Palantir Technologies Inc. · Class A common stock · Aventura, Florida

Data and AI software for the Pentagon and corporate America, growing faster at $8B than at $2B.

Palantir sells software (Foundry, Gotham and its AI Platform, AIP) that lets governments and companies run decisions on their own data. Revenue grew 93% last quarter to $1.94B, led by US commercial sales up 149%, and the full-year guide was raised to about $8.15B. The catch is price: at a record $209 the stock is valued at about 62 times this year's revenue guide.

Last close · Oct 9, 2026

$209.05

Market cap

$502B

at current price

52-week range

$107–209

closing low / high

P/S (FY26 guide)

~62×

trailing GAAP P/E ~180× · forward ~90×

Revenue TTM

Q3 2026 guide

$2.16B

+83% YoY · adj. op. income $1.29–1.30B · FY $8.15–8.16B

Next earnings

Nov 2

Q3 2026 · expected, after close · not yet confirmed

Price, last 12 months

Daily closes with the 50-day average. Palantir fell from $207 in November 2025 to $107 in late June, then almost doubled after the Aug 3 report to a record close of $209.05 on Oct 9.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

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Avg daily move

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last 20 sessions

Beta

1.60

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions, with GAAP gross margin on the right axis. Palantir's fiscal year is the calendar year. GAAP operating margin swung from −23% in Q3 2021 to 47% as stock-based pay shrank relative to sales; Q4 2024 dips to 1% on a one-off stock compensation charge. The last bar is the midpoint of the Q3 2026 guide of $2.160–2.164B.

RevenueGross margin (right axis)Guidance

Q2 2026

$1.94B

+93% YoY · +19% QoQ

US commercial

$764M

+149% YoY · 653 customers (+35%)

US government

$809M

+90% YoY · +18% QoQ

International

$363M

commercial $182M (+26%) · gov't $181M (+42%)

Rule of 40

155%

adj. op. margin 62% · GAAP 47%

US comm. deal value

$6.24B

+124% YoY · total RDV $13.1B

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

US commercial engine

US commercial bookings hit a record $2.13B (+153%) and the full-year guide now calls for at least $3.42B of revenue, up 134% or more.

Tailwind

Cash machine

Q2 cash from operations was $1.22B, a 63% margin. Palantir holds $9.2B of cash and Treasuries, has no borrowings, and guides $4.5–4.7B of adjusted free cash flow this year.

Watch

Q3 bar

The Street expects about $2.18B, just above the $2.16B guide. Palantir beat the top of its guide by 5.7–8.7% in each of the last five quarters, yet the stock fell after two of those reports.

Watch

International lag

The US is 81% of revenue. International commercial grew only 26%, so growth depends heavily on one country's companies and agencies.

Risk

Valuation

At about $502B the stock trades near 62 times this year's revenue guide and about 180 times trailing GAAP earnings. Any slowdown would hit a price like that hard.

Risk

Stock pay and dilution

Stock-based compensation was $265M in Q2 (14% of revenue). It is the main gap between the 62% adjusted and 47% GAAP operating margin, and diluted shares (2.57B) run well above basic (2.40B).

Calendar

Nov 2, 2026

Q3 2026 earnings (expected)

Guide is $2.160–2.164B revenue and $1.292–1.296B adjusted operating income. Date not yet confirmed by the company.

Dec 11, 2026

US funding deadline

The stopgap bill funds federal agencies to Dec 11. A full-year defense budget, or another extension, shapes new government awards.

Early Feb 2027

Q4 2026 earnings

Full-year results and the first 2027 guide. The FY26 guide implies about $2.42B of Q4 revenue if Q3 lands at guidance.