Palantir's US commercial revenue jumps 148% to $984M, surpassing gov't for first time
eliano · x · 2026-11-03
Palantir beat and raised again in Q3: US commercial revenue grew 148% y/y to $984M, surpassing US government revenue ($953M, +96%) for the first time. Rule of 40 score hit 158%, with Q3 revenue of $2.31B and adjusted EPS of $0.44 both beating estimates. Q4 guidance of $2.65B and full-year revenue raised to $8.53B.
CEO Alex Karp noted the Department of War is now only 30% of the business, with market cap underpinned by commercial; he credited founder voting shares (F shares) with blocking PE pressure to split off the commercial unit. Karp warned AI will create a "haves and have-nots" America — the gains can't sit with just Palantir, Anthropic and OpenAI — and said Palantir is training partners to become independent.
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