Palantir posts blowout Q2 numbers, with U.S. commercial revenue soaring nearly 150%

Palantir reported a remarkable surge in Q2 earnings on Monday, with commercial revenue soaring nearly 150% compared to the same period last year. The company's stock jumped 8% after the announcement. Revenue increased by 93% to about $1 billion compared to the previous year, while net income rose to $1.07 billion, or 41 cents per share, up from $329 million, or 13 cents per share in the prior quarter.

CEO Alex Karp told CNBC that Palantir has never seen a business at its scale grow at this rate. U.S. government revenue grew by 90% to $809 million, while U.S. commercial revenue jumped 149% to $764 million, with compounding growth of 380% since 2024. Palantir anticipates U.S. commercial revenue exceeding $3.42 billion in 2026, surpassing previous guidance of $3.22 billion.

The company's remaining U.S. commercial deal value doubled to $6.24 billion. Despite a 29% year-to-date decline in shares due to concerns over AI software growth, Palantir raised full-year revenue guidance to between $8.15 billion and $8.16 billion, up from $7.65 billion to $7.66 billion. CEO Karp remains optimistic, stating the strong growth is expected to continue for at least another 18 months.

Karp has advocated for open-weight models and urged the government not to restrict them, emphasizing the importance of competition in the tech industry.