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Palantir now earns more from US companies than from Washington

Beau Brummell · November 4, 2026
US commercial revenue rose 148 per cent to $984mn, passing government sales for the first time.

For most of its life Palantir was known as a government software company. That changed in the third quarter.

The data analytics group reported on Monday that revenue from US businesses rose 148 per cent from a year earlier to $984mn. US government revenue grew 96 per cent to $953mn. It is the first time US commercial sales have been the larger of the two.

The numbers

Total revenue nearly doubled to $2.31bn, the first quarter above $2bn. Net income was about $1.13bn, or 44 cents a share, CNBC reported.

Palantir lifted its full-year revenue forecast to about $8.53bn, roughly 91 per cent growth, and now expects US commercial revenue "in excess of" $3.56bn. A year earlier, US commercial revenue was $397mn. The company expects fourth-quarter revenue of $2.65bn.

Not enough for the market

Even so, the shares slipped about 3 per cent in after-hours trading. At Palantir's valuation, beating forecasts is the minimum.

Chief executive Alex Karp also used the moment to repeat his recent calls to nationalise the AI labs, CNBC reported.

*Image: Palantir chief executive Alex Karp (left) in Davos, January 2026. Photo: Presidencia de la República del Ecuador / Wikimedia Commons, public domain*

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