Palantir: U.S. commercial revenue tops government for the first time
As seen on the 24/7 Wall St. homepage on November 2, 2026.
Witness our third quarter results: overall revenue soared 96% year-over-year, U.S. commercial revenue grew 148% year-over-year and 29% sequentially, and aggregate U.S. revenue grew 119% year-over-year. Our U.S. commercial revenue has surpassed our U.S. government revenue for the first time in our company's history.
Corporate customers now outspend Washington for the first time ever, which reframes the growth story for a $412.5 billion company. Karp laid out the Q3 math on the earnings call.
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For the first time in Palantir's history, U.S. commercial revenue has surpassed U.S. government revenue, a shift CEO Alex Karp highlighted on the Q3 earnings call.
U.S. commercial revenue grew 148% year-over-year in the third quarter, so the commercial side is accelerating, not merely catching up.
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A company deriving its momentum from commercial enterprise contracts trades on a different multiple than one reliant on government appropriations cycles.
Watch whether the crossover holds into Q4, because consecutive quarters would reframe the long-term revenue mix.
Sources
Mentioned: PLTR