Palantir reported second-quarter revenue of $1.94 billion, a 93% jump from a year earlier that blew past the $1.8 billion consensus and sent shares up 10% in after-hours trading.
The commercial engine
US commercial revenue grew 149% year over year, the line item that actually drove the beat. Government revenue rose 90% to $809 million, but the commercial acceleration is what separates this quarter from the prior ones.
Guidance moves the goalposts
The company raised full-year 2026 revenue guidance to $8.150 billion-$8.158 billion from $7.65 billion-$7.66 billion. Third-quarter guidance of $2.160 billion-$2.164 billion implies the pace does not slow.
The bear case persists
eMarketer's Jacob Bourne noted the results make it harder to argue enterprise AI doesn't scale past pilots. He also said the stock has been weighed down by the question of whether AI eventually collapses the software layer Palantir occupies.
Karp's data sovereignty pitch
CEO Alex Karp framed the win as a rejection of the token-based model used by OpenAI and Anthropic. He wrote that customers want control over proprietary data and that Palantir will not enter a parasitic relationship with partners. The models, he said, have grown by ingesting the entire written work product of civilization.