Here are 1-3 brief analogies for Palantir Technologies (PLTR):

• Google for governments and large corporations.
• Salesforce for operational data and intelligence.

• Palantir Gotham: A software platform designed for government intelligence, defense, and law enforcement agencies to integrate, visualize, and analyze vast datasets for critical operations.
• Palantir Foundry: An enterprise data operating system that helps commercial and government organizations integrate disparate data sources, build custom applications, and operationalize data-driven decision-making.
• Palantir Artificial Intelligence Platform (AIP): A platform that enables organizations to integrate, deploy, and operationalize large language models and other AI capabilities securely within their existing data and workflows.

Palantir Technologies (PLTR) - Major Customers

Palantir Technologies primarily sells its sophisticated data integration and analytics platforms to other organizations, including governments and large commercial enterprises. It does not primarily sell to individuals.

Major Government Customers:

Historically, a significant portion of Palantir's revenue has come from government contracts. Due to the sensitive nature of many of these engagements, specific details are often not publicly disclosed. However, well-known government clients include:

• The U.S. Army
• The U.S. Air Force
• The U.S. Navy
• The U.S. Centers for Disease Control and Prevention (CDC)
• The U.S. National Institutes of Health (NIH)
• The U.S. Department of Homeland Security (DHS)
• Various U.S. intelligence agencies (e.g., CIA, FBI)
• The UK National Health Service (NHS)
• The German military (Bundeswehr)

Major Commercial Customers:

Palantir also serves a diverse range of major companies across various industries globally. Notable public commercial customers include:

• Airbus (AIR.PA - Euronext Paris; also trades as EADSY on OTC markets)
• BP (BP - NYSE, LSE)
• Ferrari N.V. (RACE - NYSE)
• Rio Tinto Group (RIO - NYSE, LSE, ASX)
• Jacobs Solutions Inc. (J - NYSE)
• PG&E Corporation (PCG - NYSE)
• Tyson Foods, Inc. (TSN - NYSE)

• Amazon.com, Inc. (AMZN)
• Microsoft Corporation (MSFT)
• Alphabet Inc. (GOOGL)

Alexander Karp, Chief Executive Officer

Alexander Karp is a co-founder of Palantir Technologies and has served as its Chief Executive Officer since 2005. Prior to co-founding Palantir in 2004 with Peter Thiel and others, Karp founded the London-based money management firm Caedmon Group, where he managed investments for high-net-worth individuals.

David Glazer, Chief Financial Officer and Treasurer

David Glazer serves as the Chief Financial Officer and Treasurer of Palantir Technologies, having joined the company in 2013. Before becoming CFO, he held numerous leadership positions within Palantir. Earlier in his career, Glazer was a corporate securities attorney at Wilson Sonsini Goodrich & Rosati, where he provided legal counsel to technology companies on matters such as IPOs, equity and debt financings, mergers and acquisitions, and corporate governance.

Stephen Cohen, President

Stephen Cohen is a co-founder and the President of Palantir Technologies. He is credited with creating the initial prototype of Palantir. Before co-founding Palantir, Cohen worked with Peter Thiel at Clarium Capital. He also served as an adviser to BackType before its acquisition by Twitter in 2011. Cohen is also an angel investor, with one investment in GEENEE in the Business/Productivity Software industry.

Shyam Sankar, Chief Technology Officer and Executive Vice President

Shyam Sankar is the Chief Technology Officer and Executive Vice President of Palantir Technologies, having joined as employee #13 in 2006. He is known for pioneering the company's "forward deployed engineer" model. In addition to his role at Palantir, Sankar also serves as the Chairman of Ginkgo Bioworks. Earlier in his career, he had attempted to build a company and had turned down a consulting job to join a startup before coming to Palantir.

Ryan Taylor, Chief Revenue Officer and Chief Legal Officer

Ryan Taylor has held various positions at Palantir Technologies since 2010, currently serving as Chief Revenue Officer and Chief Legal Officer.

The key risks to Palantir Technologies (PLTR) include its elevated valuation, significant reliance on government contracts and customer concentration, and the associated ethical, regulatory, and reputational challenges.

1. High Valuation

   Palantir's stock currently trades at exceptionally high valuation multiples, such as price-to-sales (P/S) and forward price-to-earnings (P/E) ratios, which are substantially above industry averages. This premium valuation prices in sustained hyper-growth and significant margin expansion for many years, leaving little margin for error. Any failure to meet these elevated growth expectations or a shift in market sentiment could lead to a sharp correction in the stock price.

2. Dependence on Government Contracts and Customer Concentration

   A substantial portion of Palantir's revenue, approximately 55-56% in recent periods, is derived from government contracts, particularly within the U.S. government. These contracts tend to be lumpy, unpredictable, and vulnerable to changes in government priorities, budget cuts, political shifts, and increased scrutiny. Furthermore, Palantir exhibits significant customer concentration, with a small number of top clients (e.g., two-thirds of revenue from its top 20 clients in 2024) accounting for a large percentage of its total revenue. The loss or non-renewal of any major government contract or key customer could materially impact its financial performance and revenue trajectory.

3. Ethical, Regulatory, and Reputational Risks

   Palantir's deep involvement in sensitive government projects, including national security, defense, immigrant detention, and law enforcement, exposes it to considerable ethical, regulatory, and reputational risks. Critics have raised concerns regarding the potential for unprecedented surveillance capabilities and the political weaponization of personal data, which could lead to public backlash, legal challenges, and increased regulatory scrutiny related to data privacy and civil liberties. Reports have also highlighted potential security vulnerabilities in some of its military projects, indicating risks from insider threats and external attacks, which could further damage its reputation and client trust.

The rapid democratization and commoditization of advanced AI capabilities through widely accessible open-source foundational models and increasingly comprehensive, user-friendly cloud AI services presents an emerging threat to Palantir. As powerful large language models (LLMs) become more robust and available for free or at low cost, and major cloud providers (AWS, Microsoft Azure, Google Cloud) continue to enhance their integrated AI development and deployment platforms, enterprises gain greater capacity to build sophisticated AI applications internally or with more specialized, modular vendors. This trend could erode the perceived unique value proposition of Palantir’s expansive, integrated Artificial Intelligence Platform (AIP) for certain customers or use cases, particularly those with strong in-house technical teams, potentially leading to increased competition or smaller contract values where organizations opt for a "best-of-breed" or custom-built approach instead of a comprehensive, end-to-end platform.

Palantir Technologies (PLTR) operates in significant addressable markets across its main product offerings, which include Palantir Gotham, Palantir Foundry, and the Artificial Intelligence Platform (AIP).

Palantir estimates its overall total addressable market (TAM) to be approximately $120 billion. Analysts project this figure to expand to $230 billion by 2025 and potentially reach $300 billion by 2030. These estimates are considered global for the markets Palantir serves.

The addressable markets for its core products and services are broken down as follows:

• Government Sector: The total addressable market for Palantir's government operations, primarily served by its Gotham platform, is estimated at approximately $63 billion. This market largely encompasses government, defense, and intelligence agencies, with a significant portion derived from the U.S. government and its allies. Specifically, the global market size for Palantir Gotham in defense reached $2.7 billion in 2024.
• Commercial Sector: The addressable market for Palantir's commercial operations, predominantly utilizing its Foundry platform, is estimated to be around $56 billion. This market spans various global industries, including automotive, energy, financial services, retail, and telecommunications.
• Artificial Intelligence Platform (AIP): Palantir's Artificial Intelligence Platform (AIP) targets the operationalization of AI, a market estimated to be over $100 billion globally. The industrial AI market opportunity, which AIP addresses, is projected to exceed $150 billion by 2030 globally, growing from approximately $44 billion in 2024.

Palantir Technologies (PLTR) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Accelerated U.S. Commercial Growth through Artificial Intelligence Platform (AIP) Adoption: Palantir's U.S. commercial sector is a significant driver, with revenue surging notably in recent quarters (e.g., 121% year-over-year in Q3 2025). This growth is largely fueled by the strong adoption and expansion of its Artificial Intelligence Platform (AIP), which helps enterprises deploy AI securely within their existing data infrastructure and facilitates "land-and-expand" engagements with clients.
2. Sustained Demand from Government Contracts: Government business continues to be a substantial revenue source for Palantir, with U.S. government revenue increasing (e.g., 52% year-over-year in Q3 2025). The company has secured major, long-term contracts, including a $10 billion agreement with the U.S. Army and a significant defense deal with the U.K., solidifying its position in intelligence and defense sectors.
3. Strategic Market Expansion and Partnerships: Palantir is actively expanding its footprint through strategic partnerships and joint ventures. Examples include collaborations with Stagwell Inc. to launch an AI-powered marketing platform, and Aither, a joint venture in the UAE with Dubai Holding, aiming to scale AI solutions in new regions. Partnerships with companies like Lumen Technologies and Nvidia also aim to deepen its presence across various enterprise AI ecosystems.
4. Continuous Product Innovation and Feature Rollouts: The company's Artificial Intelligence Platform (AIP) is consistently cited as a primary growth catalyst, enabling businesses to interact with complex data systems through natural language. The successful rollout and adoption of new product features, such as "Flow Capture" and enhanced Foundry integrations, as well as the AI Forward Deployed Engineer (FDE) product, are crucial for maintaining its technological edge and driving customer engagement.
5. Increasing Customer Acquisition and Deeper Engagement with Existing Clients: Palantir has reported a substantial increase in its customer count (e.g., 45% year-over-year) and a record-setting Total Contract Value (TCV) bookings, which reached $2.8 billion in Q3 2025, up 151% year-over-year. A strong net dollar retention rate of 134% further indicates both the successful acquisition of new customers and expanding engagements with its existing client base.

Share Repurchases

• Palantir's board authorized its first-ever $1 billion share repurchase program on August 7, 2023.
• Approximately $320 million worth of shares were repurchased in a quarter ending November 2025, with $880 million remaining under the authorization.
• The company's annual share buybacks totaled $64.196 million in 2024.

Share Issuance

• Shares outstanding increased by 4.53% year-over-year to 2.571 billion for the quarter ending September 30, 2025.
• Shares outstanding increased by 6.65% in 2024, reaching 2.451 billion, and by 11.34% in 2023, reaching 2.298 billion.
• Historically, Palantir has funded its operations and capital expenditures primarily through equity issuances and proceeds from option exercises.

Outbound Investments

• Palantir pledged £1.5 billion towards UK investments by 2030, aimed at developing next-generation AI defense technologies.
• The company holds a portfolio of investments with a value of $9,719,645 USD, based on its latest SEC filings.
• Top holdings in its investment portfolio include Surf Air Mobility Inc. (SRFM), Rubicon Technologies, Inc. (RBT), and Lilium N.V. (LILM).

Capital Expenditures

• Annual capital expenditures were $243.3 million in 2020, $259.1 million in 2021, $780 million in 2022, $256.6 million in 2023, and $263.4 million in 2024.
• The latest twelve months capital expenditures (as of late 2025) amounted to $392.4 million.
• Capital expenditures are primarily for maintaining existing and expanding to new property, plant, and equipment.