- Company name
- Palantir Technologies
- Sector
- Data & AI software
- About
- Palantir Technologies builds software platforms that help governments and companies combine their data and use AI to make decisions. Gotham serves defense and intelligence agencies. Foundry and its Ontology connect the data and operations of a business. AIP adds large language models to these platforms, and Apollo deploys and updates the software in many environments. In the first nine months of 2026, 51% of revenue came from government customers and 49% from commercial customers, and 81% came from the United States. Palantir had 1,090 customers in the twelve months to September 30, 2026. Revenue was $4.48 billion in 2025, and the company guides $8.530 billion to $8.534 billion for 2026.
- Thesis
- The market doubts that Palantir can keep its very fast growth long enough to support its value. Revenue grew 96% to $2.313 billion in Q3 2026, and U.S. commercial revenue grew 148%. But new contracts slowed in the same quarter. Total contract value grew only 6% from a year earlier, after 49% growth in Q2 2026. U.S. commercial remaining deal value grew only 4% from Q2. Remaining performance obligations were only $4.9 billion, and most contracts allow customers to end them for convenience. The share price fell in the days after the report. The value depends on revenue that grows to many times its current size over the next ten years. For the gap to close, three things must be true. Q4 2026 revenue must reach the guidance of $2.649 billion to $2.653 billion. New bookings and U.S. commercial remaining deal value must grow strongly again. The 2027 guidance must show high revenue growth while the adjusted operating margin stays near 60%. The Q4 2026 report, expected in early February 2027, gives the next test and the first 2027 guidance. If bookings recover, the gap can close over the next two to four quarters. If bookings stay slow, growth can fall faster than the price assumes.
- Risks
- The value depends on many years of very fast growth. Total contract value grew only 6% in Q3 2026 and U.S. commercial remaining deal value grew only 4% from Q2. If bookings stay slow, revenue growth can fall fast.
Government customers gave 51% of revenue in the first nine months of 2026. Budgets, policy changes and the timing of awards are hard to predict, and most contracts can be ended for convenience.
A small number of customers give a large part of revenue. The top twenty customers paid an average of $146 million each in the twelve months to September 30, 2026.
Large software and cloud companies build similar tools. Oracle said in September 2026 that its AI Data Platform creates enterprise ontologies automatically.
Stock-based compensation was $786 million in the first nine months of 2026. The diluted share count of 2,574 million in Q3 2026 was above the 2,406 million basic shares.
- Balance sheet
- Cash: $10.6B
Debt: $0.0M
Net cash: $10.6B
Undrawn credit line: $500M, to March 2027
Debt due within 12 months: $0.0M
Palantir has no debt. At September 30, 2026, cash and cash equivalents were $3.62 billion and marketable securities were $6.94 billion, for $10.56 billion. Its $500 million secured revolving credit facility matures on March 31, 2027 and had no borrowings. Noncurrent operating lease liabilities were $225 million. In the first nine months of 2026, operating cash flow was $3.32 billion and capital spending was $30 million. Accounts receivable rose to $1.88 billion from $1.04 billion at the end of 2025 as revenue grew. Palantir pays no dividend.
As of 2026-09-30.
- Checkpoints
- Feb 1, 2027 (estimate): Q4 2026 results and 2027 guidance. Pending. Watch: Q4 revenue at or above $2.649 billion, more total contract value than in Q3 2026 and 2027 guidance for high revenue growth pass; slow bookings again or weak 2027 guidance fail.
May 2027 (estimate): Q1 2027 bookings and remaining deal value. Pending. Watch: U.S. commercial remaining deal value that grows faster than the 4% of Q3 2026 passes; flat or falling remaining deal value fails.
- Recent events
- 2026-11-02: Palantir reported Q3 2026 results. Revenue grew 96% to $2.313 billion, U.S. commercial revenue grew 148% to $984 million and U.S. government revenue grew 96% to $953 million. GAAP operating margin was 47%, and adjusted free cash flow was $1.216 billion. Total contract value grew 6% to $2.918 billion. It raised its 2026 guidance to revenue of $8.530 billion to $8.534 billion and adjusted free cash flow of $4.8 billion to $5.0 billion.
2026-09-10: Oracle launched its AI Data Platform and said that it automatically creates enterprise ontologies. Oracle named Palantir as the company that pioneered ontologies built for each customer, so this product competes with Palantir's Foundry.
2026-08-03: Palantir reported Q2 2026 results. Revenue grew 93% to $1.935 billion, and U.S. commercial revenue grew 149% to $764 million. Total contract value grew 49% to $3.373 billion, with a record $2.132 billion in U.S. commercial. It raised its 2026 revenue guidance to $8.150 billion to $8.158 billion.
2026-05-04: Palantir reported Q1 2026 results. Revenue grew 85% to $1.633 billion, and U.S. revenue grew 104%. It raised its 2026 revenue guidance to $7.650 billion to $7.662 billion.
2026-02-02: Palantir reported 2025 results. Revenue grew 56% to $4.475 billion, and GAAP net income was $1.625 billion. Q4 2025 total contract value was a record $4.262 billion. It gave 2026 guidance of revenue of $7.182 billion to $7.198 billion and adjusted free cash flow of $3.925 billion to $4.125 billion.