Palantir Technologies Inc. (PLTR) - Stock report

Palantir Technologies Inc. sells software that helps large organizations connect their scattered data to daily operating decisions and workflows, and link artificial-intelligence tools to those tasks. Two kinds of customers pay for it: government bodies handling defense and intelligence work, and commercial companies in manufacturing, healthcare, telecommunications, and financial services. Palantir earns money when a customer deploys its platform and then widens the use across more users, divisions, data sources, and workflows. In 2025, government customers produced 54% of $4.5 billion in revenue and commercial customers produced 46%, with 74% of the total coming from customers in the United States and 26% from abroad.

In the quarter ended June 30, 2026, U.S. Commercial revenue grew 149% year over year to $764 million. For years Palantir leaned heavily on government work; a fast-growing commercial channel reduces that dependence and adds a second stream of contracts that can expand over time. Government revenue stayed large at $809 million, so both sides are now growing together.

In March 2026 Palantir agreed to spend at least $5.6 billion on outside cloud services over ten years, with yearly minimums between $268 million and $979 million. These are payments it owes regardless of how much customers use the capacity, so the commitment pays off only if that usage becomes sufficiently profitable.