Palantir's U.S. commercial revenue tops government for the first time

As seen on the 24/7 Wall St. homepage on November 2, 2026.

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Palantir triple beat and record rule of 40 of 158%

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If only i could live long enough to see this person and company go bankrupt

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U.S. commercial revenue of $984 million just passed government revenue for the first time, which reframes Palantir from a defense contractor into an enterprise AI vendor. The thread's pushback centers on valuation rather than growth, worth weighing before chasing it.

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U.S. commercial revenue hit $984 million last quarter, passing U.S. government revenue for the first time. Palantir's growth no longer depends on defense and intelligence contracts.

Commercial revenue rose 148% from the same quarter a year earlier, outpacing the government side.

Sources

Mentioned: PLTR

Related Market Updates

PLTR Palantir

Q3 2026

4:06pm ET

EPS

$0.44

est $0.41 +8.1%

Revenue

$2.31B

est $2.18B +6.1%

U.S. commercial revenue of $984 million outgrew the government book for the first time ever, putting enterprise AI at the center of the bull case. Management raised full-year revenue guidance to roughly $8.53 billion.

Earnings · 2026 Q3 Alex Karp CEO

4:06pm ET

The Sovereign AI movement is imposing the most dramatic dichotomy between haves and have nots that I have witnessed in 30 years of business. Every institution—government and commercial—is rapidly being forced, voluntarily or not, into one of these two categories.

Karp is framing Palantir's Q3 as a land grab for sovereign AI contracts, where governments and enterprises pick a side now or get locked out. For a $412.5 billion stock, that is the growth story holding up the multiple.

Earnings · 2026 Q3 Alex Karp CEO

4:06pm ET

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.

Earnings · 2026 Q3 Alex Karp CEO

4:06pm ET

The Sovereign AI moment is purpose-built for Palantir. Our products—from Foundry and Ontology to AIP with its ontologized, fine-tuned open-weight models—ignite a self-improvement loop that joins and aligns the workflow with its optimal model and us with our partners.

Karp is staking Palantir's next leg of growth on governments buying their own AI stacks, a market Nvidia and a wave of startups are already chasing. On the Q3 call he framed Foundry, Ontology and AIP as the one integrated answer, which sets the bar for how investors judge the $412.5 billion valuation from here.

PLTR Palantir

After-hours

4:00pm ET

$178.46

-3.07% open $184.11

A 3.07% slide to $178.46 trims roughly $13 billion off a $412 billion market cap, and it lands in after-hours trading. Keep an eye on where the stock settles.

Financelot @financelancelot Quote post

Oct 31, 4:49pm ET

Last week's tech flush was the bait, according to this read, with the Nasdaq sitting on its trendline into a week stacked with job openings, unemployment data and four megacap tech earnings reports.

It's going to be a busy week of economic events. Job openings, crude oil stock and unemployment. It's also a big earnings week with $AAPL, $PLTR, $AMD, $QCOM, etc. Spooking people out of tech last week could have been the perfect trap for a reversal. https://t.co/bwOnF7JLqH https://t.co/0uepqdS471 [Quoted @FinanceLancelot]: The Nasdaq is approaching the trendline this week. According to the October 2018 pattern on the S&P 500, we begin a rally on November 4th, the day after the midterms. The 2020 and 2018 patterns look strange because this chart is in log and I captured the candlesticks in https://t.co/BYTu0dYr2a https://t.co/2bUG8LaBtV

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Exec Sum @exec_sum

Oct 21, 8:40am ET

An exclusion would force mechanical selling from a $9 billion index and shut Palantir out of Shariah-compliant mandates well beyond this one fund.

BREAKING: HSBC is reviewing whether to exclude $PLTR from its $9 billion Islamic Global Equity Index fund after some of the UK's biggest pension funds raised concerns 🇬🇧

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the AI-software trade · 3y Oct 19, 6:00pm ET

$10K invested in each — worth today:

PLTR$113.8K11.4×

AI$4.5K0.5×

Same $10,000, same AI-software thesis, three years apart: Palantir turned it into $113,804 while C3.ai left $4,471. Inside the same trade, the name you picked decided the outcome.

PLTR Palantir

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Oct 16, 4:00pm ET

$185.29

-8.27% open $202.00

An 8.27% slide to $185.29 takes roughly $35 billion off one of the market's most crowded AI names in a single session. Moves this size are where Palantir's premium multiple gets tested, so keep an eye on whether the $202 open gets reclaimed.

PLTR Palantir

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Oct 16, 11:40am ET

$188.41

-6.73% open $202.00

A 6.73% intraday slide to $188.42 takes roughly $30 billion off a $433 billion market cap in a single session. Moves this size in one of the market's most crowded AI names rarely stay quiet, so keep an eye on where it settles into the close.

Wall St. Engine @wallstengine

Oct 12, 8:44am ET

Ondas owns Regna outright while Palantir supplies the platform underneath it, so the drone maker captures the equity upside of the sovereign AI push and Palantir books another infrastructure customer.

$ONDS and $PLTR announced Regna AI, a new company developing specialized AI models for governments and businesses that want to retain control over their models and data. Initially wholly owned by Ondas, Regna will use Palantir’s AI platform and model-training infrastructure. https://t.co/5gk7ClYMGO

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