- Palantir reported second-quarter 2026 revenue of $1.94 billion, up 93% year-on-year.
- US commercial revenue surged 149% to $764 million.
- Full-year guidance was raised to $8.15 billion.
- Shares are up 24.09% since the earnings report, but down 13.16% over one year.
- Salesforce's Agentforce ARR reached $1.2 billion, up 205%.
- Palantir's US government revenue hit $809 million, up 90%, driven by Gotham deployments.
- Palantir's growth is unusual at any scale, with 149% growth in US commercial revenue being a key indicator.
- Palantir's positioning as a software provider has proven effective as many organizations need AI but lack the capability to build it themselves.
- Palantir's valuation reflects expectations of continued growth, leaving little room for slower quarters.
- Salesforce's approach contrasts with Palantir's, as it focuses on converting Agentforce bookings into revenue.
Palantir Technologies achieved remarkable growth in its second-quarter 2026 results, reporting revenue of $1.94 billion, a 93% increase year-over-year. This surge was driven by a 149% rise in U.S. commercial revenue, reaching $764 million, as the company transitions from a government contractor to a commercial powerhouse.2
CEO Alex Karp described the quarter as “otherworldly,” reflecting the company’s successful scaling of its Foundry and AIP platforms from pilot programs to full production. The U.S. government revenue also saw a significant boost, hitting $809 million, up 90%, largely due to Gotham deployments.
Palantir closed 73 deals worth at least $10 million, marking a significant commercial cadence for a firm traditionally seen as focused on government contracts. The company’s full-year revenue guidance was raised to $8.15 billion, indicating an expected growth of 82% for the fiscal year.3
Despite the positive results, the broader market remains cautious, with over $1.3 trillion wiped off chip stocks amid doubts about AI infrastructure returns. This context highlights the contrasting enterprise AI visions of Palantir and competitors like Salesforce, as Palantir focuses on delivering tangible AI outcomes rather than just infrastructure.
Palantir’s valuation reflects high growth expectations, leaving little room for error in future quarters. The company’s Agentforce ARR reached $1.2 billion, up 205%, showcasing its strong position in the AI deployment market.5
“Palantir's US commercial revenue hit $764 million, up 149%, with 73 deals over $10 million, while Salesforce's Agentforce ARR reached $1.2 billion, up 205%. The stock trades at a 139 P/E, leaving zero margin for error, and shares are up 24% since earnings.”
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