Palantir reported an exceptional Q1 2026, with 85% YoY revenue growth and 104% growth in the U.S., leading to a significant raise in full-year guidance. The company emphasizes a strong focus on operational AI and direct value creation, particularly in national security and manufacturing. Revenue growth accelerated for the 11th consecutive quarter, reaching 85% YoY.
Вывод BuzzbergRaises FY26 revenue guidance to 71% annual growthPalantir reported an exceptional Q1 2026, with 85% YoY revenue growth and 104% growth in the U.S., leading to a significant raise in full-year guidance. The company emphasizes a strong focus on operational AI and direct value creation, particularly in national security and manufacturing. Revenue growth accelerated for the 11th consecutive quarter, reaching 85% YoY.Читать полный анализСвернуть анализ
Palantir reported an exceptional Q1 2026, with 85% YoY revenue growth and 104% growth in the U.S., leading to a significant raise in full-year guidance. The company emphasizes a strong focus on operational AI and direct value creation, particularly in national security and manufacturing. Revenue growth accelerated for the 11th consecutive quarter, reaching 85% YoY.
Rule of 40 score expanded to 145, driven by strong growth and high profitability.
U.S. commercial growth hit 133% YoY, with impactful customer transitions and new partnerships.
U.S. government segment grew 84% YoY, with Maven usage doubling and deployment across services and commands.
Revenue$1.6326B
+16% QoQ
US_COMMERCIAL revenue$0.595B
reported
US_GOVERNMENT revenue$0.687B
reported
EPS$0.33
+32% QoQ
Что изменилось в этом квартале
01
Guidance
Raises FY26 revenue guidance to 71% annual growth
Guidance · revenue to $7.656B
02
Demand
U.S. business surpassed 100% YoY growth for first time since GPO
Alex Karp framed the results as proof Palantir's differentiated approach is winning, with demand exceeding capacity and a record guidance raise.
03
Government
Maven usage doubled in four months and quadrupled in twelve
Rule of 40 score expanded to 145, driven by strong growth and high profitability.
04
AI
AIP positioned as only no-slop production AI platform
Management cast AIP as the only production-grade 'no-slop' AI platform, with demand outstripping their ability to scale and cheaper tokens expanding use cases. They see AI labs as creating market awareness but lacking the ontology and governance required to deliver real…
AI, капзатраты и спрос
AI
Платформа и монетизация
Management cast AIP as the only production-grade 'no-slop' AI platform, with demand outstripping their ability to scale and cheaper tokens expanding use cases. They see AI labs as creating market awareness but lacking the ontology and governance required to deliver real enterprise value.
Спрос
Заказы и конверсия
U.S. business surpassed 100% YoY growth for first time since GPO. Alex Karp framed the results as proof Palantir's differentiated approach is winning, with demand exceeding capacity and a record guidance raise.
Тон · Bullish
Alex Karp framed the results as proof Palantir's differentiated approach is winning, with demand exceeding capacity and a record guidance raise.
Альфа цепочки поставок
A1
A successful U.S. commercial customer program transitioned to a U.S. government customer, masking the commercial segment's true growth.
“As Ryan noted, we had a successful U.S. commercial customer program transition to a U.S. government customer. Absent this transition, U.S. commercial growth would have been 143% year-over-year and 22% sequentially.”
Palantir is replacing its own legacy CRM software with an internal AIP-based solution, highlighting the technology's ability to disrupt traditional enterprise software.
GE Aerospace's deepened partnership signals expanding AIP deployment in production and military aviation supply chain, indicating strong demand and operational value from Palantir's platform.
“on the back of the 26% increase in engine production with AIP, GE Aerospace deepened their partnership with Palantir last quarter to deploy agentic AI-powered solutions across their production system”
Ryan TaylorChief Revenue Officer and Chief Legal Officer
For example, on the back of the 26% increase in engine production with AIP, GE Aerospace deepened their partnership with Palantir last quarter to deploy agentic AI-powered solutions across their production system and military aviation supply chain with a shared mission of ensuring that more aircraft remain available to train America's next generation of U.S. Air Force pilots. ONDIS and Worldview expanded their work with Palantir to bring AIP to the stratosphere and build the operational backbone required to scale their missions. They noted, quote, Palantir-powered workflows don't just make one launch faster, they make dozens or a hundred simultaneous launches possible with the same operational efficiency. Load-bearing institutions upon which the West depends know, or will soon know, that our AI platforms are the indispensable means of delivering their must-win operations. an upshot of our transformational work across every domain. The foundation remains our deployment of Maven Smart System to empower our troops. As the Chief Digital and AI Officer at the Department of War noted, quote, I care about one thing and one thing only, that the 18, 19, 20-year-old kid who had no choice in …
OPENAI
Непубличная компания
Конкуренты
Palantir's AIP coupled with frontier models (e.g., OpenAI's) is driving a security 'Sputnik moment,' which increases reliance on Palantir's Apollo for remediation, creating growth tailwinds.
“Nethos and Spud and even other current generation models with AIP are capable of finding novel vulnerabilities in complex cyber kill chains. They have discovered thousands of zero days in major operating systems and browsers.”
… just that, where it counts the most. AIP is the default builder platform in the Department of War, with thousands of developers using AIFD, migrating legacy systems, standing up new capabilities, solving problems that used to require contractor teams and months of lead time. Our software is becoming the most malleable and responsive weapon system for the Joint Force. Finally, what's now clear is that Nethos and Spud and even other current generation models with AIP are capable of finding novel vulnerabilities in complex cyber kill chains. They have discovered thousands of zero days in major operating systems and browsers. This is the Spudnik moment in the AI arms race. The rate of vulnerability identification is about to skyrocket. Finding the bugs is no longer the limiting factor. Rapid-fire remediation with exact precision, immediacy, and absolute certainty is the new hard problem. Knowing exactly what versions of what software are running where and closing the remediation chain autonomously. Apollo was built for exactly this. We're shipping the next generation of Apollo as we help our customers reposture for this world. And note the Jevons paradox dynamic here, too. More …
ANTHROPIC
Непубличная компания
Конкуренты
Palantir positions itself as the only viable enterprise AI platform, implying that offerings from labs like Anthropic are not effective for production deployments.
“almost every single highlighted example of AI actually producing results in the U.S. is actually Palantir by Palantir. One of the ways to pen test what we're saying is just dig into the examples of AI actually transforming an enterprise.”
Declining token costs are a key demand driver for Palantir's AIP. This trend benefits NVIDIA as AI adoption expands, potentially increasing demand for their GPUs.
“GPT-4 equivalent performance that costs $20 per million tokens in early 2023 is now approximately 1,000 times cheaper three years later.”
Thanks, Ryan. For over two years now, we've been saying that while LLMs are improving, models are converging, and the cost per token continues to drop precipitously. GPT-4 equivalent performance that costs $20 per million tokens in early 2023 is now approximately 1,000 times cheaper three years later. Because of this increased efficiency, use case demand for tokens is exploding. Our AIP workflows today utilize vastly more tokens, agents orchestrating across the ontology, training reasoning, pool use, retrieval, and execution. And it's growing. This is Jevon's paradox. It's the single most important dynamic in enterprise software right now. When the Victorians built more efficient steam engines, everyone assumed coal consumption would fall. Instead, it skyrocketed. Cheaper transport meant more demand for transport. Tokens are the new coal. AIP is the train. As inference gets cheaper, the number of tasks that you can economically assign to AI grows exponentially.
A successful U.S. commercial customer program transitioned to a U.S. government customer, masking the commercial segment's true growth. — The transition shows Palantir's unique ability to convert federal R&D into military contracts, potentially impacting competitiveness over time, especially with defense-focused suppliers.
… closed $1.3 billion in commercial TCE bookings in the first quarter, representing 42% growth year-over-year. Our AI platform dominates U.S. markets as the only real choice for deploying AI models operationally in a way that actually works. First quarter U.S. commercial revenue grew 133% year-over-year and 18% sequentially to $595 million. This exceptional growth even understates our U.S. commercial momentum. As Ryan noted, we had a successful U.S. commercial customer program transition to a U.S. government customer. Absent this transition, U.S. commercial growth would have been 143% year-over-year and 22% sequentially. In Q1, we closed our third consecutive quarter of over $1 billion in U.S. commercial TCV bookings at $1.2 billion, representing growth of 45% year-over-year. Over the past 12 months, we closed $4.7 billion of U.S. commercial TCV bookings, a 115% increase from the prior 12 months, highlighting the accelerating demand for AI that creates real operational value. Total remaining deal value in our U.S. commercial business grew 112% year-over-year and 12% sequentially. Our U.S. commercial customer count grew to 615 customers, reflecting growth of 42% year-over-year and …
Palantir is replacing its own legacy CRM software with an internal AIP-based solution, highlighting the technology's ability to disrupt traditional enterprise software. — Palantir's own dogfooding suggests an accelerated shift from incumbents to AI-native solutions, potentially impacting the long-term growth of legacy CRM and software providers.
… system is AIP. That intermediary representation is the ontology. This is also why we are seeing the death of legacy software. AIP replaces static workflows not by replicating the playbook, but by eliminating the need for one. Thomas Cavanaugh Construction, 97% of their employees use Foundry every day. And every other piece of software must now justify its existence. And so far, they haven't been able to. We're seeing this internally, too. This quarter, we replaced our old, expensive CRM with an AI-first solution built on AIP in a few months that users absolutely love. Our customers are seeing the real value is not automating what you already do. It's doing what was previously impossible. A major telco set out to automate 10 million customer calls a year. The real insight was that the most dissatisfied customers never call. They churned silently. The reframe was counterintuitive. Don't use AI to reduce calls. Use it to generate them. An AI advocate that proactively calls on every customer's behalf. The point is simple. Use AI to do more work. Work that was never economically feasible before AIP. For every agent action, our customers need to answer three questions. Who …
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