Technology · NASDAQ: PLTR
Palantir: how the business works
Palantir sells data and AI software to government agencies and companies, with revenue of $4.48 billion in FY2025.
By Hardik Bhandare · Checked against filings:
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Palantir Technologies Inc. · Aventura, Florida · Founded 2003
Last updated
- Revenue, FY2025
- $4.48B
- Income from operations, FY2025
- $1.41B
- Net income, FY2025
- $1.63B
- Full-time employees, Dec 31, 2025
- 4,429
- Founders' share of votes, Apr 6, 2026
- 49.999999%
The short version
Palantir in 5 points
1 · What it sells
Palantir sells four software platforms, Gotham, Foundry, Apollo and AIP, that help governments and companies organize their data and act on it, with $4.48 billion of revenue in FY2025.
2 · Who pays it
In FY2025, government agencies paid 53.7% of Palantir's revenue and commercial companies 46.3%, and no single customer reached a tenth of revenue.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Palantir kept $34.4 as net income, which includes interest income and tax of 1.4% of pre-tax income; its operating income was $31.6 per $100 of revenue.
4 · Where the operating profit comes from
Palantir does not split its $1.41 billion of FY2025 operating income by segment; its own contribution measure, before research, administration and stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more, was $1.58 billion for government and $1.37 billion for commercial.
5 · The one thing to watch
At Dec 31, 2025, Palantir counted $11.2 billion of remaining deal value, which assumes all options are exercised and no contract ends early, against $4.1 billion of non-cancelable remaining performance obligationsSigned contracts with customers that have not been billed yet..
Sources: From Palantir's FY2025 10-K, Q2 FY2026 10-Q and earnings release, and 2026 proxy · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Palantir's money go?
Palantir · FY2025
Receipt for every $100
| Sales and marketing | $22.4 |
|---|---|
| Cost of revenue | $16.7 |
| General and administrative | $13.9 |
| Research and development | $11.8 |
| Income tax | $0.5 |
| Other owners of subsidiaries | $0.2 |
| Kept as net income | $34.4 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus interest and other income): each line = line ÷ $4.72 billion × 100. Stock-based pay of $684.0 million sits inside the cost lines. Per $100 of revenue alone, operating income was $31.6 and net income $36.3.
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02The business in one line
What does Palantir do?
Government agencies and companies pay Palantir to use its software; sales and marketing is the biggest cost, and $31.6 of every $100 of FY2025 revenue was left as operating income.
- In FY2025, government agencies paid 53.7% of Palantir's revenue and commercial customers 46.3%; customers in the United States were 74% of the total.
- On Apr 6, 2026, three founders held 49.999999% of the votes across three share classes, while the Class A shares that trade carry one vote each.
03Who pays it
Who pays Palantir?
Government agencies
54%
of revenue
Defense, intelligence and public health agencies. U.S. agencies paid $1.855 billion of the $2.40 billion in FY2025. Palantir counts each separately contracting agency as a customer.
Commercial companies
46%
of revenue
Companies in industries such as utilities, automotive, oil and gas and pharmaceuticals. U.S. companies paid $1.465 billion of the $2.07 billion in FY2025.
- Government agencies54%
- Commercial companies46%
How spread out the customers are
Palantir's top three customers were 16% of FY2025 revenue, and no customer reached 10%. Its top 20 averaged $93.9 million each, about 42.0% of FY2025 revenue (Cityfort calculation from FY2025 10-K). Palantir does not name them.
04Why it makes money
Why does Palantir make money?
Revenue has grown much faster than costs, so more of each dollar reaches operating income.
From FY2021 to FY2025 revenue rose 190% while operating expenses rose 41% (Cityfort calculation from FY2023 10-K and FY2025 10-K). Cost of revenue was $17.6 per $100 of FY2025 revenue. Stock-based pay fell from 50.5% to 15.3% of revenue over those years.
Operating income per $100 of revenue
−$26.7$31.6
FY2021 to FY2025
- A customer signs a software contract, generally for one to five years
- Revenue is generally recognized evenly over the contract
- Delivering the software took $17.6 per $100 of FY2025 revenue
- Sales, research and administration grew more slowly than revenue
- A larger part of revenue reached operating income
- Cash builds up: no debt and $9.41 billion of cash and securities at Jun 30, 2026
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Palantir?
Government
54%Software sold to government agencies. U.S. agencies paid $1.855 billion of this in FY2025. In Q2 FY2026 this segment had revenue of $990.0 million.
Revenue $2.4B
Commercial
46%Software sold to companies. U.S. companies paid $1.465 billion of this in FY2025. In Q2 FY2026 this segment had revenue of $945.4 million.
Revenue $2.1B
How the mix changed
- Government
- Commercial
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Palantir done?
Revenue
$4.5BFY2025
Revenue rose every year, from $1.54 billion in FY2021 to $4.48 billion in FY2025, and Q2 FY2026 revenue of $1.94 billion was up 93% from a year earlier.
US$
See the numbers
Net profit
$1.6BFY2025
A net loss of $520.4 million in FY2021 became net income of $1.63 billion in FY2025, a figure that includes $229.2 million of interest income.
US$
See the numbers
Profit kept per $100 of revenue
$36.3FY2025
Operating income per $100 of revenue moved from a $26.7 loss in FY2021 to $31.6 in FY2025 and $47.1 in Q2 FY2026.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$2.1BFY2025
Free cash flow rose from $321.2 million in FY2021 to $2.10 billion in FY2025; it does not count stock-based pay, which was $684.0 million, or 15.3% of revenue, in FY2025.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Palantir's fiscal year is the calendar year, so Q2 FY2026 is April–June 2026). Net profit is the share belonging to the company's owners.
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Palantir, and did they deliver?
Alexander Karp
Co-founder, Chief Executive Officer and director · since 2005
CEO since 2005. FY2025 total pay was $8,623,000, including about $2,506,484 of personal security and a $2,390,000 antitrust (HSR) filing fee paid for him. That was about 37 times the median employee's $235,115.
Stephen Cohen
Co-founder, President, Secretary and director
On the board since 2005.
Peter Thiel
Co-founder and Chairman · since 2003
Chairman since 2003.
Shyam Sankar
Chief Technology Officer and Executive Vice President
With Palantir in various roles since 2006.
David Glazer
Chief Financial Officer and Treasurer
FY2025 total pay was about $28.0 million.
Ryan Taylor
Chief Revenue Officer and Chief Legal Officer
FY2025 total pay was about $28.0 million.
Jeffrey Buckley
Chief Accounting Officer · since 2025
Took the role on Mar 24, 2025, after Heather Planishek resigned. He also held it from September 2020 to February 2023.
What they said, and what happened
4 too early to tell · 5 delivered
Said on Aug 3, 2026
Palantir guided Q3 FY2026 revenue of $2.160–2.164 billion.
Too early to tellWhat happened
Q3 FY2026 results were not reported as of Nov 1, 2026.
Said on Aug 3, 2026
Palantir guided FY2026 revenue of $8.150–8.158 billion, raised from $7.182–7.198 billion in February and $7.650–7.662 billion in May.
Too early to tellWhat happened
First-half 2026 revenue was $3.57 billion.
Said on Aug 3, 2026
Palantir guided FY2026 U.S. commercial revenue above $3.424 billion, raised from above $3.144 billion in February.
Too early to tellWhat happened
U.S. commercial revenue was $595 million in Q1 FY2026 and $764 million in Q2 FY2026.
Said on Feb 2, 2026
Palantir said it expected GAAP operating income and net income in each quarter of 2026.
Too early to tellWhat happened
Reported so far: income from operations of $754.0 million in Q1 FY2026 and $912.0 million in Q2 FY2026, with net income in both.
Said on May 4, 2026
Palantir guided Q2 FY2026 revenue of $1.797–1.801 billion.
DeliveredWhat happened
Reported revenue of $1.94 billion, above the range.
Said on Feb 2, 2026
Palantir guided Q1 FY2026 revenue of $1.532–1.536 billion.
DeliveredWhat happened
Reported revenue of $1.63 billion, above the range.
Said on Nov 3, 2025
Palantir guided Q4 FY2025 revenue of $1.327–1.331 billion.
DeliveredWhat happened
Reported revenue of $1.41 billion, above the range.
Said on Feb 3, 2025
Palantir guided FY2025 revenue of $3.741–3.757 billion, later raised to $4.396–4.400 billion.
DeliveredWhat happened
Reported revenue of $4.48 billion, above both ranges.
Said on Feb 3, 2025
Palantir guided FY2025 U.S. commercial revenue above $1.079 billion, later raised to above $1.433 billion.
DeliveredWhat happened
Reported U.S. commercial revenue of $1.465 billion.
08What could go wrong
What could go wrong for Palantir?
- Governance
Three founders hold 49.999999% of the votes
Karp, Cohen and Thiel's Class F shares vote as needed to bring their total to 49.999999%, while Class A shares carry one vote each. Their voting power does not fall when they sell, as long as they keep 100,000,000 equity securities. Palantir's 10-K says Class A holders may have different interests, and that it may become a "controlled company", which could let it skip Nasdaq rules on independent directors.
Watch The "Founder Total" row in each proxy, and any controlled-company statement in the 10-K.
- Demand
Remaining deal value may never become revenue
Palantir counted $11.2 billion of remaining deal value at Dec 31, 2025, assuming all options are exercised. Remaining performance obligations, which are non-cancelable, were $4.1 billion. Many contracts can be ended for convenience, and federal options cannot be exercised more than a year ahead.
Watch Remaining performance obligations next to remaining deal value in each release and 10-K.
- Concentration
A concentrated set of large customers
The top three customers were 16% of revenue in FY2025 and the first half of 2026. The top 20 averaged $124 million each in the 12 months to Jun 30, 2026, about 40.3% of revenue (Cityfort calculation from Q2 FY2026 10-Q and the Q3 FY2025 to Q2 FY2026 earnings releases). One customer was 27% of receivables at Jun 30, 2026. Some customers have cut or ended their spending.
Watch Average revenue from the top 20 customers and the top-three share in each 10-Q.
- Concentration
Most revenue comes from the United States
The U.S. was 80% of revenue in the first half of 2026, up from 57% in FY2021. U.S. revenue was $4.8 billion in the 12 months to Jun 30, 2026, up 99%, so results depend more on one country.
Watch The U.S. share of revenue in each 10-Q.
- Regulation
Government budgets and procurement rules
Government was 52% of revenue in the first half of 2026. Palantir's risk factors name budget changes, continuing resolutions, procurement rules and shifting defense priorities.
Watch U.S. government revenue each quarter and U.S. budget actions.
- Other
Stock-based pay dilutes other holders
Stock-based pay was $835.5 million in the 12 months to Jun 30, 2026 (Cityfort calculation from the Q3 FY2025 to Q2 FY2026 earnings releases). At that date Palantir had 149.7 million options, 33.2 million restricted stock units and 13.7 million stock appreciation rights outstanding. Its buyback program ended in January 2026.
Watch Stock-based compensation and diluted share count (2,568.7 million in Q2 FY2026) in each release.
- Technology
Rented cloud computing and other companies' AI models
Palantir relies on third-party cloud providers. AIP connects to third-party large language models, and its risk factors say third-party AI could produce false inferences about customer data. In March 2026 it committed at least $5.6 billion to one cloud agreement through Feb 29, 2036. Third-party cloud hosting added $89 million to Q2 FY2026 cost of revenue from a year earlier.
Watch Cost of revenue per $100 of revenue and purchase commitments in each 10-Q.
- Legal
Reputation, scrutiny and lawsuits
Palantir says scrutiny of the company or its leaders could harm its reputation, and it limits some customers for mission reasons. A securities class action, Cupat, was dismissed on Apr 4, 2025 and is on appeal. Palantir says no pending matter is expected to be material.
Watch The legal proceedings section of each 10-Q and 10-K.
09Both sides
What do supporters and critics point to?
What supporters point to
- Revenue grew 93% to $1.94 billion in Q2 FY2026 from a year earlier.
- Operating income per $100 of revenue moved from a $26.7 loss in FY2021 to $47.1 in Q2 FY2026.
- U.S. commercial revenue was $764 million in Q2 FY2026, up from $306.5 million a year earlier.
- Palantir had no debt and $9.41 billion of cash and marketable securities at Jun 30, 2026.
- Revenue came in above Palantir's guided range in each of the seven quarters from Q4 FY2024 to Q2 FY2026.
What critics point to
- Three founders hold 49.999999% of the votes, and their voting power does not fall when they sell, as long as they keep 100,000,000 equity securities.
- Remaining deal value of $11.2 billion at Dec 31, 2025 assumes all options are exercised; non-cancelable remaining performance obligations were $4.1 billion.
- The U.S. was 80% of revenue in the first half of 2026, up from 57% in FY2021.
- Stock-based pay was $835.5 million in the 12 months to Jun 30, 2026, and the buyback program ended in January 2026.
- FY2025 tax was 1.4% of pre-tax income, with a full valuation allowance on deferred tax assets; Palantir's own adjusted earnings use a 23.0% rate.
10What to watch next
What should you watch next at Palantir?
Next event
Q3 FY2026 results
Date not announced yet.
Q3 FY2026 revenue against the company's range
Palantir said on Aug 3, 2026 that it expected $2.160–2.164 billion. Q3 FY2025 revenue was $1.18 billion.
Remaining performance obligations and remaining deal value
Remaining performance obligations were $4.9 billion at Jun 30, 2026. Total remaining deal value comes with the FY2026 10-K.
The founders' votes in the next proxy
The "Founder Total" row showed 49.999999% on Apr 6, 2026. Palantir's 10-K says it may become a "controlled company".
11Key facts
Key facts about Palantir
- What does Palantir do?
- Palantir Technologies sells four software platforms, Gotham, Foundry, Apollo and AIP, that government agencies and companies use to organize data and act on it. Palantir had revenue of $4.48 billion in FY2025 (calendar 2025).
- How does Palantir make money?
- Palantir makes money from customers paying to use its software, on contracts generally lasting one to five years. In FY2025 Palantir earned $2.40 billion from government customers and $2.07 billion from commercial customers.
- What is Palantir's business model?
- Palantir's business model is long software contracts, with revenue generally recognized evenly over the contract. In FY2025 Palantir's top 20 customers paid an average of $93.9 million each, and cost of revenue was $17.6 per $100 of revenue.
- Is Palantir profitable?
- Palantir reported income from operations of $1.41 billion and net income of $1.63 billion in FY2025, after net losses in FY2021 and FY2022. In Q2 FY2026 Palantir reported income from operations of $912.0 million and net income of $1.06 billion.
- What is Palantir's revenue by segment?
- Palantir reports two segments. In FY2025 Palantir's government segment had revenue of $2.40 billion (53.7%) and its commercial segment $2.07 billion (46.3%). In Q2 FY2026 they were $990.0 million and $945.4 million.
- How much does Palantir earn from government customers?
- Palantir's government revenue was $2.40 billion in FY2025, up from $1.57 billion in FY2024. U.S. government agencies paid $1.855 billion of the FY2025 figure.
- How much does Palantir earn from commercial customers?
- Palantir's commercial revenue was $2.07 billion in FY2025, up from $1.30 billion in FY2024. U.S. commercial customers paid $1.465 billion of the FY2025 figure.
- How much revenue do Gotham, Foundry, Apollo and AIP each bring in?
- Palantir's filings used for this page give no revenue for each platform. Palantir reports its $4.48 billion of FY2025 revenue by customer type (government, commercial) and by region instead.
- Who are Palantir's customers?
- Palantir had 1,049 customers with revenue in the 12 months to Jun 30, 2026, up from 849 a year earlier. Its top three customers were 16% of revenue in the first half of 2026, and no single customer reached 10%.
- Who owns Palantir?
- Palantir's 2026 proxy shows founders Alexander Karp, Stephen Cohen and Peter Thiel with 49.999999% of the votes on Apr 6, 2026, along with 3.3% of Class A and 96.1% of Class B shares. BlackRock's listed stake was 6.9% of Class A, and Vanguard Capital Management reported 7.28% at Mar 31, 2026.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Palantir sell?
Gotham
Software for defense and intelligence work, used by government agencies.
Foundry
Palantir's core data platform: one place for an organization to manage its data, logic and workflows.
Apollo
Software that delivers and updates Palantir's products across different computing environments. Palantir has sold it commercially since 2021.
AIP
Palantir's generative AI platform, deployed from 2023. It brings AI into Gotham and Foundry, using Palantir's Ontology, a map of data, logic and actions.
What it does
- Does: Charges customers to use its software, on contracts generally lasting one to five years
- Does: Works with both government agencies and commercial companies
- Does: Sends its own staff to help run the software, which is part of cost of revenue
What it does not do
- Does not: Does not split revenue by platform in the filings used for this page
- Does not: Does not lock in all its contracts: many allow the customer to end them for convenience
13How the money flows
13How the money flows · FY2025
How does money flow through Palantir?
Money in
- Government customers$2.4B
- Commercial customers$2.1B
- Interest income and other income$243M
The company
Palantir
$4.7B came in
Money out
- Cost of revenue (staff running the software, cloud hosting)$789M
- Sales and marketing$1.1B
- Research and development$558M
- General and administrative$658M
- Income tax$22.7M
- Share of profit of other owners in subsidiaries$9.6M
- Net income for common stockholders$1.6B
- Government agencies and companies paid Palantir $4.48 billion in FY2025 to use its software.
- Delivering that software cost $789.2 million, including staff and third-party cloud hosting.
- Sales and marketing took $1.06 billion, administration $657.7 million and research $557.7 million.
- That left $1.41 billion of operating income; interest on its cash and other income added $243.4 million.
- After $22.7 million of tax and $9.6 million for other owners of subsidiaries, $1.63 billion was left.
14What it needs to run
14What it needs to run
What does Palantir need to run?
People
4,429 full-time employees at Dec 31, 2025, up from 3,936 a year earlier. Stock-based pay was $684.0 million in FY2025.
Rented cloud computing
Palantir relies on third-party cloud providers; its risk factors name AWS and Microsoft Azure. In March 2026 it amended one cloud agreement, committing at least $5.6 billion through Feb 29, 2036.
Other companies' AI models
Palantir's AIP connects customers to large language models, the systems behind generative AI tools, supplied by other companies. Its risk factors say third-party AI could produce false inferences about customer data.
15Where it sells
15Where it sells · FY2025
Where does Palantir sell?
- United States74%
- United Kingdom10%
- Rest of world16%
16Where growth could come from
16Where growth could come from
Where could Palantir's growth come from?
Palantir said on Aug 3, 2026 that it expected Q3 FY2026 revenue of $2.160–2.164 billion, FY2026 revenue of $8.150–8.158 billion and FY2026 U.S. commercial revenue above $3.424 billion. It also said it expected GAAP operating income and net income in each quarter of 2026.
U.S. commercial customers
Working+149% in Q2 FY2026
U.S. commercial revenue was $764 million in Q2 FY2026, up from $306.5 million a year earlier; the Q2 FY2026 10-Q states a 149% increase.
Status: Working, on track against what the company said.
U.S. government agencies
Working+90% in Q2 FY2026
U.S. government revenue was $809 million in Q2 FY2026, up from $426.1 million a year earlier; the Q2 FY2026 earnings release states 90% growth.
Status: Working, on track against what the company said.
Customers outside the U.S. and UK
Mixed16% of FY2025 revenue
Rest-of-world revenue rose from $489.4 million in FY2021 to $728.0 million in FY2025, but its share of revenue fell from 32% to 16%.
Status: Mixed, partly on track.
Contracted revenue
Working$4.9B at Jun 30, 2026
Remaining performance obligations, non-cancelable contracted revenue not yet recognized, rose to $4.9 billion from $2.4 billion a year earlier. Contracts of 12 months or less are not counted.
Status: Working, on track against what the company said.
AIP
NewDeployed from 2023
Palantir's generative AI platform has no separate revenue figure in the filings used for this page, so its contribution to growth cannot be measured here.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
17The company's own measures (non-GAAP)
17The company's own measures · FY2025 and 2026
What do Palantir's own measures show?
Official (GAAP): Income from operations, FY2025
$1.4B
Company's own measure: Adjusted income from operations, FY2025
$2.3B
Palantir leaves out stock-based compensation and the related employer payroll taxes.
Official (GAAP): Income from operations, Q2 FY2026
$912M
Company's own measure: Adjusted income from operations, Q2 FY2026
$1.2B
Same definition. Palantir's Q2 FY2026 stock-based pay was $265.2 million.
Official (GAAP): Income from operations, FY2025
$1.4B
Company's own measure: Contribution, FY2025 (segment measure)
$2.9B
Segment revenue minus cost of revenue and sales and marketing, without stock-based pay. Government contributed $1.58 billion and commercial $1.37 billion. Research, administration and stock-based pay are not allocated to segments.
Official (GAAP): Net cash from operating activities, FY2025
$2.1B
Company's own measure: Adjusted free cash flow, FY2025
$2.3B
Palantir adds back cash paid for employer payroll taxes on stock-based pay, then subtracts purchases of property and equipment. The free cash flowCash from operations minus spending on buildings and equipment. Learn more in "How has it done" does not add that back: $2.10 billion.
Official (GAAP): Diluted earnings per share, FY2025
$0.63
Company's own measure: Adjusted earnings per share, FY2025
$0.75
Palantir adds back stock-based pay and related payroll taxes, then applies an estimated long-term tax rate of 23.0%. Its FY2025 tax charge was 1.4% of pre-tax income (Cityfort calculation from FY2025 10-K). In Q2 FY2026 both figures were $0.41.
Official (GAAP): Remaining performance obligations, Dec 31, 2025
$4.1B
Company's own measure: Total remaining deal value, Dec 31, 2025
$11.2B
The total remaining value of contracts, assuming all options are exercised and no contract is ended early. It leaves out $12.3 billion of government IDIQ awards whose funding is not yet set. Remaining performance obligations are non-cancelable and exclude contracts of 12 months or less.
Official (GAAP): Remaining performance obligations, all customers, Jun 30, 2026
$4.9B
Company's own measure: U.S. commercial remaining deal value, Jun 30, 2026
$6.2B
Same definition, for U.S. commercial customers only. Palantir gives total remaining deal value only once a year.
Official (GAAP): Remaining performance obligations, all customers, Jun 30, 2026
$4.9B
Company's own measure: Total contract value signed, Q2 FY2026
$3.4B
The total potential lifetime value of contracts at signing, assuming all options are exercised and no contract is ended early.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Form 10-K, fiscal year 2025 (year ended Dec 31, 2025); Q4 and FY2025 earnings release (Form 8-K, Exhibit 99.1); Q2 FY2026 earnings release (Form 8-K, Exhibit 99.1) and 2 more
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
18Financial strength and debt
18Financial strength · Jun 30, 2026
How much debt does Palantir have?
- Total debt$0M
- Cash and investments$9.4B
- Net cash (cash minus debt)$9.4B
- Net worth (shareholders' money)$9.8B
- Debt to equity
- 0×
- $ of debt for every $1 of shareholders' money
- Cash and investments is cash and equivalents of $2.03 billion plus marketable securities of $7.38 billion. Palantir's earnings release gives a narrower $9.2 billion: cash plus short-term U.S. Treasury securities. Net cash is a Cityfort calculation from Q2 FY2026 10-Q.
- Marketable securities include $184.1 million of publicly traded equity securities. Palantir also reported holding 7.4% of Surf Air Mobility on Jun 24, 2026.
- Palantir has a $500 million secured revolving credit line, maturing Mar 31, 2027, with nothing drawn. Operating leases are not counted as debt here: $229.3 million at Dec 31, 2025.
- Purchase commitments are separate: in March 2026 Palantir amended one cloud services agreement, committing at least $5.6 billion through Feb 29, 2036. Annual minimums run from $268 million to $979 million.
19Who owns it
19Who owns it · ownership as of Apr 6, 2026
Who owns Palantir?
- Officers and directors (as a group), votes
- 50.8%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Proxy statement (DEF 14A), 2026 annual meeting (record date Apr 6, 2026); Schedule 13G: Vanguard Capital Management (event date Mar 31, 2026) and 1 more
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
20What it does with profit
20What it does with profit
What does Palantir do with its profit?
No buybacks or fund raises in the period covered.
21Governance signals
21Governance signals
What do Palantir's governance filings show?
- Auditor
- Ernst & Young LLP, since 2008
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Palantir paid about $17.2 million in FY2025 and $6 million in the first half of 2026 for use of the CEO's aircraft. It also sold personal property to Alexander Karp for $358,275. Separately, Anduril Industries paid Palantir $17.66 million in FY2025, and Palantir invested $40 million in Anduril's Series G preferred stock in 2025. Peter Thiel may be deemed to hold over 10% of Anduril; the proxy says he has no material interest in such transactions.
- Credit rating
- No public credit rating found
Flags to know about
other · Apr 24, 2026
Founders' voting structure
Karp, Cohen and Thiel held 49.999999% of votes on Apr 6, 2026 through Class B, Class F and a voting agreement. Palantir says it is not currently a "controlled company" under Nasdaq rules, which means over 50% of votes held by one person or group, but may become one.
shares as collateral · Apr 24, 2026
Shares used as collateral for personal loans
The 2026 proxy lists Class A shares used as collateral for personal loans: 10,635,784 of Peter Thiel's, 3,000,000 of Alexander Karp's and 978,630 of director Alexander Moore's.
other · Aug 24, 2026
Insider sales and trading plans
Karp sold 492,348 Class A shares on Aug 20, 2026, about $86.1 million (Cityfort calculation from Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filed Aug 24, 2026). His Form 4 shows 402,348 sold automatically to cover tax on vesting shares and 90,000 under a Rule 10b5-1 planAn insider's trading plan, set up in advance, that buys or sells shares on a schedule. Learn more. A Thiel entity adopted a plan on Nov 14, 2025 for up to 2,000,000 shares through Mar 12, 2027.
other · Aug 4, 2026
Securities class action on appeal
A securities class action, Cupat, in federal court in Colorado was dismissed with prejudice on Apr 4, 2025. An appeal went to the 10th Circuit, with oral argument on Mar 16, 2026. Palantir says it does not expect any pending matter to be material.
other · Jun 9, 2026
2026 annual meeting votes
On Jun 3, 2026 say-on-pay passed with 1,987.9 million votes for and 357.1 million against. Three stockholder proposals failed: a due-diligence report (193.0 million for), a human-rights assessment (290.9 million for) and political spending (608.9 million for).
disclosure · Aug 4, 2026
Customer and platform detail
Palantir does not name its top customers or state how many of its customers are government agencies. The filings used for this page give no revenue by platform.
22What the market paid
22What the market paid · price as of Oct 30, 2026
What did the market pay for Palantir on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: Palantir closed at $184.11 on Nasdaq. Times 2,403.058 million shares of all classes (Jul 27, 2026) that is a market value of about $442.4 billion (Cityfort calculation from the Oct 30, 2026 Nasdaq closing price and the Q2 FY2026 10-Q cover); Class B and F do not trade, so they are counted at the Class A close. P/E is price ÷ earnings per share: 157.4 on diluted EPS of $1.17 for the 12 months to Jun 30, 2026. P/B is price ÷ book value per share: 45.3 on about $4.07 at Jun 30, 2026.
- Share price
- $184.11
- Market value (market cap)
- $442.4B
- P/E
- 157.4×
- P/B
- 45.3×
Source: PLTR historical daily prices (close on Oct 30, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Q2 FY2026 earnings release (Form 8-K, Exhibit 99.1) and 3 more
23How it got here
23How it got here
How did Palantir get here?
2003
Milestone
Founded
Palantir was incorporated in Delaware on May 6, 2003, and began with software for the U.S. intelligence community.
2020
Milestone
Direct listing on the NYSE
Palantir's shares began trading on Sep 30, 2020 through a direct listing, with no underwritten IPO price. FY2020 stock-based pay was $1,270.7 million and the operating loss $1,173.7 million.
2021
Business-model change
Apollo sold commercially
Palantir began selling Apollo, its software delivery platform, as a commercial product in 2021.
2023
Business-model change
AIP, and net income after losses
Palantir began deploying its generative AI platform, AIP. FY2023 net income was $209.8 million, after a $373.7 million net loss in FY2022.
2024
Milestone
Moved to Nasdaq
Palantir's Class A shares began trading on Nasdaq on Nov 26, 2024, after leaving the NYSE.
2024
Milestone
One-time stock appreciation rights cost
Q4 FY2024 operating margin fell to 1.3% on one-time costs tied to stock appreciation rights, with stock-based pay at 34.1% of revenue.
2026
Milestone
Buyback ended; cloud agreement amended
Palantir ended its share buyback in January 2026. In March 2026 it amended a cloud agreement, committing at least $5.6 billion through Feb 29, 2036.
24Sources and changes
Where every number on this page comes from
Sources (30 documents)
- S1Form 10-K, fiscal year 2025 (year ended Dec 31, 2025) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 17, 2026
- S2Form 10-K, fiscal year 2024 (year ended Dec 31, 2024) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 18, 2025
- S3Form 10-K, fiscal year 2023 (year ended Dec 31, 2023) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2024
- S4Form 10-K, fiscal year 2022 (year ended Dec 31, 2022) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2023
- S5Form 10-K, fiscal year 2021 (year ended Dec 31, 2021) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2022
- S6Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2026
- S7Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2026
- S8Form 10-Q, Q3 FY2025 (quarter ended Sep 30, 2025) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2025
- S9Form 10-Q, Q2 FY2025 (quarter ended Jun 30, 2025) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2025
- S10Form 10-Q, Q1 FY2025 (quarter ended Mar 31, 2025) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2025
- S11Form 10-Q, Q3 FY2024 (quarter ended Sep 30, 2024) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2024
- S12Q2 FY2026 earnings release (Form 8-K, Exhibit 99.1) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 3, 2026
- S13Q1 FY2026 earnings release (Form 8-K, Exhibit 99.1) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 4, 2026
- S14Q4 and FY2025 earnings release (Form 8-K, Exhibit 99.1) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 2, 2026
- S15Q3 FY2025 earnings release (Form 8-K, Exhibit 99.1) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2025
- S16Q2 FY2025 earnings release (Form 8-K, Exhibit 99.1) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2025
- S17Q1 FY2025 earnings release (Form 8-K, Exhibit 99.1) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2025
- S18Q4 and FY2024 earnings release (Form 8-K, Exhibit 99.1) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2025
- S19Q3 FY2024 earnings release (Form 8-K, Exhibit 99.1) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2024
- S20Proxy statement (DEF 14A), 2026 annual meeting (record date Apr 6, 2026) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2026
- S21Form 8-K, Item 5.07: results of the Jun 3, 2026 annual meeting · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 9, 2026
- S22Form 8-K, Item 5.02: Chief Accounting Officer appointment · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2025
- S23Form 8-K, Item 3.01: listing transfer from NYSE to Nasdaq · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 14, 2024
- S24Schedule 13G: Vanguard Capital Management (event date Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S25Schedule 13G/A: The Vanguard Group (event date Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S26Schedule 13G filed by Palantir as holder of Surf Air Mobility Inc. (event date Jun 24, 2026) · Palantir Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 1, 2026
- S27Form 4: Alexander C. Karp (transactions on Aug 20, 2026) · Alexander C. Karp (SEC EDGAR) · Tier 1: company or exchange filing · Aug 24, 2026
- S28EDGAR filing list for Palantir: forms and dates, including Forms 4 filed Aug 7 to Oct 30, 2026 · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Oct 30, 2026
- S29PLTR historical daily prices (close on Oct 30, 2026) · Nasdaq, Inc. (nasdaq.com) · Tier 1: company or exchange filing · Oct 30, 2026
- S30Q2 2026 Business Update (investor presentation) · Palantir Technologies Inc. (investor relations) · Tier 1: company or exchange filing · Aug 3, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q2 FY2026)
- v1 · Nov 1, 2026First version, through Q2 FY2026 (quarter ended Jun 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.
Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.
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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.