PLTR.US: AIP commercialization at a premium

Snapshot

Price

USD 140

Mkt cap

USD 300.0B

Revenue

USD 3.9B

Growth quality (proxy)

0.7

Thesis

Palantir extends gov analytics into enterprise AIP. US commercial deal velocity is the alpha; the multiple demands proof. See AI infra deep dive.

Business

Model: platform software. Flagships: AIP; Gotham/Foundry. Edge: ontology + gov trust. Strategy: US commercial land-and-expand.

Value chain

App-layer software; upstream cloud/data; downstream gov/enterprise.

Valuation

Growth×quality multiple; guide misses hit hard.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ:

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Operations

US commercial ARR/deals, gov renewals, op. margin.

Key financials

Key financials

Item	Value	YoY	Note
2025 rev (approx)	~$3.9B	+35%	US commercial AIP
Gross margin	~80%	—	Software
US commercial	Fastest growth	—	AIP deal velocity
Gov	Stable base	—	Defense/intel

Competition

Vs data cloud and horizontal AI; vertical + gov differ.

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
Palantir (self)	AIP platform	~80%	Ontology+gov trust	Valuation
Snowflake	Data cloud	High	Ecosystem	Different layer
Microsoft	Horizontal AI	High	Distribution	Less vertical

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
CEO	Alex Karp	2004	No change
CFO	David Glazer	2020	No change
CTO	Shyam Sankar	—	No material change

Stability: steady founder team.

Outlook

Track US commercial net-new, large deals, margins, dilution.

Scenarios

Risks