |
| P/EBIT | 19.8 |
| P/E | 24.5 |
| P/CFO | 20.7 |
| Total Yield | 3.8% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 1.8% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.7% |
| 3M Rtn | -6.9% |
| 6M Rtn | -3.7% |
| 12M Rtn | -4.4% |
| 3Y Rtn | 75.7% |
| 1M Excs Rtn | 4.4% |
| 3M Excs Rtn | -11.1% |
| 6M Excs Rtn | -14.2% |
| 12M Excs Rtn | -24.5% |
| 3Y Excs Rtn | 10.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Government | 2,402 | 1,570 | 1,222 | 1,072 | 897 |
| Commercial | 2,073 | 1,296 | 1,003 | 834 | 645 |
| Total | 4,475 | 2,866 | 2,225 | 1,906 | 1,542 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Government | 1,576 | 948 | 725 | 621 |
| Commercial | 1,367 | 772 | 521 | 414 |
| Research and development expenses | -421 | -343 | -307 | -266 |
| General and administrative expenses | -424 | -375 | -343 | -366 |
| Stock-based compensation expense | -684 | -692 | -476 | -565 |
| Total | 1,414 | 310 | 120 | -161 |
Price Behavior
Price Behavior
| Market Price | $124.57 | |
| Market Cap ($ Bil) | 298.2 | |
| First Trading Date | 09/30/2020 | |
| Distance from 52W High | -39.9% | |
| 50 Days | 200 Days | |
| DMA Price | $132.34 | $154.66 |
| DMA Trend | down | down |
| Distance from DMA | -5.9% | -19.5% |
| 3M | 1YR | |
| Volatility | 55.5% | 51.6% |
| Downside Capture | 171.67 | 249.05 |
| Upside Capture | 40.18 | 176.16 |
| Correlation (SPY) | 24.4% | 41.9% |
PLTR Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.38 | 1.12 | 1.15 | 1.33 | 1.77 | 2.16 |
| Up Beta | 3.30 | 1.18 | 0.75 | 0.73 | 1.05 | 1.90 |
| Down Beta | -0.03 | 0.67 | 0.40 | 0.16 | 1.21 | 1.68 |
| Up Capture | -36% | 44% | 68% | 134% | 304% | 11497% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 7 | 19 | 33 | 62 | 131 | 401 |
| Down Capture | 252% | 190% | 241% | 205% | 173% | 112% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 14 | 22 | 30 | 63 | 120 | 344 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PLTR | |
|---|---|---|---|---|
| PLTR | -18.0% | 51.8% | -0.20 | - |
| Sector ETF (XLK) | 38.8% | 24.7% | 1.27 | 41.6% |
| Equity (SPY) | 20.0% | 12.6% | 1.16 | 41.8% |
| Gold (GLD) | 21.2% | 28.1% | 0.67 | 18.7% |
| Commodities (DBC) | 33.0% | 19.1% | 1.36 | 9.5% |
| Real Estate (VNQ) | 13.9% | 14.0% | 0.70 | -6.1% |
| Bitcoin (BTCUSD) | -43.6% | 42.9% | -1.21 | 37.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PLTR | |
|---|---|---|---|---|
| PLTR | 40.6% | 65.6% | 0.79 | - |
| Sector ETF (XLK) | 19.6% | 25.6% | 0.68 | 53.6% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 53.7% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 8.5% |
| Commodities (DBC) | 9.3% | 19.5% | 0.37 | 8.6% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 32.4% |
| Bitcoin (BTCUSD) | 15.2% | 53.5% | 0.46 | 31.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PLTR | |
|---|---|---|---|---|
| PLTR | 28.7% | 69.5% | 0.92 | - |
| Sector ETF (XLK) | 24.5% | 24.8% | 0.89 | 47.8% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 46.4% |
| Gold (GLD) | 11.5% | 16.1% | 0.58 | 7.6% |
| Commodities (DBC) | 7.1% | 17.9% | 0.31 | 8.2% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 28.0% |
| Bitcoin (BTCUSD) | 58.5% | 66.2% | 0.99 | 25.8% |
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Returns Analyses
Earnings Returns History
Updated 6/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -6.9% | -6.3% | -2.6% |
| 2/2/2026 | 6.8% | -3.3% | 3.7% |
| 11/3/2025 | -7.9% | -6.5% | -14.1% |
| 8/4/2025 | 7.8% | 13.7% | -3.6% |
| 5/5/2025 | -12.0% | -4.3% | 5.0% |
| 2/3/2025 | 24.0% | 39.3% | 7.6% |
| 11/4/2024 | 23.5% | 45.5% | 68.7% |
| 8/5/2024 | 10.4% | 22.0% | 27.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 12 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 15.9% | 22.5% | 28.9% |
| Median Negative | -12.0% | -12.3% | -11.9% |
| Max Positive | 30.8% | 49.8% | 89.8% |
| Max Negative | -21.3% | -16.9% | -36.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -6.9% | -6.3% | -2.6% |
| 2/2/2026 | 6.8% | -3.3% | 3.7% |
| 11/3/2025 | -7.9% | -6.5% | -14.1% |
| 8/4/2025 | 7.8% | 13.7% | -3.6% |
| 5/5/2025 | -12.0% | -4.3% | 5.0% |
| 2/3/2025 | 24.0% | 39.3% | 7.6% |
| 11/4/2024 | 23.5% | 45.5% | 68.7% |
| 8/5/2024 | 10.4% | 22.0% | 27.0% |
| 5/6/2024 | -15.1% | -16.9% | -8.9% |
| 2/5/2024 | 30.8% | 49.8% | 56.5% |
| 11/2/2023 | 20.4% | 23.9% | 35.9% |
| 8/7/2023 | -5.3% | -12.6% | -15.0% |
| 5/8/2023 | 23.4% | 23.0% | 89.8% |
| 2/13/2023 | 21.2% | 11.3% | 3.8% |
| 11/7/2022 | -11.5% | 6.1% | -11.9% |
| 8/8/2022 | -14.2% | -13.4% | -36.4% |
| 5/9/2022 | -21.3% | -12.0% | -3.7% |
| 2/17/2022 | -15.7% | -15.3% | -8.2% |
| 11/9/2021 | -9.3% | -12.5% | -25.9% |
| 8/12/2021 | 11.4% | 13.1% | 17.6% |
| 5/11/2021 | 9.4% | 10.8% | 30.9% |
| 2/16/2021 | -12.8% | -12.3% | -19.7% |
| 11/12/2020 | 8.4% | 30.2% | 86.8% |
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 12 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 15.9% | 22.5% | 28.9% |
| Median Negative | -12.0% | -12.3% | -11.9% |
| Max Positive | 30.8% | 49.8% | 89.8% |
| Max Negative | -21.3% | -16.9% | -36.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 09/30/2020 | 424B4 |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 1.80 Bil | 1.80 Bil | 1.80 Bil | ||||
| Q2 2026 Adjusted Income from Operations | 1.06 Bil | 1.06 Bil | 1.07 Bil | ||||
| 2026 Revenue | 7.65 Bil | 7.66 Bil | 7.66 Bil | 6.5% | Raised | Guidance: 7.19 Bil for 2026 | |
| 2026 U.S. Commercial Revenue | 3.22 Bil | 2.5% | Raised | Guidance: 3.14 Bil for 2026 | |||
| 2026 Adjusted Income from Operations | 4.44 Bil | 4.45 Bil | 4.45 Bil | 7.5% | Raised | Guidance: 4.13 Bil for 2026 | |
| 2026 Adjusted Free Cash Flow | 4.20 Bil | 4.30 Bil | 4.40 Bil | 6.8% | Raised | Guidance: 4.03 Bil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/2/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 1.53 Bil | 1.53 Bil | 1.54 Bil | 15.4% | Higher New | Guidance: 1.33 Bil for Q4 2025 | |
| Q1 2026 Adjusted Income from Operations | 870.00 Mil | 872.00 Mil | 874.00 Mil | 25.1% | Higher New | Guidance: 697.00 Mil for Q4 2025 | |
| 2026 Revenue | 7.18 Bil | 7.19 Bil | 7.20 Bil | 63.5% | Higher New | Guidance: 4.40 Bil for 2025 | |
| 2026 U.S. Commercial Revenue | 3.14 Bil | 119.4% | Higher New | Guidance: 1.43 Bil for 2025 | |||
| 2026 U.S. Commercial Revenue Growth | 115.0% | 11.0% | Higher New | Guidance: 104.0% for 2025 | |||
| 2026 Adjusted Income from Operations | 4.13 Bil | 4.13 Bil | 4.14 Bil | 92.0% | Higher New | Guidance: 2.15 Bil for 2025 | |
| 2026 Adjusted Free Cash Flow | 3.92 Bil | 4.03 Bil | 4.12 Bil | 101.2% | Higher New | Guidance: 2.00 Bil for 2025 | |
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 1.33 Bil | 1.33 Bil | 1.33 Bil | 22.5% | Higher New | Actual: 1.08 Bil for Q3 2025 | |
| Q4 2025 Adjusted Income from Operations | 695.00 Mil | 697.00 Mil | 699.00 Mil | 40.8% | Higher New | Actual: 495.00 Mil for Q3 2025 | |
| 2025 Revenue | 4.40 Bil | 4.40 Bil | 4.40 Bil | 6.1% | Raised | Guidance: 4.15 Bil for 2025 | |
| 2025 U.S. Commercial Revenue | 1.43 Bil | 10.1% | Raised | Guidance: 1.30 Bil for 2025 | |||
| 2025 U.S. Commercial Revenue Growth | 104.0% | 19.0% | Raised | Guidance: 85.0% for 2025 | |||
| 2025 Adjusted Income from Operations | 2.15 Bil | 2.15 Bil | 2.15 Bil | 12.4% | Raised | Guidance: 1.92 Bil for 2025 | |
| 2025 Adjusted Free Cash Flow | 1.90 Bil | 2.00 Bil | 2.10 Bil | 5.3% | Raised | Guidance: 1.90 Bil for 2025 | |
Insider Activity
Updated 7/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Moore, Alexander D | Direct | Sell | 7172026 | 134.05 | 16,000 | 2,144,770 | 146,795,438 | Form | |
| 2 | Sankar, Shyam | See Remarks | Direct | Sell | 7072026 | 130.00 | 35,000 | 4,550,000 | 83,562,180 | Form |
| 3 | Sankar, Shyam | See Remarks | See Footnote | Sell | 7072026 | 130.00 | 150,000 | 19,500,000 | 77,986,870 | Form |
| 4 | Moore, Alexander D | Direct | Sell | 6172026 | 133.35 | 16,000 | 2,133,605 | 148,164,876 | Form | |
| 5 | Buckley, Jeffrey | See Remarks | Direct | Sell | 6152026 | 128.80 | 1,481 | 190,753 | 7,757,109 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Moore, Alexander D | Direct | Sell | 7172026 | 134.05 | 16,000 | 2,144,770 | 146,795,438 | Form | |
| 2 | Sankar, Shyam | See Remarks | Direct | Sell | 7072026 | 130.00 | 35,000 | 4,550,000 | 83,562,180 | Form |
| 3 | Sankar, Shyam | See Remarks | See Footnote | Sell | 7072026 | 130.00 | 150,000 | 19,500,000 | 77,986,870 | Form |
| 4 | Moore, Alexander D | Direct | Sell | 6172026 | 133.35 | 16,000 | 2,133,605 | 148,164,876 | Form | |
| 5 | Buckley, Jeffrey | See Remarks | Direct | Sell | 6152026 | 128.80 | 1,481 | 190,753 | 7,757,109 | Form |
| 6 | Stat, Lauren Elaina Friedman | Direct | Sell | 6022026 | 160.00 | 1,598 | 255,680 | 8,803,520 | Form | |
| 7 | Stat, Lauren Elaina Friedman | Direct | Sell | 6022026 | 150.00 | 1,667 | 250,050 | 8,493,000 | Form | |
| 8 | Buckley, Jeffrey | See Remarks | Direct | Sell | 5222026 | 137.41 | 830 | 114,050 | 8,479,159 | Form |
| 9 | Glazer, David A | See Remarks | Direct | Sell | 5222026 | 136.04 | 17,128 | 2,330,130 | 51,048,721 | Form |
| 10 | Taylor, Ryan D | See Remarks | Direct | Sell | 5222026 | 136.04 | 19,662 | 2,674,859 | 27,175,630 | Form |
| 11 | Karp, Alexander C | See Remarks | Direct | Sell | 5222026 | 136.04 | 397,744 | 54,109,936 | 875,057,999 | Form |
| 12 | Sankar, Shyam | See Remarks | Direct | Sell | 5222026 | 136.04 | 165,514 | 22,516,876 | 87,445,971 | Form |
| 13 | Cohen, Stephen Andrew | See Remarks | Direct | Sell | 5222026 | 136.04 | 319,934 | 43,524,501 | 80,537 | Form |
| 14 | Buckley, Jeffrey | See Remarks | Direct | Sell | 5222026 | 136.04 | 1,712 | 232,903 | 8,507,643 | Form |
| 15 | Moore, Alexander D | Direct | Sell | 5192026 | 134.04 | 16,000 | 2,144,663 | 150,793,664 | Form | |
| 16 | Moore, Alexander D | Direct | Sell | 4172026 | 139.41 | 16,000 | 2,230,580 | 159,065,202 | Form | |
| 17 | Moore, Alexander D | Direct | Sell | 3182026 | 152.41 | 16,000 | 2,438,623 | 176,339,547 | Form | |
| 18 | Thiel, Peter | See Footnote | Sell | 3042026 | 144.85 | 2,000,000 | 289,707,507 | 1,989,367,131 | Form | |
| 19 | Buckley, Jeffrey | See Remarks | Direct | Sell | 2242026 | 129.08 | 1,232 | 159,027 | 5,564,381 | Form |
| 20 | Buckley, Jeffrey | See Remarks | Direct | Sell | 2242026 | 133.72 | 2,704 | 361,575 | 5,929,073 | Form |
| 21 | Taylor, Ryan D | See Remarks | Direct | Sell | 2242026 | 133.72 | 19,988 | 2,672,765 | 29,340,646 | Form |
| 22 | Glazer, David A | See Remarks | Direct | Sell | 2242026 | 133.72 | 17,438 | 2,331,782 | 52,467,111 | Form |
| 23 | Sankar, Shyam | See Remarks | Direct | Sell | 2242026 | 133.72 | 168,004 | 22,465,231 | 85,952,333 | Form |
| 24 | Cohen, Stephen Andrew | See Remarks | Direct | Sell | 2242026 | 133.72 | 327,088 | 43,737,696 | 79,161 | Form |
| 25 | Karp, Alexander C | See Remarks | Direct | Sell | 2242026 | 133.78 | 493,025 | 65,955,988 | 860,495,774 | Form |
| 26 | Stat, Lauren Elaina Friedman | Direct | Sell | 2042026 | 151.14 | 400 | 60,456 | 8,809,497 | Form | |
| 27 | Moore, Alexander D | Direct | Sell | 2042026 | 149.65 | 20,000 | 2,992,984 | 175,535,208 | Form | |
| 28 | Stat, Lauren Elaina Friedman | Direct | Sell | 1062026 | 181.35 | 3,400 | 616,590 | 10,642,887 | Form | |
| 29 | Moore, Alexander D | Direct | Sell | 1062026 | 172.98 | 20,000 | 3,459,615 | 206,362,217 | Form | |
| 30 | Taylor, Ryan D | See Remarks | Direct | Sell | 1062026 | 181.35 | 12,000 | 2,176,200 | 43,416,822 | Form |
| 31 | Glazer, David A | See Remarks | Direct | Sell | 12162025 | 185.91 | 9,000 | 1,673,190 | 76,899,626 | Form |
| 32 | Moore, Alexander D | Direct | Sell | 12032025 | 167.19 | 20,000 | 3,343,833 | 202,799,807 | Form | |
| 33 | Buckley, Jeffrey | See Remarks | Direct | Sell | 11242025 | 157.50 | 1,252 | 197,190 | 7,409,430 | Form |
| 34 | Taylor, Ryan D | See Remarks | Direct | Sell | 11242025 | 162.36 | 36,048 | 5,852,784 | 40,818,982 | Form |
| 35 | Buckley, Jeffrey | See Remarks | Direct | Sell | 11242025 | 156.25 | 300 | 46,875 | 7,546,324 | Form |
| 36 | Taylor, Ryan D | See Remarks | Direct | Sell | 11242025 | 156.25 | 2,252 | 351,878 | 44,915,571 | Form |
| 37 | Glazer, David A | See Remarks | Direct | Sell | 11242025 | 156.25 | 1,973 | 308,286 | 64,632,034 | Form |
| 38 | Sankar, Shyam | See Remarks | Direct | Sell | 11242025 | 156.25 | 19,004 | 2,969,402 | 100,436,219 | Form |
| 39 | Cohen, Stephen Andrew | See Remarks | Direct | Sell | 11242025 | 156.25 | 39,136 | 6,115,055 | 92,501 | Form |
| 40 | Karp, Alexander C | See Remarks | Direct | Sell | 11242025 | 156.25 | 45,564 | 7,119,436 | 1,005,048,888 | Form |
| 41 | Buckley, Jeffrey | See Remarks | Direct | Sell | 11242025 | 163.99 | 2,365 | 387,833 | 7,969,183 | Form |
| 42 | Taylor, Ryan D | See Remarks | Direct | Sell | 11242025 | 163.99 | 17,761 | 2,912,566 | 47,508,391 | Form |
| 43 | Glazer, David A | See Remarks | Direct | Sell | 11242025 | 163.99 | 15,557 | 2,551,122 | 68,154,335 | Form |
| 44 | Sankar, Shyam | See Remarks | Direct | Sell | 11242025 | 163.99 | 149,872 | 24,576,902 | 105,407,870 | Form |
| 45 | Cohen, Stephen Andrew | See Remarks | Direct | Sell | 11242025 | 163.99 | 308,635 | 50,611,809 | 97,080 | Form |
| 46 | Karp, Alexander C | See Remarks | Direct | Sell | 11242025 | 163.99 | 359,325 | 58,924,266 | 1,054,800,191 | Form |
| 47 | Moore, Alexander D | Direct | Sell | 11052025 | 204.54 | 20,000 | 4,090,887 | 252,198,658 | Form | |
| 48 | Stat, Lauren Elaina Friedman | Direct | Sell | 10072025 | 186.39 | 800 | 149,112 | 11,572,396 | Form | |
| 49 | Moore, Alexander D | Direct | Sell | 10032025 | 184.01 | 20,000 | 3,680,225 | 230,562,038 | Form | |
| 50 | Stat, Lauren Elaina Friedman | spouse | Sell | 9222025 | 177.60 | 9,000 | 1,598,400 | 9,021,014 | Form | |
| 51 | Stat, Lauren Elaina Friedman | spouse | Sell | 9152025 | 165.95 | 21,000 | 3,484,866 | 9,922,576 | Form | |
| 52 | Taylor, Ryan D | See Remarks | Direct | Sell | 9092025 | 158.35 | 36,048 | 5,708,057 | 48,686,645 | Form |
| 53 | Moore, Alexander D | Direct | Sell | 9042025 | 156.42 | 20,000 | 3,128,318 | 199,113,986 | Form | |
| 54 | Glazer, David A | See Remarks | Direct | Sell | 9042025 | 154.47 | 81,000 | 12,511,782 | 66,601,144 | Form |
| 55 | Buckley, Jeffrey | See Remarks | Direct | Sell | 9032025 | 157.00 | 2,803 | 440,071 | 8,000,877 | Form |
| 56 | Sankar, Shyam | See Remarks | Direct | Sell | 8222025 | 159.55 | 30,000 | 4,786,457 | 112,128,497 | Form |
| 57 | Buckley, Jeffrey | See Remarks | Direct | Sell | 8222025 | 155.75 | 1,076 | 167,592 | 8,373,987 | Form |
| 58 | Taylor, Ryan D | See Remarks | Direct | Sell | 8222025 | 155.75 | 9,211 | 1,434,648 | 53,504,208 | Form |
| 59 | Glazer, David A | See Remarks | Direct | Sell | 8222025 | 155.75 | 8,047 | 1,253,350 | 73,889,378 | Form |
| 60 | Sankar, Shyam | See Remarks | Direct | Sell | 8222025 | 155.75 | 77,769 | 12,112,815 | 109,461,569 | Form |
| 61 | Cohen, Stephen Andrew | See Remarks | Direct | Sell | 8222025 | 155.75 | 160,164 | 24,946,145 | 92,206 | Form |
| 62 | Karp, Alexander C | See Remarks | Direct | Sell | 8222025 | 155.75 | 186,194 | 29,000,415 | 1,001,848,340 | Form |
| 63 | Buckley, Jeffrey | See Remarks | Direct | Sell | 8222025 | 151.36 | 1,289 | 195,108 | 8,300,807 | Form |
| 64 | Taylor, Ryan D | See Remarks | Direct | Sell | 8222025 | 151.37 | 11,026 | 1,668,970 | 53,391,442 | Form |
| 65 | Glazer, David A | See Remarks | Direct | Sell | 8222025 | 151.37 | 9,633 | 1,458,115 | 73,026,222 | Form |
| 66 | Sankar, Shyam | See Remarks | Direct | Sell | 8222025 | 151.37 | 93,092 | 14,090,976 | 106,378,001 | Form |
| 67 | Sankar, Shyam | See Remarks | Direct | Sell | 8222025 | 151.20 | 375,000 | 56,699,646 | 106,260,579 | Form |
| 68 | Cohen, Stephen Andrew | See Remarks | Direct | Sell | 8222025 | 151.37 | 191,720 | 29,019,923 | 89,609 | Form |
| 69 | Karp, Alexander C | See Remarks | Direct | Sell | 8222025 | 151.37 | 222,878 | 33,736,205 | 973,626,703 | Form |
| 70 | Taylor, Ryan D | See Remarks | Direct | Sell | 8072025 | 175.00 | 30,000 | 5,250,000 | 63,657,125 | Form |
| 71 | Moore, Alexander D | Direct | Sell | 8052025 | 154.73 | 20,000 | 3,094,523 | 200,057,515 | Form | |
| 72 | Taylor, Ryan D | See Remarks | Direct | Sell | 7172025 | 150.00 | 33,335 | 5,000,250 | 54,563,250 | Form |
| 73 | Stat, Lauren Elaina Friedman | Direct | Sell | 7112025 | 139.61 | 800 | 111,688 | 8,779,654 | Form | |
| 74 | Woersching, Eric H | Direct | Sell | 7032025 | 130.95 | 10,214 | 1,337,545 | 307,476 | Form | |
| 75 | Moore, Alexander D | Direct | Sell | 7032025 | 131.06 | 20,000 | 2,621,113 | 172,073,192 | Form | |
| 76 | Taylor, Ryan D | See Remarks | Direct | Sell | 7032025 | 135.31 | 33,335 | 4,510,452 | 49,218,525 | Form |
Investor Activity (13F)
Updated Jul 23, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Cypress Point Wealth Management, LLC | $135.7 Mil | 29.2% | 123 | Hold | 13F |
| Allen Operations LLC | $164.6 Mil | 24.6% | 36 | Hold | 13F |
| Allen Holding Inc /Ny | $219.4 Mil | 21.8% | 9 | TRIM -6.3% | 13F |
| Defender Capital, LLC. | $41.7 Mil | 14.8% | 34 | ADD +17.4% | 13F |
| Fortress Private Ledger, LLC | $40.9 Mil | 12.8% | 245 | ADD +5.4% | 13F |
| UNICOM Systems, Inc. | $122.7 Mil | 12.6% | 32 | Hold | 13F |
| Dock Street Asset Management Inc | $108.9 Mil | 11.5% | 58 | Hold | 13F |
| Hound Partners, LLC | $79.4 Mil | 10.0% | 34 | Hold | 13F |
| Heard Capital LLC | $193.3 Mil | 10.0% | 21 | ADD +46.4% | 13F |
| FFG Partners, LLC | $20.9 Mil | 8.3% | 35 | TRIM -8.9% | 13F |
| KEYWISE CAPITAL MANAGEMENT (HK) Ltd | $46.8 Mil | 7.9% | 10 | TRIM -84.3% | 13F |
| SW Investment Management LLC | $24.9 Mil | 5.5% | 8 | Hold | 13F |
| Hyperion Asset Management Ltd | $143.1 Mil | 4.6% | 18 | TRIM -35.4% | 13F |
| Matthew 25 Management Corp | $12.5 Mil | 4.2% | 20 | New | 13F |
| Elite Wealth Management, Inc. | $9.6 Mil | 3.1% | 49 | TRIM -8.1% | 13F |
| KADENSA CAPITAL Ltd | $20.6 Mil | 2.9% | 39 | ADD +7.5% | 13F |
| Westwood Wealth Management | $6.3 Mil | 2.5% | 42 | New | 13F |
| Ratan Capital Management LP | $5.5 Mil | 2.0% | 37 | New | 13F |
| Ithaka Group LLC | $9.5 Mil | 2.0% | 38 | Hold | 13F |
| Science & Technology Partners, L.P. | $7.5 Mil | 2.0% | 42 | New | 13F |
| Parker Investment Management, LLC | $12.9 Mil | 2.0% | 37 | ADD +35.9% | 13F |
| BSN CAPITAL PARTNERS Ltd | $37.4 Mil | 1.8% | 41 | New | 13F |
| Proem Advisors LLC | $5.2 Mil | 1.7% | 29 | New | 13F |
| Archon Partners LLC | $14.6 Mil | 1.7% | 39 | TRIM -13.0% | 13F |
| CTC LLC | $18.6 Mil | 1.5% | 25 | TRIM -60.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| BSN CAPITAL PARTNERS Ltd | $37.4 Mil | 1.8% | 41 | New | 13F |
| Matthew 25 Management Corp | $12.5 Mil | 4.2% | 20 | New | 13F |
| Science & Technology Partners, L.P. | $7.5 Mil | 2.0% | 42 | New | 13F |
| Westwood Wealth Management | $6.3 Mil | 2.5% | 42 | New | 13F |
| Ratan Capital Management LP | $5.5 Mil | 2.0% | 37 | New | 13F |
| Proem Advisors LLC | $5.2 Mil | 1.7% | 29 | New | 13F |
| Heard Capital LLC | $193.3 Mil | 10.0% | 21 | ADD +46.4% | 13F |
| Parker Investment Management, LLC | $12.9 Mil | 2.0% | 37 | ADD +35.9% | 13F |
| Defender Capital, LLC. | $41.7 Mil | 14.8% | 34 | ADD +17.4% | 13F |
| KADENSA CAPITAL Ltd | $20.6 Mil | 2.9% | 39 | ADD +7.5% | 13F |
| Fortress Private Ledger, LLC | $40.9 Mil | 12.8% | 245 | ADD +5.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| RK Capital Management, LLC/FL | $62.2 Mil | 3.9% | 20 | Exited | Dec 31, 2025 | 13F |
| Agave Capital Management Ltd | $23.4 Mil | 3.9% | 23 | Exited | Dec 31, 2025 | 13F |
| VMS Asset Management Limited | $5.4 Mil | 2.1% | 42 | Exited | Dec 31, 2025 | 13F |
| KEYWISE CAPITAL MANAGEMENT (HK) Ltd | $46.8 Mil | 7.9% | 10 | TRIM -84.3% | Mar 31, 2026 | 13F |
| CTC LLC | $18.6 Mil | 1.5% | 25 | TRIM -60.4% | Mar 31, 2026 | 13F |
| Hyperion Asset Management Ltd | $143.1 Mil | 4.6% | 18 | TRIM -35.4% | Mar 31, 2026 | 13F |
| Archon Partners LLC | $14.6 Mil | 1.7% | 39 | TRIM -13.0% | Mar 31, 2026 | 13F |
| FFG Partners, LLC | $20.9 Mil | 8.3% | 35 | TRIM -8.9% | Mar 31, 2026 | 13F |
| Elite Wealth Management, Inc. | $9.6 Mil | 3.1% | 49 | TRIM -8.1% | Mar 31, 2026 | 13F |
| Allen Holding Inc /Ny | $219.4 Mil | 21.8% | 9 | TRIM -6.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Allen Holding Inc /Ny | $219.4 Mil | 21.8% | 9 | TRIM -6.3% | 13F |
| Heard Capital LLC | $193.3 Mil | 10.0% | 21 | ADD +46.4% | 13F |
| Allen Operations LLC | $164.6 Mil | 24.6% | 36 | Hold | 13F |
| Hyperion Asset Management Ltd | $143.1 Mil | 4.6% | 18 | TRIM -35.4% | 13F |
| Cypress Point Wealth Management, LLC | $135.7 Mil | 29.2% | 123 | Hold | 13F |
| UNICOM Systems, Inc. | $122.7 Mil | 12.6% | 32 | Hold | 13F |
| Dock Street Asset Management Inc | $108.9 Mil | 11.5% | 58 | Hold | 13F |
| Hound Partners, LLC | $79.4 Mil | 10.0% | 34 | Hold | 13F |
| KEYWISE CAPITAL MANAGEMENT (HK) Ltd | $46.8 Mil | 7.9% | 10 | TRIM -84.3% | 13F |
| Defender Capital, LLC. | $41.7 Mil | 14.8% | 34 | ADD +17.4% | 13F |
| Fortress Private Ledger, LLC | $40.9 Mil | 12.8% | 245 | ADD +5.4% | 13F |
| BSN CAPITAL PARTNERS Ltd | $37.4 Mil | 1.8% | 41 | New | 13F |
| SW Investment Management LLC | $24.9 Mil | 5.5% | 8 | Hold | 13F |
| FFG Partners, LLC | $20.9 Mil | 8.3% | 35 | TRIM -8.9% | 13F |
| KADENSA CAPITAL Ltd | $20.6 Mil | 2.9% | 39 | ADD +7.5% | 13F |
| CTC LLC | $18.6 Mil | 1.5% | 25 | TRIM -60.4% | 13F |
| Archon Partners LLC | $14.6 Mil | 1.7% | 39 | TRIM -13.0% | 13F |
| Parker Investment Management, LLC | $12.9 Mil | 2.0% | 37 | ADD +35.9% | 13F |
| Matthew 25 Management Corp | $12.5 Mil | 4.2% | 20 | New | 13F |
| Elite Wealth Management, Inc. | $9.6 Mil | 3.1% | 49 | TRIM -8.1% | 13F |
| Ithaka Group LLC | $9.5 Mil | 2.0% | 38 | Hold | 13F |
| Science & Technology Partners, L.P. | $7.5 Mil | 2.0% | 42 | New | 13F |
| Westwood Wealth Management | $6.3 Mil | 2.5% | 42 | New | 13F |
| Ratan Capital Management LP | $5.5 Mil | 2.0% | 37 | New | 13F |
| Proem Advisors LLC | $5.2 Mil | 1.7% | 29 | New | 13F |
PLTR Trade Sentinel
Stock Conviction
Constructive
CONVICTION RATIONALE
The business is inflecting, with revenue growth accelerating for eleven straight quarters to 84.7%. Demand is contractually visible, with remaining performance obligations up 134% year-over-year. The primary uncertainty is whether its technological lead can withstand long-term competition from larger rivals, justifying a constructive but watchful stance on the company's prospects.
STOCK ARCHETYPE
Enterprise AI Platform(Number of Customers) x (Average Revenue Per Customer), with significant contribution from the expansion of existing customer contracts. Operating Leverage. Revenue is growing dramatically faster than operating expenses, leading to rapid expansion of operating margins.
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INVESTMENT THESIS
Evidence suggests yes. The Artificial Intelligence Platform (AIP) is driving a historic demand inflection, positioning the company as a key enabler of enterprise AI.
Mechanism:
AIP adoption drives larger initial deals and faster expansion, reflected in 150% net dollar retention, compounding revenue on a growing customer base.
Supporting Evidence:
- U.S. Commercial revenue grew 133% year-over-year in the latest quarter.
- Overall revenue growth accelerated for the 11th consecutive quarter to 84.7% YoY.
- Remaining Performance Obligations, a measure of contracted backlog, grew 134% YoY.
- Net dollar retention accelerated to 150%, up from 139% in the prior quarter.
PRIMARY RISK
Competitors like Microsoft have vast resource advantages, including a research budget 59 times larger and an established global salesforce, posing a long-term structural threat.
Mechanism:
A deceleration in U.S. Commercial revenue growth below the guided 120% rate would signal the competitive moat is being breached.
Supporting Evidence:
- Palantir's annual R&D spend is $583.8 million.
- The company states it has only 70 salespeople, versus a peer norm of 7,000.
- The top three customers accounted for 16% of revenue in 2025.
- Accounts receivable grew 93.8% YoY, outpacing revenue growth of 84.7%.
Key KPI Watchlist
| KPI | Status | Rationale |
|---|---|---|
| U.S. Commercial Revenue Growth | 133% year-over-year growth for Q1 2026 - Accelerating | While the reported year-over-year growth rate shows a slight sequential deceleration, management clarified that a customer program transition to the U.S. government segment masked underlying strength. Adjusted for this, growth would have been 143% year-over-year, indicating continued acceleration. |
| Net Dollar Retention | 150% in Q1 2026 - Accelerating | Net dollar retention has shown strong and consistent acceleration over the past three quarters, indicating that the company is successfully expanding its relationships and revenue from existing customers at an increasing rate. |
| Rule of 40 Score | 145 (Q1 FY2026) | Market rewards A score above 40 is generally considered strong for a software company.. A measure combining revenue growth and profitability (Adjusted Operating Margin). A score of 145 indicates elite performance in both growth and margin expansion simultaneously. |
| Total Remaining Deal Value (TRDV) | $11.8 billion (End of Q1 FY2026) | The total remaining value of contracts with customers, providing a measure of potential future revenue under contract. |
| Customer Count | 1,007 (End of Q1 FY2026) | The total number of customers, indicating the breadth of adoption and new customer acquisition. |
Core Investment Debate
Defensible Moat vs. Incumbent Scale
BULL VIEW
The company's 'Ontology' is a unique asset creating a 'no-slop zone' for AI that competitors cannot easily replicate, driving triple-digit growth in the key U.S. Commercial segment.
CORE TENSION
Can Palantir's 133% U.S. Commercial growth outrun Microsoft's R&D spend, a tension the market highlighted with a -6.0% post-earnings stock reaction?
PREVAILING SENTIMENT
CAUTIOUSLY BULLISH
Current leading indicators favor the bull case. A 134% YoY increase in Remaining Performance Obligations suggests the company's backlog is growing even faster than its already high revenue.
BEAR VIEW
Microsoft's massive R&D budget and distribution will eventually commoditize the AI platform layer, making Palantir's current lead temporary and its valuation unsustainable.
Next 6 months: Risks and Catalysts
| Timeline | Event & Metric To Watch |
|---|---|
August 3, 2026 | Growth Deceleration Versus High Expectations Watch: Q2 U.S. Commercial revenue growth rate and management's commentary on sales cycle velocity and deal size. |
Monday, August 3, 2026 | Second Quarter Earnings Report Watch: Company to release results for its second quarter ended June 30, 2026, and host a webcast. |
August 25 - October 28, 2026 | Competitive Pressure From Hyperscalers Watch: Peer earnings calls from SNOW, MSFT, and AMZN for commentary on enterprise AI customer wins and pricing. |
Q3 2026 | U.S. Government Budget Delays Watch: News flow regarding U.S. federal budget negotiations and the potential for a continuing resolution or government shutdown. |
10/21/2026 | Peer IBM Earnings Watch: Peer International Business Machines (IBM) is scheduled to report earnings. |
10/27/2026 | Peers Alphabet and Microsoft Earnings Watch: Peers Alphabet (GOOGL) and Microsoft (MSFT) are scheduled to report earnings, offering insight into hyperscaler AI competition. |
11/2/2026 | Third Quarter Earnings Report Watch: The next scheduled earnings report for Palantir Technologies, covering the third quarter of 2026. |
Key Events in Last 6 Months
| Date | Event | Stock Impact |
|---|---|---|
2026-07-07 | Expansion into Latin America Details: On July 7, 2026, Palantir announced an enterprise expansion with GNP Seguros, the largest insurer in Mexico, marking its first publicly announced commercial customer in Latin America. | -0.2% $132.54 -> $132.22 |
2026-06-29 | NVIDIA Sovereign AI Initiative Details: On June 29, 2026, Palantir announced a strategic initiative with NVIDIA to deliver an engine for running NVIDIA AI and Nemotron open models in sovereign environments. | +3.3% $112.93 -> $116.67 |
2026-05-04 | Q1 2026 Earnings and Guidance Raise Details: On 5/4/2026, the company reported 84.7% YoY revenue growth and raised its full-year 2026 revenue guidance by 6.5%. The stock reacted negatively, falling 6.0%. | -5.7% $144.07 -> $135.91 |
2026-04-28 | Cleveland-Cliffs AI Partnership Details: On April 28, 2026, Cleveland-Cliffs announced a multi-year strategic partnership with Palantir to deploy advanced AI-driven solutions across its operations. | -3.6% $143.10 -> $137.97 |
2026-03-26 | Bain & Company Partnership Expanded Details: On March 26, 2026, Bain & Company announced an expansion of its lead global management consulting partnership with Palantir to accelerate AI-powered impact for clients. | -7.7% $154.96 -> $143.06 |
2026-03-24 | Maven AI Becomes Program of Record Details: On March 24, 2026, news indicated Palantir's Maven AI became a Pentagon program of record, securing long-term, budgeted government contracts. | -3.7% $160.84 -> $154.96 |
2026-02-02 | Q4 2025 Earnings Report Details: The company reported Q4 results on February 2, 2026. The stock had a positive two-day reaction of 8.0% versus 0.0% for the S&P 500. | +7.7% $146.59 -> $157.88 |
Risk Management
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: PLTR trades at roughly 57% annualized options-implied volatility versus about 15% for the S&P 500 (3.8x the market), around the 96th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
MSFT - Microsoft
Incumbent PowerhouseMicrosoft offers exposure to enterprise AI with a much larger, more diversified business model, a vast distribution network, and significantly greater R&D scale.
Core Thesis: Investing in the dominant cloud and enterprise software provider that is successfully integrating AI across its entire product suite.
SNOW - Snowflake
Data Cloud CompetitorSnowflake provides a more focused investment in the cloud data platform space, a direct competitor for the foundational data layer upon which AI applications are built.
Core Thesis: Investing in a leading cloud-native data platform that benefits from the explosion in data volumes required for AI workloads.
How Is The Market Pricing PLTR?
Palantir is an AI infrastructure company whose moat is its 'operating system' for enterprise data (Ontology), which enables the reliable, large-scale deployment of AI models.
Palantir is experiencing a massive growth inflection driven by its Artificial Intelligence Platform (AIP), particularly in the U.S. commercial market. The company's core thesis is that while AI models are becoming a commodity, the true value lies in the platform that can safely connect these models to an enterprise's complex, real-world operations. This 'no-slop zone' approach is resonating, leading to accelerating revenue, dramatic margin expansion, and a market position where demand far outstrips supply.
What will confirm the thesis
Continued triple-digit U.S. commercial growth; announcements of enterprise-wide AIP deployments by companies; major expansions of critical U.S. government programs.
What will damage the thesis
A material deceleration in U.S. commercial growth below the guided 120% rate; evidence of a major competitor successfully replicating the 'Ontology' concept at scale; a slowdown in net dollar retention.
Noise: Real but irrelevant to thesis
Stock price volatility around earnings; debates over the CEO's communication style; small international contract wins or losses.
Repricing Catalyst
The market's accelerating realization that enterprise AI requires more than just a large language model; it needs a sophisticated, secure, and reliable integration platform, a category Palantir currently dominates.
What PLTR Makes & Who Pays
TTM figures based on the twelve months through fiscal Q1 2026
Government
$2.8B TTM (53% of Total) · 103% MarginWhat It Is
Sells the Gotham, Foundry, and AIP platforms to government agencies, including defense, intelligence, and civilian entities in the U.S. and allied nations.
Who Pays & How
Government agencies write the check to power a wide array of missions, including improving situational awareness on the battlefield, accelerating operational decision-making, and supporting functions like securing supply chains and preventing fraud.
Multi-year contracts, which may be subject to termination for convenience provisions and depend on government budgeting processes.
Competition
Internal software development efforts by potential customers, large government contractors, and system integrators.
Competitors may have greater name recognition, longer operating histories, larger sales budgets, and substantially greater financial and technical resources.
The ability to tackle large-scale, complex, and technologically demanding problems that raise the barriers to entry for competition, establishing trust by solving a customer's most challenging problems first.
Commercial
$2.5B TTM (47% of Total) · 100% MarginWhat It Is
Sells the Foundry and AIP platforms to commercial enterprises across industries including insurance, automotive, energy, healthcare, and manufacturing.
Who Pays & How
Enterprises write the check to create a central operating system for their data and operations, enabling them to deploy AI securely and effectively to transform core business processes like underwriting, claims, and supply chain management.
Multi-year contracts, with a focus on expanding deployments across the enterprise over time.
Competition
Internal software development efforts, large enterprise software companies like Microsoft and Alphabet, and more direct competitors like Snowflake.
Larger competitors have broader product offerings and can leverage existing customer relationships, potentially bundling products or selling at zero or negative margins.
The Palantir Ontology, which serves as a foundational representation of an organization, allowing AI to interact with enterprise data and operations in a structured, governed, and effective way, which competitors reportedly cannot replicate.
PLTR Evolution: Price Return by Era
Founded in 2003 · Government & Intelligence Focus
The company was founded to build software for the U.S. intelligence community to assist in counterterrorism. This era was defined by deep, bespoke work with government agencies, establishing its reputation for solving complex data problems in high-stakes environments. Revenue was heavily skewed towards the Government segment.
· Commercial Expansion & Productization
Palantir began adapting its technology for commercial enterprises, developing the Foundry platform as a central operating system for corporate data. This period saw the company build out its commercial business, though growth was not yet explosive.
Began in 2023 · The AIP Inflection
+169%
The launch of the Artificial Intelligence Platform (AIP) in 2023 marked a major inflection point. AIP enabled customers to leverage breakthroughs in generative AI on top of their existing data foundations in Foundry and Gotham, unleashing what management describes as "insatiable demand" and driving hyper-growth, particularly in the U.S. commercial market.
Market Is In Wait-and-See Mode
Price structure is in a downtrend. Multiple SMA levels broken and declining. Thesis requires reclaiming 200D before any bull case is credible. Relative to SPY: Lagging the market on the 63D window, but 'relative strength' is beginning to stabilize; watch for inflection. Volume and momentum show mild positive lean. The accumulation signals present but not yet dominant. Earnings history is mildly supportive. The reaction or drift are positive but not both at full conviction.
① Structure
-4
Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.
② Volume / Momentum
+1
Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.
③ Catalyst
+1
Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.
Combined Score
-2 / 12
1
Price Structure & Trend
Downtrend · -
▾
2
Momentum
Mixed
▾
3
Relative Strength vs. SPY
Recovering Relative Strength
▾
4
Institutional Footprint & Volume
Mild Accumulation
▾
5
Volatility
Normal
▾
6
Key Price Levels
Range · Vol Falling
▾
7
Earnings Reaction History
Inconsistent
▾
8
How the Verdict Is Derived
Three Pillars
▾
Palantir Technologies — Investor Video Playlist
Products & Services
Feature Release: Bring Your Own Model to AIP with Registered Models | DevCon 6
Products & Services
Product Launch: Agent Engine | DevCon 6
Leadership
Palantir CEO Alex Karp bashes AI token model amid higher costs
Investor / Analyst
Palantir Technologies | Q1 2026 Earnings Webcast
Products & Services
Preventing Payer Denials in Healthcare | R1 RCM at Paragon 2025
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 7/22/2026