Palantir reported $1.94 billion in revenue during the second quarter, up 93% from a year earlier. The company’s business with private companies grew even faster, with commercial revenue jumping 149% to $764 million, while government revenue climbed 90% to $809 million. The company also raised its full-year revenue forecast to more than $8.15 billion.
Karp said the explosive growth is being driven by companies and governments that want powerful AI without giving their sensitive data to large AI model companies. He called the quarter “otherworldly” and said no company of Palantir’s size has ever grown this quickly.
Analysts said the results strengthen Palantir’s position as one of the biggest winners of the AI boom and weaken concerns about growing competition. Tuesday’s rally added tens of billions of dollars to Palantir’s market value, while pushing Karp’s personal fortune up by an estimated $3 billion in a single trading day.