Palantir Technologies $PLTR

Company profile

Palantir Technologies Inc. says in its Form 10-K for 2025 that it builds software that empowers organizations to integrate their data, decisions and operations at scale. It was founded in 2003 and started by building software for the U.S. intelligence community to assist in counterterrorism investigations and operations, and later began working with commercial enterprises. It has four principal software platforms: Gotham, which integrates with its broader defense offerings for defense and intelligence operations; Foundry, its foundational data operations platform; Apollo, its continuous delivery platform; and AIP, its generative AI platform, which it began deploying in 2023 and which provides secure connectivity to third-party large language models and tools for building AI-powered agents and automations.

Palantir's customers pay to use its software platforms. It generates revenue from subscriptions to its software in a hosted environment it controls (Palantir Cloud), software subscriptions in customers' own environments (On-Premises Software) and professional services, and recognizes revenue generally ratably over the contract term. It generally offers contract terms of one to five years, and many of its customer contracts contain termination for convenience provisions. It reports two operating segments, commercial and government, based on how its Chief Executive Officer manages the business; in 2025, 54% of its revenue came from government customers and 46% from commercial customers, and 74% came from customers in the United States.

Palantir's fiscal year is the calendar year, ending December 31. It was incorporated in Delaware on May 6, 2003. Its 10-K for 2025 gives its principal executive offices as Aventura, Florida, and lists Denver, Colorado as its former address. Its Class A common stock trades on the Nasdaq Stock Market under the symbol PLTR; the 10-K says it commenced trading on the New York Stock Exchange on September 30, 2020. Alexander Karp, one of its founders, is Chief Executive Officer. As of December 31, 2025 it had 954 customers and 4,429 full-time employees, according to the 10-K. At its annual meeting on June 3, 2026, stockholders elected seven directors, including its three founders, Alexander Karp, Stephen Cohen and Peter Thiel, according to a Form 8-K.

According to its 10-Q for the second quarter of 2026 (unaudited), revenue for that quarter was $1.9 billion (unaudited), a 93% growth rate from a year earlier, and income from operations was $912 million (unaudited). In the first half of 2026, 80% of revenue came from customers in the United States (unaudited), and Palantir had 1,049 customers over the trailing twelve months to June 30, 2026. In March 2026 it amended one of its third-party cloud services agreements, committing to spend at least $5.6 billion over ten contract years through February 29, 2036, according to the same 10-Q. In its August 3, 2026 results release, filed as an exhibit to a Form 8-K, Palantir raised its full-year 2026 revenue guidance to between $8.150 billion and $8.158 billion; that is a company projection, not a reported result.

Summary sources:¹²³⁴

Revenue by fiscal year, as reported in 10-K

Products

Software platforms

Revenue

Expansion of access to platforms

Segments and products

• Government: One of Palantir's two operating segments; it primarily serves customers that are U.S. government and non-U.S. government agencies. Segment revenue was $2,402,287 thousand in 2025, $1,569,605 thousand in 2024 and $1,222,215 thousand in 2023. Revenue from U.S. government customers was $1.9 billion in 2025, compared with $1.2 billion in 2024. Palantir measures segment profit as contribution (segment revenue less the related costs of revenue and sales and marketing expenses, excluding stock-based compensation; research and development and general and administrative costs are not allocated), and its 10-K also describes contribution margin as a key non-GAAP business measure: government contribution was $1,576,070 thousand in 2025, a 66% contribution margin.¹
• Commercial: Palantir's other operating segment; it primarily serves customers working in non-government industries. Segment revenue was $2,073,159 thousand in 2025, $1,295,902 thousand in 2024 and $1,002,797 thousand in 2023. Revenue from U.S. commercial customers was $1.5 billion in 2025, compared with $702.3 million in 2024. Commercial contribution, measured the same way as for the government segment, was $1,366,627 thousand in 2025, a 66% contribution margin.¹
• Revenue by geography, 2025 (not a segment): Reported separately from the segments and based on the customer's headquarters or agency location at the time of sale: United States $3,320,043 thousand (74%), United Kingdom $427,398 thousand (10%) and rest of world $728,005 thousand (16%). The 10-K says no other country represented 10% or more of total revenue in 2025, 2024 or 2023. In 2024 the figures were United States $1,900,247 thousand, United Kingdom $304,575 thousand and rest of world $660,685 thousand.¹
• Segments and geography in the first half of 2026 (unaudited): For the six months ended June 30, 2026, government revenue was $1,848,442 thousand with contribution of $1,330,517 thousand (72% margin), and commercial revenue was $1,719,605 thousand with contribution of $1,297,900 thousand (75% margin). By geography, revenue from the United States was $2,855,113 thousand (80%) and from the rest of world $712,934 thousand (20%); the 10-Q lists no other country separately and says no other country represented 10% or more of total revenue for the period. In the second quarter, revenue from U.S. government customers was $809 million and from U.S. commercial customers $764 million.²

Risks

• Dependence on government sales: Palantir says it derives a significant portion of its revenue from contracts with federal, state, local and foreign governments and government agencies, and has historically derived, and expects to continue to derive, a significant portion of its revenue from sales to agencies of the U.S. federal government. It lists events that could adversely affect it, including changes in fiscal or contracting policies or decreases in available government funding, restrictions on security clearances, bid protests, and budgetary constraints such as lapses in appropriations, citing the federal government shutdown in the third quarter of 2025.²
• Contracts can be terminated for convenience: Many of Palantir's contracts, including its government contracts, contain termination for convenience provisions, and customers that terminate may be entitled to a pro rata refund of customer deposits. Palantir says government customers also have rights not typically found in commercial contracts, including to reduce orders, cancel multi-year contracts if funding becomes unavailable, decline to exercise options, and suspend or debar a contractor, and that if a customer unexpectedly terminated, cancelled or declined to renew one or more of its significant contracts, its business would be materially harmed.²
• Government budgets and spending priorities: Palantir says its results could be adversely affected by government spending caps, changes in budgetary priorities and delays in the budget process or in contract awards. It says U.S. government spending levels for defense-related and other programs are uncertain and may not be sustained at the levels associated with government fiscal year 2026, and that the current administration has launched efforts to evaluate and reduce overall government spending.²
• Customer concentration: Palantir's top three customers together accounted for 16% of its revenue in both 2025 and the six months ended June 30, 2026, and its top three customers for that half-year had been with it for an average of fifteen years. It says certain customers, including some that represent a significant portion of its business, have reduced their spend or terminated their agreements in the past, which has required it to refund some previously paid amounts, and that customers have no obligation to renew or expand their agreements.²
• Deal value may not be realized: Palantir reported total remaining deal value of $11.2 billion as of December 31, 2025, of which $6.8 billion was with commercial customers and $4.4 billion with government customers. It says many of these contracts are subject to termination for convenience, the U.S. federal government cannot exercise contract options more than one year in advance, and it historically has not realized all of the revenue from the full deal value of its customer contracts and may not do so in the future.²
• Reputation and external scrutiny: Palantir says its relationships with government customers and customers in certain sensitive industries, including organizations whose products or activities are or are perceived to be controversial, have resulted in public criticism, unfavorable media coverage, activist protests and increased security risks, and could result in government investigations or lawsuits. It says certain investors and advocacy groups have raised concerns about the perceived human rights implications of its products, services and customer relationships, and that the resulting harm to its reputation could cause certain customers or third-party service providers to cease doing business or renegotiate contracts with it.²
• Reliance on key people: Palantir says it is highly dependent on its management, and particularly on Alexander Karp, its Chief Executive Officer, who was part of its founding team and whose management experience it believes would be difficult to replace. It says all of its executive officers and many key personnel are at-will employees, and that certain personnel may be required to receive security clearances to work on some customer engagements.²
• AI-related risks: Palantir says AI is a significant and growing element of its business and that AI algorithms and models may be flawed, training datasets may be insufficient, biased or raise legal concerns, and third-party AI capabilities integrated with its platforms could produce false or hallucinatory inferences. If AI-assisted analyses are deficient or inaccurate, it says it could face competitive harm, legal liability, including under AI regulation in jurisdictions such as the EU, and reputational harm.²
• Dependence on cloud providers: Palantir relies on third parties such as Amazon Web Services and Microsoft Azure to host or operate key features of its business, including Palantir Cloud and AI features of its platforms, and says errors, outages or price increases at these providers could harm its business. It says that if it fails to meet minimum usage commitments with cloud hosting providers it may have to pay penalties or fees; in March 2026 it amended one of its third-party cloud services agreements, committing to spend at least $5.6 billion, with annual minimum commitments, over ten contract years.²
• Founders' voting control: Class A common stock has one vote per share and Class B common stock ten votes per share. All Class F shares are held in a voting trust established by the founders Stephen Cohen, Alexander Karp and Peter Thiel, and generally give the founders the ability to control up to 49.999999% of the total voting power, so long as they and certain affiliates meet a minimum ownership threshold, which was 100 million of Palantir's equity securities as of June 30, 2026. Palantir says the founders will effectively control all matters submitted to stockholders for the foreseeable future; excluding the Class F stock, the founders and their affiliates held approximately 22% of the voting power as of July 27, 2026.²
• Securities class action: Putative securities class actions filed in 2022 in the U.S. District Court for the District of Colorado, consolidated as Cupat v. Palantir Technologies Inc., allege false and misleading statements about Palantir's business and prospects. The court dismissed the case with prejudice and entered judgment for the defendants on April 4, 2025; the plaintiffs appealed to the Tenth Circuit, which held oral arguments on March 16, 2026. As of June 30, 2026, Palantir said it was not aware of any pending legal matters expected to have a material adverse impact on its financial statements.²

Frequently asked questions

What does Palantir do?

Palantir Technologies builds software platforms that help government agencies and companies integrate their data and operations: Gotham, used across defense and intelligence operations; Foundry, its data operations platform; Apollo, its continuous delivery platform; and AIP, its generative AI platform. According to its Form 10-K for 2025, customers pay to use the platforms through subscriptions, either hosted by Palantir or in their own environments, plus professional services.

What was Palantir's revenue in 2025?

Palantir reported revenue of $4,475,446 thousand (about $4.5 billion) for 2025, the year ended December 31, 2025, in its Form 10-K filed on February 17, 2026. Income from operations was $1,414,015 thousand and net income attributable to common stockholders was $1,625,033 thousand.

Does Palantir earn more from government or commercial customers?

Government, in the periods reported. Palantir reports two operating segments: in 2025 government revenue was $2,402,287 thousand (54% of revenue) and commercial revenue was $2,073,159 thousand (46%), according to its 10-K. In the six months ended June 30, 2026 (unaudited), government revenue was $1,848,442 thousand and commercial revenue $1,719,605 thousand, or 52% and 48%, according to its 10-Q.

How much of Palantir's revenue comes from the United States?

Customers in the United States accounted for 74% of Palantir's revenue in 2025 ($3,320,043 thousand), according to its 10-K, and 80% in the six months ended June 30, 2026 ($2,855,113 thousand, unaudited), according to its 10-Q. Palantir assigns revenue by the customer's headquarters or agency location at the time of sale.

What revenue does Palantir expect for 2026?

In its August 3, 2026 results release, filed as an exhibit to a Form 8-K, Palantir raised its full-year 2026 revenue guidance to between $8.150 billion and $8.158 billion, and its U.S. commercial revenue guidance to in excess of $3.424 billion. These are company projections, not reported results.

Is Palantir profitable?

On a GAAP basis, Palantir reported net income attributable to common stockholders of $209,825 thousand in 2023, $462,190 thousand in 2024 and $1,625,033 thousand in 2025, according to its 10-K for 2025, after a net loss attributable to common stockholders of $373,705 thousand in 2022, according to its 10-K for that year. For the six months ended June 30, 2026, it reported $1,932,417 thousand (unaudited).

Who runs Palantir?

Alexander Karp is Chief Executive Officer and a director, Stephen Cohen is President and a director, and David Glazer is Chief Financial Officer, according to Palantir's 10-Q for the second quarter of 2026; its 10-K for 2025 names Peter Thiel as Chairman of the Board. Karp, Cohen and Thiel are the founders whose voting trust holds the Class F stock. At the June 3, 2026 annual meeting, stockholders elected seven directors, according to a Form 8-K.

Does Palantir pay a dividend or buy back stock?

Palantir has never declared or paid cash dividends and says it does not expect to in the foreseeable future, according to its 10-K for 2025. Under a share repurchase program of up to $1.0 billion authorized in August 2023, it repurchased 0.6 million Class A shares for $75.0 million in 2025, and it terminated the program in January 2026.

What are Palantir's share classes?

Class A common stock, with one vote per share, trades on Nasdaq under the symbol PLTR. Class B common stock has ten votes per share, and Class F common stock is held in the founders' voting trust; neither is listed on an exchange, according to the 10-K for 2025. As of July 27, 2026 there were 2,300,713,329 Class A, 101,340,151 Class B and 1,005,000 Class F shares outstanding, according to the 10-Q cover.

Where is Palantir headquartered?

Its Form 10-K for 2025 and its 10-Q for the second quarter of 2026 give its principal executive offices as 19505 Biscayne Blvd., Suite 2350, Aventura, Florida. The 10-K lists Denver, Colorado as its former address.

Sources

1. Palantir Technologies Inc. (SEC filing), Palantir Technologies Inc. Form 10-K for the fiscal year ended December 31, 2025, Feb 17, 2026
2. Palantir Technologies Inc. (SEC filing), Palantir Technologies Inc. Form 10-Q for the quarterly period ended June 30, 2026 (unaudited), Aug 4, 2026
3. Palantir Technologies Inc. (SEC filing), Palantir Technologies Inc. Form 8-K, Exhibit 99.1: press release announcing results for the quarter ended June 30, 2026, with full-year 2026 outlook, Aug 3, 2026
4. Palantir Technologies Inc. (SEC filing), Palantir Technologies Inc. Form 8-K, Item 5.07: results of the 2026 annual meeting of stockholders (event date June 3, 2026), Jun 9, 2026
5. Palantir Technologies Inc. (SEC filing), Palantir Technologies Inc. Form 10-K for the fiscal year ended December 31, 2022, Feb 21, 2023
6. Palantir Technologies Inc. (SEC filing), Palantir Technologies Inc. Form 10-K for the fiscal year ended December 31, 2023, Feb 20, 2024
7. Palantir Technologies Inc. (SEC filing), Palantir Technologies Inc. Form 10-K for the fiscal year ended December 31, 2024, Feb 18, 2025

Figures last checked against the sources above on Oct 11, 2026. General information, not investment advice.