Palantir Technologies builds data-integration and AI software platforms — Gotham for defense and intelligence, Foundry for enterprises and civil government, AIP for deploying large language models on private networks, and Apollo for continuous software delivery into classified and air-gapped environments. Founded in 2003 by Peter Thiel, Alex Karp and others with early CIA backing via In-Q-Tel, the company relocated its headquarters from Denver to Miami in February 2026. It has become the leading software prime contractor in US defense: its Maven Smart System AI targeting platform carries a ~$1.3 billion contract ceiling through 2029 and is being made a formal DoD program of record, the Army signed an enterprise agreement worth up to $10 billion over ten years in July 2025, Foundry anchors the Army's Next Generation Command and Control (NGC2) common data layer, and Palantir is teamed with Anduril on command-and-control software for the $185 billion Golden Dome missile shield. Allied business is growing too, with NATO acquiring Maven in 2025 and the UK signing a strategic partnership under which Palantir will invest £1.5 billion and base its European headquarters in Britain. The commercial business, supercharged by AIP since 2023, is growing even faster than government: US commercial revenue rose 133% year-over-year in Q1 2026. Financially the company is in hypergrowth — FY2025 revenue was $4.475 billion (up 56%) with $1.625 billion in GAAP net income, Q1 2026 revenue hit $1.633 billion (up 85%, a record), and 2026 guidance was raised to ~$7.65 billion (71% growth) with a 'Rule of 40' score of 145%. It serves 1,007 customers and holds $8.0 billion in cash and treasuries. The stock remains one of the market's most richly valued at a ~$300 billion market cap (July 2026), down from early-2026 highs above $200 per share on valuation concerns. Headwinds include intensifying European data-sovereignty pushback — France's internal-intelligence service moved in June 2026 to drop Palantir for French rival ChapsVision, and in July 2026 France and Germany signed a joint declaration to build a 'European sovereign digital backbone' as an alternative to Palantir's military software, pitching France's Arcadia platform to replace the Maven Smart System — and long-running civil-liberties criticism of its ICE and policing work.
Palantir's defense and intelligence operating system, released in 2008, fuses satellite imagery, signals, and intelligence sources so analysts and commanders can find targets and run operations. Its AI evolution, the Maven Smart System, compresses sensor-to-shooter timelines from hours to minutes and is used across US combatant commands, the Army, Marine Corps, and NATO.
Deployed across US combatant commands and NATO; Pentagon transitioning Maven Smart System to a formal program of record by end of FY2026
Maven active users20,000+ across 35+ military tools (May 2025)
Palantir's data-integration platform for enterprises and civil government, released in 2016, turns an organization's data into an integrated 'ontology' that operational applications are built on. It underpins the UK NHS Federated Data Platform and was selected in June 2026 as the cloud data platform for the US Army's Next Generation Command and Control (NGC2) common data layer.
Core commercial platform; baseline data layer for Army NGC2 as of June 2026
NGC2 roleCloud data platform of the Army's NGC2 common data layer baseline (June 2026)
NHS Federated Data Platform£330M, 7-year contract (2023)
Launched in April 2023, AIP lets organizations run large language models and AI agents against their own data on private, secure networks, with hands-on 'bootcamps' taking customers from zero to a working use case in days. AIP is the primary driver of Palantir's triple-digit US commercial growth and now hosts NVIDIA Nemotron open models for sovereign government deployments.
Fastest-growing offering; extended to sovereign/air-gapped NVIDIA Nemotron deployments in June 2026
US commercial revenue (Q1 2026)$595M, +133% YoY
US commercial remaining deal value$4.92B (Q1 2026, +112% YoY)
Palantir's continuous-delivery and deployment platform, which autonomously ships and updates software across cloud, on-premise, classified, and air-gapped environments. Apollo is what lets Palantir operate SaaS-style inside secure government networks, and it anchors the company's sovereign AI stack, including the June 2026 engine for deploying NVIDIA Nemotron models in sovereign environments.
Delivery backbone for all Palantir platforms, including classified and air-gapped networks
Sovereign AI roleDeploys NVIDIA Nemotron open models in air-gapped/sovereign environments (June 2026)
What's Next
Golden Dome C2 software ready for testing
The Anduril-Palantir consortium building the command-and-control 'glue layer' for the $185 billion Golden Dome missile shield aims to have the software platform ready for testing in summer 2026. A successful test phase would position Palantir for what analysts estimate could be a multi-billion-dollar role in phase one of the program.
Summer 2026
Q2 2026 earnings report
Palantir reports Q2 2026 results on August 10, 2026, having guided to $1.797–1.801 billion in revenue (vs. $1.68 billion consensus at guidance time) and $1.063–1.067 billion of adjusted operating income. Investors will watch whether US commercial growth sustains its 133% pace and whether full-year guidance is raised again.
August 2026
Maven Smart System becomes a formal DoD program of record
Deputy Defense Secretary Steve Feinberg's March 9, 2026 memo set an 'aggressive' deadline to complete the Maven Smart System's transition into a formal program of record by the end of fiscal year 2026 (September 30). The transition would give Palantir's flagship military AI platform stable, institutionalized funding across combatant commands.
Q3 2026
Hit raised FY2026 guidance of ~$7.65B revenue (+71%)
After growing 85% in Q1, Palantir raised full-year 2026 guidance to $7.650–7.662 billion in revenue (71% growth), over $3.224 billion of US commercial revenue (+120%), and $4.2–4.4 billion of adjusted free cash flow. Delivering on this would nearly double the FY2025 top line and is the central test of whether its AI-driven acceleration is durable.
2026
NGC2 full-stack fielding to first two Army divisions
The Army's FY2027 budget request ($3.78 billion for NGC2) funds fielding the full NGC2 stack — with Palantir Foundry as the data layer — to two divisions in FY2027, following prototyping at the 4th Infantry Division, with three more division equivalents procured for FY2028. The Army wants all 11 divisions equipped within five years, a multi-year revenue runway for Palantir.
France and Germany pledge European rival to Palantir's military software
France and Germany signed a joint declaration to build a 'European sovereign digital backbone' spanning data-centric security, AI and cloud, a move widely read as an effort to develop a homegrown alternative to Palantir's military software following talks between Emmanuel Macron and Friedrich Merz. Paris has pitched its AI-powered Arcadia command-and-control platform — alongside comparable German systems — as a replacement for Palantir's Maven Smart System, which underpins NATO targeting operations. The push follows France's DGSI moving to drop Palantir for French rival ChapsVision's ArgonOS and Germany's services making similar switches, with the partners targeting a proof-of-concept within 18 to 24 months.
Operations & Revenue
StatusProfitable hypergrowth
Palantir has been GAAP-profitable every quarter since Q1 2023 and posted $1.625 billion in GAAP net income on $4.475 billion of revenue in FY2025. In Q1 2026 growth accelerated to 85% year-over-year — its fastest ever — with a 46% GAAP operating margin and a 'Rule of 40' score of 145%. The company holds $8.0 billion in cash, equivalents, and short-term US Treasuries and guides to $4.2–4.4 billion of adjusted free cash flow in 2026. Growth is led by US government AI programs (Maven, NGC2, the Army enterprise agreement) and AIP-driven US commercial adoption, while parts of Europe (notably France's internal-intelligence service) are pulling back on sovereignty grounds.
Revenue Streams
US government software
Software licenses and services for defense, intelligence, and civil agencies — Gotham, the Maven Smart System (~$1.3B ceiling through 2029), TITAN ground stations, the NGC2 data layer, and the Army's up-to-$10B Enterprise Service Agreement. US government revenue was $1.855B in FY2025 (+55%) and grew 84% year-over-year in Q1 2026.
US commercial (AIP + Foundry)
Enterprise subscriptions to Foundry and AIP, sold increasingly through short 'bootcamp' engagements that convert into large contracts. US commercial revenue was $1.465B in FY2025 (+109%) and $595M in Q1 2026 (+133%), with $4.92B of remaining deal value — the company's fastest-growing segment.
International government & allied defense
Contracts with allied governments including NATO's Maven Smart System acquisition (March 2025), the UK MoD's £240.6M three-year contract signed December 2025 plus the £330M NHS Federated Data Platform, and deployments supporting Ukraine. International business (UK ~$427M plus rest-of-world ~$728M in 2025) accounts for roughly a quarter of revenue.
Key Metrics
Employees
4,429 (as of December 31, 2025)
Est. Annual Revenue
FY2025: $4.475B actual (+56%); FY2026 guidance raised to $7.650–7.662B (~71% growth)
Market cap
~$304B (July 2026)
FY2025 revenue
$4.475B (+56% YoY)
Q1 2026 revenue
$1.633B (+85% YoY, record growth)
US government revenue (FY2025)
$1.855B (+55% YoY)
US commercial revenue (Q1 2026)
$595M (+133% YoY)
Customers
1,007 (Q1 2026, +31% YoY)
Employees
4,429 (Dec 31, 2025)
Cash & short-term treasuries
$8.0B (Mar 31, 2026)
Timeline
2026Record results; headquarters moves to Miami
Palantir reported FY2025 revenue of $4.475 billion (up 56%) with $1.625 billion GAAP net income on February 2, 2026, then abruptly announced on February 17 that it was moving its headquarters from Denver to Miami. Q1 2026 revenue accelerated to 85% growth — the company's highest ever — prompting raised full-year guidance of ~$7.65 billion.
2026Golden Dome software team and NGC2 data layer
In March 2026 the Wall Street Journal reported that an Anduril-Palantir consortium is building the command-and-control software 'glue layer' for the $185 billion Golden Dome missile shield. In June 2026 the Army established the NGC2 common data layer baseline with Palantir Foundry as its cloud data platform, and Palantir launched an engine for deploying NVIDIA Nemotron models in sovereign, air-gapped environments.
2025NATO acquires Maven Smart System
On March 25, 2025, NATO's Communications and Information Agency finalized acquisition of Maven Smart System NATO for Allied Command Operations — one of the fastest procurements in alliance history at six months from requirement to award. Two months later the Pentagon raised Palantir's Maven contract ceiling from $480 million to ~$1.3 billion through 2029.
2025Army signs enterprise agreement worth up to $10 billion
On July 31, 2025, the US Army consolidated 75 separate contracts into a single ten-year Enterprise Service Agreement with Palantir capped at $10 billion, streamlining how the service buys Palantir software. Days earlier, the Anduril-Palantir team won a $100 million prototype award for the Army's Next Generation Command and Control (NGC2) program.
2025UK strategic partnership and £1.5 billion investment
In September 2025 Palantir and the UK government announced a strategic defense partnership under which Palantir will invest £1.5 billion (~$2 billion) in the UK and base its European headquarters in Britain. The Ministry of Defence followed with a directly awarded £240.6 million three-year contract signed December 30, 2025.
2024TITAN prime contract — a software company builds Army hardware
In March 2024 the Army awarded Palantir a $178 million contract to build 10 TITAN (Tactical Intelligence Targeting Access Node) AI-enabled ground stations, the first time a software company served as prime contractor on a major Army hardware program. Palantir also won the $480 million Maven Smart System contract that May.
2024Joins the S&P 500
S&P Dow Jones Indices added Palantir to the S&P 500 effective September 23, 2024, replacing American Airlines; the stock jumped 14% on the news. In November 2024 Palantir moved its listing from the NYSE to the Nasdaq Global Select Market.
2023AIP launch rides the AI wave
Palantir launched its Artificial Intelligence Platform (AIP) in April 2023, integrating large language models into customers' private networks, and pioneered hands-on 'bootcamps' to compress sales cycles. AIP became the engine of triple-digit US commercial growth. The company also posted its first GAAP-profitable quarter in Q1 2023.
2020Direct listing on NYSE
Palantir went public via direct listing on September 30, 2020, opening at $10 against a $7.25 reference price — roughly a $22 billion opening valuation. It also moved its headquarters from Palo Alto to Denver that year.
2019Takes over Project Maven
After Google withdrew from the Pentagon's Project Maven AI program under employee pressure, Palantir took over the drone-imagery analysis work. Maven became the foundation of Palantir's flagship military AI offering, the Maven Smart System.
2016Palantir Foundry released
Palantir released its second platform, Foundry, to address data-integration challenges at large companies, opening a commercial business beyond government. The same year it partnered with Airbus (later the Skywise platform) and won a landmark lawsuit against the US Army over software procurement practices.
2008Palantir Gotham released
Palantir released its first platform, Gotham, built for analysts at defense and intelligence agencies hunting for 'needles in thousands of haystacks.' That year US Army special operations commanders deployed it in the field, beginning Palantir's long relationship with the military.
2005In-Q-Tel backing and CIA adoption
The CIA's venture arm In-Q-Tel invested roughly $2 million, alongside ~$30 million bankrolled largely by Thiel and Founders Fund. Intelligence-community analysts became the company's first users, shaping the software that would become Gotham.
2003Founded
Peter Thiel, Alex Karp, Stephen Cohen, Joe Lonsdale, and Nathan Gettings found Palantir, named after the 'seeing stones' of Tolkien's legendarium. The founding vision was to adapt PayPal-style fraud-detection techniques to counter-terrorism while preserving civil liberties.
Funding
Cumulative disclosed raise · dated rounds
Round
Date
Amount
Investors
Source
Early venture (incl. In-Q-Tel)
2004–2005
~$32M
Peter Thiel, Founders Fund, In-Q-Tel (~$2M)
Series A
Jun 2006
$7.5M
Venture investors incl. existing backers
Growth round
Dec 2013
$450M
Private investors at ~$9B valuation
Late-stage growth
Dec 2015
$880M
Private investors at $20B valuation
Direct listing (NYSE)
Sep 2020
No new capital raised (reference price $7.25; opened at $10)
