Palantir Technologies

Market-derived figures use the 04-SEP-2026 close of $174.33 and 2.402897 billion shares outstanding at 30-JUN-2026 where applicable. P/E uses approximate trailing diluted EPS. TTM fundamentals combine FY2025 with the first six months of 2026 and remove the first six months of 2025. Remaining performance obligations are companywide noncancelable contracted revenue and are not a defense backlog.

Palantir builds software that connects fragmented data, enforces access controls and turns information into operational workflows. Its platforms sit between source systems, cloud infrastructure, artificial intelligence models and the people who make decisions. Customers use the software for military operations, intelligence analysis, manufacturing, logistics, health systems, energy networks and other high-consequence work.

The company does not primarily sell artificial intelligence models or cloud compute. It supplies the data architecture, ontology, security controls, deployment tooling and user applications that put models into production. In defense, that means Palantir can operate across commercial cloud, classified cloud, on-premises systems and tactical edge hardware while preserving permissions and audit trails.

Government work remains central, but commercial growth has accelerated sharply. Palantir supports the Department of Defense, the U.S. Intelligence Community, federal civilian agencies, allied governments and large enterprises.

Gotham

Gotham integrates intelligence, operations and sensor data for government missions. Users build common operating pictures, trace relationships, manage investigations and coordinate decisions under granular security rules.

Foundry

Foundry creates a governed data layer for commercial and government organizations. Its ontology maps data to real-world objects, processes and decisions for manufacturing, supply chains, maintenance, health operations, energy systems and enterprise planning.

Apollo

Apollo manages software delivery across cloud, classified, on-premises and edge environments. It automates deployment, updates and policy enforcement across disconnected or bandwidth-constrained systems.

Artificial Intelligence Platform

The Artificial Intelligence Platform, or AIP, connects large language models and other artificial intelligence systems to governed data and operational workflows with role-based permissions, audit controls, evaluation tools and human approval steps.

Palantir Federal Cloud Service and PFCS Forward

Palantir Federal Cloud Service provides accredited hosting for U.S. government workloads. PFCS Forward extends Impact Level 5 and Impact Level 6 capabilities to on-premises and edge deployments.

Maven Smart System

Maven Smart System is a Department of Defense program using Palantir software for artificial intelligence-enabled battlespace awareness, data integration and decision support. Maven is a government program, not a standalone Palantir product.

Tactical Intelligence Targeting Access Node

The Tactical Intelligence Targeting Access Node, or TITAN, integrates space, high-altitude, aerial and terrestrial sensor data inside mobile Army ground stations. After a competitive prototype phase, the Army moved TITAN into production on 31-AUG-2026. Palantir received a $127 million delivery order and leads overall production, while Anduril received a separate $65 million order for critical hardware and shelter integration. The two initial production orders cover eight systems: four Advanced and four Basic variants.

Army Vantage and Next Generation Command and Control

Army Vantage provides an enterprise data platform for readiness, logistics, personnel and financial analysis. In Next Generation Command and Control, Anduril leads the common data baseline initiative while Palantir contributes Foundry to the edge-to-cloud data mesh.

MetaConstellation

MetaConstellation orchestrates satellite data, tasking and artificial intelligence workflows across multiple commercial providers. It is software for multi-domain intelligence, not a Palantir-owned satellite constellation.

Defense Briefing preserves the distinction between funded awards, modifications, ceilings and potential ordering authority. Contract values are not added to remaining performance obligations or remaining deal value.

Palantir generated $4.475 billion in FY2025 revenue, up 56%. Government revenue reached $2.402 billion, or 54% of total revenue, while commercial revenue reached $2.073 billion. U.S. revenue accounted for $3.320 billion, or 74% of total revenue. No customer represented at least 10% of FY2025 revenue.

Growth accelerated in Q2 2026. Revenue rose 93% year over year to $1.935 billion. U.S. revenue increased 115% to $1.573 billion. U.S. commercial revenue rose 149% to $764 million while U.S. government revenue rose 90% to $809 million. Palantir reported $912 million in generally accepted accounting principles operating income, a 47% margin, $1.062 billion in net income attributable to common stockholders and $1.216 billion in operating cash flow.

Palantir raised FY2026 revenue guidance to $8.150 billion to $8.158 billion and U.S. commercial revenue guidance to more than $3.424 billion, representing growth of at least 134%. Adjusted operating income guidance rose to $4.889 billion to $4.897 billion and adjusted free cash flow guidance to $4.5 billion to $4.7 billion.

At 30-JUN-2026, remaining performance obligations were $4.9 billion. Palantir expected about 43% to be recognized over the next 12 months, 36% over the following 13 to 36 months and the rest thereafter. RPO excludes cancelable contracted revenue and contracts of 12 months or less under the company's elected accounting practical expedient, so it is not a complete measure of future business.

Company-defined operating metrics also show demand momentum: Q2 total contract value was $3.373 billion, U.S. commercial TCV was $2.132 billion, U.S. commercial remaining deal value was $6.238 billion and total remaining deal value was $13.1 billion. Those measures are not interchangeable with RPO or a defense backlog.

Execution depends on converting rapid AIP adoption into durable production contracts while sustaining government growth. The company's $9.2 billion liquidity position, high gross margin and strong operating cash flow give it room to invest without external capital.

The strongest strategic outcome is Palantir becoming a standard operational layer across U.S. and allied defense systems, industrial supply chains and regulated enterprises. NGC2, PFCS Forward and sovereign deployment tools expand the addressable market beyond conventional analytics.

The principal capital risk does not require a collapse in the business. Slower AIP conversion, weaker government task-order activity, procurement resistance or margin compression could pressure a stock valued at roughly 149 times trailing diluted earnings and about 68 times trailing sales using the 04-SEP-2026 close. Contract ceilings provide optionality, not booked revenue.

Key Indicators

Watch Q3 revenue against the $2.160 billion to $2.164 billion guide, FY2026 revenue against $8.150 billion to $8.158 billion, U.S. commercial revenue against the $3.424 billion floor, conversion of $4.9 billion in RPO, funded orders under the $10 billion Army agreement, execution of the first TITAN production systems, NGC2 field validation, adjusted operating-margin durability, stock-based compensation and dilution.

Palantir's main advantage comes from integration depth rather than one algorithm. Its ontology links data to operational objects, actions and permissions. Gotham and Foundry sit inside customer workflows while Apollo keeps the stack updated across mixed infrastructure. AIP adds model orchestration without discarding the governed data layer beneath it.

Defense accreditation strengthens the moat. Palantir can deploy into classified cloud, on-premises networks and tactical edges where ordinary enterprise software cannot operate. Forward-deployed engineers adapt the platforms to mission-specific processes. Long-running deployments then create switching costs through trained users, embedded workflows, data models and integration work.

The moat has limits. Customers increasingly demand modular architectures, open interfaces and data portability. Hyperscalers can bundle competing services with infrastructure spending. Systems integrators can assemble alternatives around open-source components. Artificial intelligence models themselves are likely to commoditize faster than the operational layer around them.

Valuation Compression

The operating business can continue to grow rapidly while the equity underperforms if revenue, margins or expected future growth fall short of assumptions embedded in the current multiple.

Government Procurement, Production and Contract Conversion

Large ceilings and framework agreements do not guarantee orders. TITAN has now moved into initial production, which adds hardware integration and delivery execution to Palantir's software-heavy risk profile. Appropriations, task-order timing, program priorities and procurement challenges can still change the pace at which potential contract value becomes funded work.

Mission Workflow Concentration

Deep integration creates switching costs but also raises the consequence of outages, cybersecurity incidents or implementation failures inside high-consequence customer environments.

Stock-Based Compensation and Insider Dispositions

Palantir remains an equity-compensation-heavy software company. Vesting, tax-withholding sales and Rule 10b5-1 sales can create dilution or headline pressure even when they do not signal a discretionary change in management's view.

Founder Voting Control

Class F common stock and related founder arrangements can give Alexander Karp, Stephen Cohen and Peter Thiel control of up to 49.999999% of total voting power while ownership thresholds are satisfied. Economic ownership and voting influence are therefore not proportional.

Political, Civil-Liberties and Reputation Risk

Use in intelligence, defense, immigration and law-enforcement settings can trigger political scrutiny, litigation risk, procurement resistance or employee/customer backlash.

Competition and Openness

Cloud platforms, defense technology firms, data-platform vendors and systems integrators can attack individual layers of Palantir's stack. Government customers may also push harder for modularity, data portability and open standards.

Peter Thiel serves as chairman. The seven-member board reelected on 03-JUN-2026 consists of Alexander Karp, Stephen Cohen, Peter Thiel, Alexander Moore, Alexandra Schiff, Lauren Friedman Stat and Eric Woersching. The 2026 proxy identified four directors as independent under Nasdaq listing rules.

Ownership and Voting Control

The 2026 proxy listed BlackRock as the only greater-than-5% Class A holder disclosed in the table, with 158.2 million Class A shares, or 6.9% of that class, based on the reporting dates and assumptions in the proxy. Founder holdings are economically smaller than 50% but are paired with the Class F voting mechanism.

The founder voting arrangement is the key ownership fact. The Class F voting trust can give Karp, Cohen and Thiel aggregate founder voting power of up to 49.999999% while the minimum founder ownership threshold is maintained. Public Class A ownership therefore does not translate into proportional voting influence.

Recent Section 16 Activity

Transaction labels follow SEC Form 4 classifications. Gifts, vesting-related tax withholding, conversions and Rule 10b5-1 open-market sales are not treated as equivalent events.

Alexander Karp, Stephen Cohen, Peter Thiel, Joe Lonsdale and Nathan Gettings formed Palantir in 2003. Early funding included In-Q-Tel, the strategic investment organization that backs capabilities relevant to U.S. intelligence agencies. The company first concentrated on counterterrorism, intelligence fusion and fraud analysis, then expanded into commercial operations.

Gotham established the government franchise. Foundry translated Palantir's data-integration approach into an enterprise operating layer. Apollo addressed deployment across mixed infrastructure. Palantir launched AIP in 2023 to connect governed data and workflows to rapidly improving artificial intelligence models.

Palantir completed a direct listing on the New York Stock Exchange on 30-SEP-2020 and transferred its Class A shares to Nasdaq on 26-NOV-2024. The company later moved its principal executive offices from Denver to Aventura, Florida. In August 2026, the Army moved Palantir-led TITAN from rapid prototyping into initial production, broadening the company's defense role from software and prototype integration into production leadership for an operational ground system.

The company continues to emphasize internal product development, partnerships and controlled joint ventures rather than acquisition-led expansion. Its strategic position now spans both commercial artificial intelligence adoption and some of the U.S. government's most consequential data and decision-support programs.