Palantir's Q3 2026 report shows total revenue up 96% year over year to $2.31 billion, driven by enterprise demand for secure frontier and open-weight model AI software.
U.S. commercial revenue surpassed U.S. government revenue for the first time.
The financial figures of the quarter
The company's total revenue reached $2,31 billion, a 96% increase compared to the same period last year. Compared to the previous quarter, revenue increased by 20%, exceeding analysts' estimates of $2,18 billion. Earnings per share were $0,44, higher than the $0,41 analysts had expected.
For the first time in the company’s history, revenue from commercial contracts in the United States exceeded government revenue. Specifically, US commercial contracts generated $984 million, up 148% from last year, while government revenue in the country amounted to $953 million for the same period.
The demand for artificial intelligence software
This growth is fueled by enterprise demand for Palantir’s AI tools. The company’s software allows businesses to run advanced models and adapt open models securely.
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The company's CEO, Alex Karp, said that companies are signing contracts faster but for shorter durations. Overall, Palantir closed new deals worth $1,46 billion from U.S. companies during the quarter. That's down from the previous quarter, when deals reached a record $2,13 billion.
New forecasts for the whole year
Following these results, Palantir management raised its estimates for total revenue for the year. In particular, it increased its forecast for revenue from US commercial contracts, expecting it to exceed $3,559 billion.
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