Defense AI · Data Platforms · Operational Software
Palantir Technologies
Enterprise software for integrating data, deploying artificial intelligence and running operational workflows across government and industry.
PLTR
Nasdaq
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 to manage 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. That distinction matters in defense: Palantir can run across commercial cloud, classified cloud, on-premises systems and tactical edge hardware while preserving permissions and audit trails.
Government work remains central. Palantir supports the Department of Defense, the U.S. Intelligence Community, federal civilian agencies and allied governments. Commercial revenue now approaches half of total revenue as manufacturers, utilities, health systems and financial institutions adopt Foundry and the Artificial Intelligence Platform.
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. Palantir deploys Gotham in classified environments and at operational edges.
Foundry creates a governed data layer for commercial and government organizations. Its ontology maps data to real-world objects, processes and decisions. Customers use it for manufacturing, supply chains, maintenance, health operations, energy systems and enterprise planning.
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. Apollo underpins Palantir's ability to maintain one software stack across mixed infrastructure.
The Artificial Intelligence Platform, or AIP, connects large language models and other artificial intelligence systems to governed data and operational workflows. AIP applies role-based permissions, audit controls, evaluation tools and human approval steps so customers can use models without giving them unrestricted access to sensitive data.
Palantir Federal Cloud Service provides accredited hosting for U.S. government workloads. PFCS Forward extends Defense Information Systems Agency Impact Level 5 and Impact Level 6 authorization to on-premises and edge deployments. The stack can include Gotham, Foundry, Apollo, Rubix, AIP and Mission Manager on hardware chosen by the customer.
Maven Smart System is a Department of Defense program that uses Palantir software for artificial intelligence-enabled battlespace awareness, data integration and decision support. Palantir holds the principal software contract, but Maven remains a government program rather than a standalone Palantir product.
The Tactical Intelligence Targeting Access Node, or TITAN, integrates data from space, high-altitude, aerial and terrestrial sensors inside mobile Army ground stations. The Army selected Palantir to mature 10 prototypes, split between five Advanced and five Basic configurations.
Army Vantage provides an enterprise data platform for readiness, logistics, personnel and financial analysis. In Next Generation Command and Control, or NGC2, Anduril leads the Army's common data baseline initiative. Palantir is a core partner providing Foundry for the edge-to-cloud data mesh, while Raft contributes registry, transformation and federation capabilities. The Army plans to validate the architecture through operational experimentation before broader delivery.
MetaConstellation orchestrates satellite data, tasking and artificial intelligence workflows across multiple commercial providers. Palantir positions it as software for multi-domain intelligence rather than as a proprietary satellite constellation.
Alexander Karp, Stephen Cohen, Peter Thiel, Joe Lonsdale and Nathan Gettings formed Palantir in 2003. Early funding included In-Q-Tel, the strategic investment arm that supports U.S. intelligence capabilities. The company first concentrated on counterterrorism, intelligence fusion and fraud analysis, then expanded from government work into commercial operations.
Gotham established the government franchise. Foundry opened a broader commercial market by translating Palantir's data-integration methods into an enterprise operating layer. Apollo solved the deployment problem 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, then transferred its Class A shares to Nasdaq on 26-NOV-2024. The company moved its principal executive offices from Denver to Aventura, Florida in 2025. It retained major operating centers in Denver, Washington, New York, London and other markets.
Palantir's FY2025 Form 10-K and Q1 2026 Form 10-Q did not disclose a material corporate acquisition. The company continues to emphasize internal product development, partnerships and controlled joint ventures rather than acquisition-led expansion. Its disclosed ventures include businesses in Japan, South Korea, the Middle East and the United States.
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 single customer produced at least 10% of FY2025 revenue.
Growth accelerated in Q1 2026. Revenue rose 85% year over year to $1.633 billion. U.S. revenue increased 104% to $1.282 billion. U.S. commercial revenue increased 133% to $595 million while U.S. government revenue increased 84% to $687 million. The company reported a 46% generally accepted accounting principles operating margin and $899 million in operating cash flow.
Palantir guided FY2026 revenue to $7.650 billion to $7.662 billion, roughly 71% growth. It expects U.S. commercial revenue of at least $3.224 billion, or at least 120% growth. The company guided Q2 revenue to $1.797 billion to $1.801 billion.
The principal growth levers include expansion inside existing customers, conversion of AIP pilots and bootcamps into production contracts, defense software demand, allied-government adoption and ecosystem distribution through cloud marketplaces and consulting partners. Large multi-year programs can accelerate growth, but appropriations, task orders and option exercises control the timing.
Palantir reported $4.5 billion in companywide remaining performance obligations at 31-MAR-2026 and $11.2 billion in total remaining deal value at 31-DEC-2025. Government total remaining deal value reached $4.4 billion. Palantir excluded $12.3 billion of indefinite-delivery, indefinite-quantity contract ceilings from total remaining deal value because agencies had not committed that funding. None of these figures equals a funded defense backlog.
Palantir's multi-class structure allows the founders' voting arrangement to control up to 49.999999% of total voting power under the terms disclosed in the 2026 proxy statement. Public Class A ownership therefore does not translate into proportional voting influence.
| Filed | Form | Description | Link |
|---|---|---|---|
| 05-MAY-2026 | 10-Q | Quarter ended 31-MAR-2026: financial statements, revenue mix, RPO, risks and liquidity. | View → |
| 04-MAY-2026 | 8-K | Q1 2026 earnings release and investor materials. | View → |
| 24-APR-2026 | DEF 14A | 2026 proxy statement: leadership, board, compensation, ownership and voting control. | View → |
| 17-FEB-2026 | 10-K | FY2025 annual report: segment results, government exposure, TRDV, joint ventures and risk factors. | View → |
| Date | Awarding Body | Program / Scope | Value | Status |
|---|---|---|---|---|
| 22-JUN-2026 | U.S. Army | Anduril leads the NGC2 common data baseline initiative; Palantir provides Foundry for the edge-to-cloud data mesh and Raft supports registry, transformation and federation. | Undisclosed | Core partner · Anduril-led |
| 31-JUL-2025 | U.S. Army | Enterprise agreement consolidating 75 contract vehicles for software, data and artificial intelligence capabilities over 10 years. | Up to $10.0B | Ceiling, not obligation |
| 20-MAY-2025 | U.S. Army Research Laboratory | Maven Smart System software licenses, modification P00005 to W911QX-24-D-0012. | $795.0M modification | Orders funded individually |
| 18-DEC-2024 | U.S. Army | Army Vantage enterprise data platform renewal and expansion through 2028. | $618.9M ceiling | Active |
| 18-SEP-2024 | U.S. Army Research Laboratory | Separate Maven Smart System user licenses, ancillary support and hardware under W911QX-24-D-0026. | $99.8M | Active to 2029 |
| 29-MAY-2024 | U.S. Army Research Laboratory | Maven Smart System firm-fixed-price prototype contract, W911QX-24-D-0012. | $480.0M | Base award |
| 06-MAR-2024 | U.S. Army | TITAN prototype maturation: 10 mobile ground stations, split between five Advanced and five Basic systems. | $178.4M | Prototype phase |
Contract ceilings show maximum ordering authority, not guaranteed revenue. Agencies must issue funded task orders or exercise options before Palantir can recognize revenue.
| Date | Insider / Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 15-JUL-2026 | Alexander Moore · Director | 10b5-1 plan sale | 16,000 | $133.20-$136.79 | ≈$2.145M |
| 02-JUL-2026 | Shyam Sankar · CTO and EVP | 10b5-1 plan sale | 185,000 | $130.00 | $24.05M |
| 20-MAY-2026 | Alexander Karp · CEO | Tax-withholding sale | 397,744 | $136.0421 | $54.11M |
| 20-MAY-2026 | David Glazer · CFO | Tax-withholding sale | 17,128 | $136.0421 | $2.33M |
Moore sold 16,000 Class A shares on 15-JUL-2026 in multiple open-market transactions under a Rule 10b5-1 plan entered into on 11-DEC-2025. Sankar's July sale was also made under a Rule 10b5-1 plan. Karp and Glazer's May transactions were automatic sales to cover tax obligations associated with equity vesting. Transaction labels describe SEC Form 4 disclosures, not management's view of valuation.
Palantir has moved beyond analytics into operational infrastructure. Its strongest position sits where data integration, security accreditation, continuous software delivery and mission workflows must work together. Defense programs such as Maven, TITAN, Army Vantage and NGC2 strengthen that position. The equity valuation already assumes years of exceptional growth, so execution risk now matters as much as competitive quality.
Execution now depends on Palantir converting rapid AIP adoption into durable production contracts while sustaining government growth. The company's $8.0 billion liquidity position, high gross margin and positive operating cash flow give it room to invest without external capital. Cloud-marketplace distribution and systems-integrator partnerships can widen reach without forcing Palantir to build every customer relationship alone.
The strongest strategic outcome would be Palantir becoming a standard operational layer across U.S. and allied defense systems, industrial supply chains and regulated enterprises. NGC2, PFCS Forward and sovereign model deployments expand the addressable market beyond conventional analytics. Repeated task orders under the Army enterprise agreement could compound that advantage.
The principal capital risk does not require a collapse in the business. Slower AIP conversion, weaker government task-order activity, procurement pushback or margin compression could undermine a valuation near 146 times trailing earnings and 64 times trailing sales. Contract ceilings provide optionality, not booked revenue.
Watch Q2 revenue against the $1.797 billion to $1.801 billion guide, FY2026 revenue against $7.650 billion to $7.662 billion, U.S. commercial growth, conversion of $4.5 billion in remaining performance obligations, government total remaining deal value, funded orders under the $10 billion Army agreement, NGC2 field validation, 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 help customers adapt the platforms to mission-specific processes. Long-running programs 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 lower-cost alternatives around open-source tools. Artificial intelligence models will continue to commoditize. Palantir must prove that its operational layer creates enough speed, security and reliability to justify premium pricing and proprietary dependence.
The 13-JUL-2026 market price implied roughly 146 times trailing earnings and 64 times trailing sales. The stock can fall sharply even if revenue keeps growing when investors reduce the multiple they will pay.
Government customers produced 54% of FY2025 revenue. Appropriations, continuing resolutions, procurement protests, security reviews and agency priorities can delay orders. Indefinite-delivery ceilings and partnership opportunity values do not guarantee funding.
Large agencies increasingly rely on Palantir software for data integration and decision support. That dependence strengthens switching costs but invites procurement scrutiny, demands for interoperability and concern about single-vendor concentration.
Palantir handles sensitive government and commercial data. A breach, accreditation failure, software defect or disruption at the tactical edge could damage customers and the company's eligibility for high-security work.
Palantir recorded $684 million in stock-based compensation during FY2025 and $202 million in Q1 2026. Continued equity issuance can dilute shareholders. Rule 10b5-1 sales and tax-withholding transactions can also create supply and perception risk.
The multi-class structure gives the founders disproportionate voting influence. Public shareholders cannot assume voting power will track economic ownership.
Palantir's work in intelligence, immigration enforcement, policing, health data and military targeting attracts scrutiny from civil-liberties groups, lawmakers and procurement watchdogs. Palantir emphasizes customer-controlled permissions, auditability and policy enforcement, but controversy can affect renewals, regulation and recruiting.
Cloud providers, data-platform companies, defense-technology firms and federal integrators can pressure pricing or replace parts of the stack. Open-architecture mandates could reduce the value of proprietary integration.
No customer accounted for at least 10% of FY2025 revenue, which limits single-customer financial concentration. Strategic concentration remains high: U.S. government programs shape Palantir's defense position, founders retain disproportionate voting power and many customers build critical workflows around one proprietary platform family.