Palantir TechnologiesNarrow moat

PLTR — overall economic moat

Investment snapshot
Narrow moat↗ WideningConfidenceMediumValuationExpensive
Strongest advantageCustomers build their operations on its data layer and keep expanding: net dollar retention 157%, top three customers with it for ten years, contribution margins of 71-78%
Greatest threatPrice and concentration of advantage: about 165 times earnings and 75 times sales, with 81% of revenue American and international commercial nearly flat
Key metricNet dollar retention (157% in Q2 2026) against US commercial growth (+149%)
Verdict: Palantir has real switching costs: its customers build their daily operations on its platforms and spend about half as much again every year, and its margins show how little an embedded customer costs to keep. But nothing in its contracts, patents or network enforces the lock-in, the method that sells it has worked mainly in America, and a third of its backlog is contracted while the rest is options. That is a narrow moat, widening at home. At about 165 times earnings the shares price it as if it were wide and global.
📈 PLTR valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Palantir sells software that governments and companies run their operations on, and it sells it by doing the work first. It was founded in 2003 and started building software for the intelligence community in the United States1. It now sells "four principal software platforms"2: Gotham, Foundry, Apollo and AIP, its Artificial Intelligence Platform. It listed directly on the New York Stock Exchange on 30 September 20203, moved to Nasdaq in November 20244 and joined the S&P 500 in September 20245.

Revenue ($M)595201874320191,09320201,54220211,90620222,22520232,86620244,4752025SEC EDGAR XBRL company facts; Palantir FY2025 results release
Revenue up 7.5 times since 2018, and 56% in 2025 alone.

Revenue was $4,475.4 million in 2025, up 56%6. Government customers produced 54% and commercial customers 46%7. By line, US government sold $1,855 million and US commercial $1,465 million8; international commercial about $608.2 million and international government about $547.3 million9. About 74% of revenue was American10.

How it makes money: customers connect their own data to Palantir's platforms and build their working tools on them, usually after a pilot Palantir runs at its own expense11. Once they build, they expand: net dollar retention was 157% in the second quarter of 202612. The two segments each earned a 66% contribution margin in 202513.

Profit arrived late and fast. Palantir lost money every year from 2018 to 202214, reported its first full-year profit in 202315, and earned net income of $1,625.0 million in 202516. Adjusted free cash flow was $2,270.4 million17. It had $9.2 billion of cash and short-term Treasuries and no debt in June 202618, and pays no dividend19.

In the second quarter of 2026 revenue rose 93% to $1,935.5 million20, and full-year guidance was raised to $8.150 billion to $8.158 billion21. The shares were $192.59 on 24 September 2026, a market value of $462.81 billion22, 164.71 times trailing earnings and 75.18 times trailing sales23. Three founders hold 49.999999% of the votes24.

The company is small for its value. It had 4,429 full-time employees at the end of 2025, 28% of them outside the United States25, and it moved its principal executive offices from Denver to Aventura, Florida26. The chief executive, Alexander Karp, received total pay of $8,623,000 in 2025, about 37 times the median employee's27.

The share price has travelled further than the business. Palantir was worth $15.67 billion on its first day of trading in September 202028; at $462.81 billion in September 202629 it was worth about 30 times as much30, while annual revenue grew about four times from 2020 to 202531.

The moat is narrow and widening: real switching costs, shown in retention and ten-year relationships, but no contractual or legal floor under them, and an advantage that so far works mainly in America. The number that would falsify that verdict is net dollar retention; a reading below 120% in a year of healthy customer budgets would mean customers have stopped building on the platform, and at this price that would matter a great deal.

The number that tests this moat
Reported
Revenue, and where it comes from
$4.48bn in 2025: US government $1.86bn, US commercial $1.47bn, international commercial $0.61bn, international government $0.55bn

Government 54%, commercial 46%; 74% American. Watch US commercial, guided above $3.4bn in 2026.

Source: Palantir FY2025 results release ↗
Moat scorecardHow ratings work →
Switching costs7/10
Network effects2/10
Pricing power6/10
Hard to replicate6/10
Disruption resistance5/10
Overall durability6/10

Switching costs are real: customers build their own applications on the platform, the Maven system supports over 25,000 builders, and retention is 157%, but many contracts can be ended on under a year's notice. Pricing power shows in 78% commercial contribution margins and a falling sales cost. Replication is moderately hard: the 10-K says customers often try to build their own first, and some succeed. Disruption resistance is middling because the field of AI tools changes quickly. Network effects are minimal. Durability sits in the narrow band: proven in America for three years of growth, unproven abroad and in a slowdown.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Palantir's government and commercial segments earn the same 66% margin, but the growth is almost all American.
DIG DEEPER 02
The Moat
Palantir's customers build on its software and keep spending more, but no contract, patent or network effect stops them leaving, so the moat is narrow…
DIG DEEPER 03
Competitors
Palantir's real competitor is the customer's own engineering department, and the rising customer count says it is winning that argument in America.
DIG DEEPER 04
Major Clients
Palantir's top three customers fell from a third of revenue to a sixth, but a single government still buys about two-fifths.
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
Palantir is betting on American business, allied governments and a year of 82% growth, and it has $9.2 billion of cash with no plan announced for most…
⚠ Threats to the moat
⚠ THREAT 01
Priced for Perfection
Palantir is valued at about 165 times earnings and 75 times sales, so its owners need years of exceptional growth just to justify today's price.
⚠ THREAT 02
Half the Votes on a Tenth of the Shares
Palantir's founders control half the votes with about a tenth of the shares, and its chief executive has no named successor.
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
Palantir is valued as a global AI platform, but 81% of its revenue now comes from America, the one market where its selling method has clearly worked.
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q2 2026)
In the second quarter of 2026 Palantir grew 93%, earned a 47% GAAP operating margin and raised its forecast again.
References
  1. ReportedIt was founded in 2003 and started building software for the intelligence community in the United States.
    Palantir Technologies prospectus (Form 424B4) for the direct listing - founding history and 2018-2019 results. — 2018-H1 2020 · publ. September 2020 · source ↗
  2. ReportedIt now sells "four principal software platforms": Gotham, Foundry, Apollo and AIP, its Artificial Intelligence Platform.
    Palantir Technologies Form 10-K for fiscal 2025 - Item 1 business: platforms, employees, competition, pilots and government programmes. — FY2025 · publ. 17 February 2026 · source ↗
  3. ReportedIt listed directly on the New York Stock Exchange on 30 September 2020, moved to Nasdaq in November 2024 and joined the S&P 500 in September 2024.
    Palantir Technologies Form 10-K for fiscal 2020 - the direct listing, segment contribution for 2018-2020, revenue by country and employees. — FY2020 · publ. March 2021 · source ↗
  4. ReportedIt listed directly on the New York Stock Exchange on 30 September 2020, moved to Nasdaq in November 2024 and joined the S&P 500 in September 2024.
    Palantir Form 8-K on the transfer of its Class A common stock listing from the NYSE to Nasdaq, trading on Nasdaq from 26 November 2024. — November 2024 · publ. 14 November 2024 · source ↗
  5. ReportedIt listed directly on the New York Stock Exchange on 30 September 2020, moved to Nasdaq in November 2024 and joined the S&P 500 in September 2024.
    S&P Dow Jones Indices press release announcing Palantir's addition to the S&P 500, effective before the open on 23 September 2024. — September 2024 · publ. 6 September 2024 · source ↗
  6. ReportedRevenue was $4,475.4 million in 2025, up 56%.
    Palantir fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - revenue, US revenue lines, margins, stock-based compensation, cash flow and initial 2026 guidance - full-year 2025 results: revenue by line, margins, expenses, stock pay and cash flow. — FY2025 · publ. 2 February 2026 · source ↗
  7. ReportedGovernment customers produced 54% and commercial customers 46%.
    Palantir Technologies Form 10-K for fiscal 2025 - Item 7 MD&A and segment note: segment revenue and contribution, revenue by geography and customer concentration. — FY2025 · publ. 17 February 2026 · source ↗
  8. ReportedBy line, US government sold $1,855 million and US commercial $1,465 million; international commercial about $608.2 million and international government about $547.3 million.
    Palantir fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - revenue, US revenue lines, margins, stock-based compensation, cash flow and initial 2026 guidance - full-year 2025 results: revenue by line, margins, expenses, stock pay and cash flow. — FY2025 · publ. 2 February 2026 · source ↗
  9. Moat Explorer calcBy line, US government sold $1,855 million and US commercial $1,465 million; international commercial about $608.2 million and international government about $547.3 million.
    Moat Explorer calculation from Palantir's filings, results releases and market data ($ millions unless stated). Revenue lines: US commercial 2021 = US revenue 879.16 - US government 678.2 = 200.96, rounded 201.0; international commercial = commercial segment revenue less US commercial: 2021 644.53 - 200.96 = 443.6; 2022 834.1 - 335.1 = 499.0; 2023 1,002.8 - 457.1 = 545.7; 2024 1,295.9 - 702.3 = 593.6; 2025 2,073.2 - 1,465 = 608.2; Q2 2025 450.7 - 306 = 144.7; Q1 2026 (1,719.6 - 945.4) - 595 = 774.2 - 595 = 179.2; Q2 2026 945.4 - 764 = 181.4. International government = government segment revenue less US government: 2021 897.4 - 678.2 = 219.2; 2022 1,071.8 - 826.3 = 245.5; 2023 1,222.2 - 921.2 = 301.0; 2024 1,569.6 - 1,197.9 = 371.7; 2025 2,402.3 - 1,855 = 547.3; Q2 2025 553.0 - 426 = 127.0; Q2 2026 990.0 - 809 = 181.0. US government 2024 = US revenue 1,900.2 - US commercial 702.3 = 1,197.9. Check 2025: 1,465 + 1,855 + 608.2 + 547.3 = 4,475.5. Growth: international commercial 499.0 / 443.6 = +12.5%; 545.7 / 499.0 = +9.4%; 593.6 / 545.7 = +8.8%; 608.2 / 593.6 = +2.5%; 608.2 / 443.6 = +37%. International government 245.5 / 219.2 = +12.0%; 301.0 / 245.5 = +22.6%; 371.7 / 301.0 = +23.5%; 547.3 / 371.7 = +47.2%. US commercial 335.1 / 201.0 = +66.7%; 457.1 / 335.1 = +36.4%; 702.3 / 457.1 = +53.6%; 1,465 / 201.0 = 7.3 times. US government 921.2 / 826.3 = +11.5%; 1,197.9 / 921.2 = +30.0%; 1,855 / 678.2 = 2.7 times. Government segment 2,402.3 / 610.2 = 3.9 times; first half 1,848.4 / 1,039.9 = +77.7%. Revenue abroad Q2 2026 1,935.5 - 1,573.0 = 362.5, Q2 2025 144.7 + 127.0 = 271.7, 362.5 / 271.7 = +33.4%; 2025 4,475.4 - 3,320.0 = 1,155.4; 2024 2,865.5 - 1,900.2 = 965.3; 2022 1,905.9 - 1,161.4 = 744.5. Other income Q2 2026 91.8 / Q2 2025 6.6 = 13.9 times. Rest of world 2025 4,475.4 - 3,320.0 - 427.4 = 728.0. Shares of revenue: US commercial 201.0 / 1,541.9 = 13.0%; 335.1 / 1,905.9 = 17.6%; 457.1 / 2,225.0 = 20.5%; 702.3 / 2,865.5 = 24.5%; 1,465 / 4,475.4 = 32.7%; Q2 2026 764 / 1,935.5 = 39.5%. US government 678.2 / 1,541.9 = 44.0%; 826.3 / 1,905.9 = 43.4%; 921.2 / 2,225.0 = 41.4%; 1,197.9 / 2,865.5 = 41.8%; 1,855 / 4,475.4 = 41.4%; Q2 2026 809 / 1,935.5 = 41.8%. International commercial 443.6 / 1,541.9 = 28.8%; 608.2 / 4,475.4 = 13.6%. International government 547.3 / 4,475.4 = 12.2%. Revenue abroad 1,155.4 / 4,475.4 = 25.8%; Q2 2026 362.5 / 1,935.5 = 18.7%. US commercial share of remaining deal value 6,238 / 13,100 = 47.6%. US commercial share of contract value closed 2,132 / 3,373 = 63.2%. 2026 US commercial guide 3,424 / 8,154 = 42.0%. Customers: top three 2025 0.16 x 4,475.4 = 716; top twenty 20 x 93.9 = 1,878, 1,878 / 4,475.4 = 42.0%; next seventeen 1,878 - 716 = 1,162; all others 4,475.4 - 1,878 = 2,597.4; top twenty June 2026 20 x 124 = 2,480. US commercial customers 653 / 80 = 8.2 times. US commercial contract value Q2 2025 2,132 / 2.53 = 843. Backlog: remaining performance obligations 4.9 / total remaining deal value 13.1 = 37.4%; due within twelve months 4.1 x 0.38 = 1.56 bn (Dec 2025), 4.9 x 0.43 = 2.11 bn (June 2026), 2.11 / 1.56 = 1.35. Costs and margins: research and development / revenue 404.6 / 2,225.0 = 18.2%; 507.9 / 2,865.5 = 17.7%; 557.7 / 4,475.4 = 12.5%; growth 557.7 / 507.9 = +9.8%. Sales and marketing / revenue 887.8 / 2,865.5 = 31.0%; 1,056.9 / 4,475.4 = 23.6%; growth 1,056.9 / 887.8 = +19.0%. Stock-based compensation / revenue 1,270.7 / 1,092.7 = 116%; 778.2 / 1,541.9 = 50%; 564.8 / 1,905.9 = 30%; 475.9 / 2,225.0 = 21%; 691.6 / 2,865.5 = 24%; 684.0 / 4,475.4 = 15.3%; Q2 2026 265.2 / 1,935.5 = 13.7%; growth 265.2 / 160.0 = +66%. Diluted weighted shares 2,565.2 / 1,923.6 = +33%. 2026 adjusted operating margin guide 4,893 / 8,154 = 60.0%. Revenue per employee 4,475.4 / 4,429 = 1.01; 2,225.0 / 3,735 = 0.596; 1.01 / 0.596 = 1.70; employees 4,429 / 3,735 = +18.6%; revenue 4,475.4 / 2,225.0 = 2.01 times. Cumulative losses 2018-2022 580.0 + 579.6 + 1,166.4 + 520.4 + 373.7 = 3,220.1. Effective tax rate 2025 22.7 / 1,657.4 = 1.4%. Interest income 229.2 / 1,657.4 = 13.8%. Guidance: revenue midpoints (8,150 + 8,158) / 2 = 8,154 and (7,182 + 7,198) / 2 = 7,190, raise 8,154 - 7,190 = 964; growth 8,154 / 4,475.4 = +82%; adjusted free cash flow midpoints (4,500 + 4,700) / 2 = 4,600 and (3,925 + 4,125) / 2 = 4,025; first half revenue 3,568.0 / 8,154 = 43.8%; second half 8,154 - 3,568.0 = 4,586; Q3 midpoint (2,160 + 2,164) / 2 = 2,162, 2,162 / 1,935.5 = +11.7% and 2,164 / 1,935.5 = +11.8%; implied Q4 4,586 - 2,162 = 2,424. US commercial second half needed 3,424 - 595 - 764 = 2,065. US commercial guide raise 3,424 - 3,144 = 280. Valuation: market value 462.81 bn / 2026 revenue guide 8.154 bn = 56.8 times; / adjusted free cash flow guide 4.6 bn = 100.6 times; cash 9.2 / 462.81 = 2.0%; 462.81 / 13.35 = 34.7 times. Founders' economic stake (75.3 + 152.1 + 1.0) / 2,402.9 = 9.5% of shares. Market value 462.81 / listing-day 15.67 = 29.5 times; revenue 4,475.4 / 1,092.7 = 4.1 times (2020-2025); employees 4,429 / 2,439 = 1.82 times. Hosting commitments 1,759.0 / cash 9,200 = 19.1%. Army ceiling 10,000 / 10 years = 1,000 a year; 1,000 / 1,855 = 53.9%. Unallocated 557.7 + 684.0 = 1,241.7. Q3 2026 adjusted operating margin guide (1,292 + 1,296) / 2 = 1,294, 1,294 / 2,162 = 59.9%. Adjusted income from operations 2,254.1 / 632.8 = 3.56 times. Top twenty average 124 / 43.6 = 2.84 times. Capital spending 33.9 / cash from operations 2,134.5 = 1.6%. Return on equity 1,625.0 / ((5,003.3 + 7,387.3) / 2) = 1,625.0 / 6,195.3 = 26.2%. United Kingdom 427.4 / 235.3 = +81.6%. International government Q1 2026 (1,848.4 - 990.0) - 687 = 171.4. Q4 2025 revenue 1,406.8 / 827.5 = +70%; Q4 sales and marketing 302.1 / 288.3 = +4.8%. Commercial customers outside the US 870 - 653 = 217. US commercial customers 221 / 143 = +55%. Top three 2025 against 2020: 16% / 25% = 0.64; customers 954 / 139 = 6.9 times - revenue lines, growth, costs and guidance. — 2018-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Palantir's Forms 10-K, 10-Q, results releases, presentations, the Q2 2026 call and market data; operands shown in the source line.
  10. ReportedAbout 74% of revenue was American.
    Palantir Technologies Form 10-K for fiscal 2025 - Item 1 business: platforms, employees, competition, pilots and government programmes. — FY2025 · publ. 17 February 2026 · source ↗
  11. ReportedHow it makes money: customers connect their own data to Palantir's platforms and build their working tools on them, usually after a pilot Palantir runs at its own expense.
    Palantir Technologies Form 10-K for fiscal 2025 - Item 1 business: platforms, employees, competition, pilots and government programmes. — FY2025 · publ. 17 February 2026 · source ↗
  12. ReportedOnce they build, they expand: net dollar retention was 157% in the second quarter of 2026.
    Palantir Q2 2026 business update presentation - net dollar retention, customer counts and the Rule of 40 history. — Q2 2026 · publ. 3 August 2026 · source ↗
  13. ReportedThe two segments each earned a 66% contribution margin in 2025.
    Palantir Technologies Form 10-K for fiscal 2025 - Item 7 MD&A and segment note: segment revenue and contribution, revenue by geography and customer concentration. — FY2025 · publ. 17 February 2026 · source ↗
  14. ReportedPalantir lost money every year from 2018 to 2022, reported its first full-year profit in 2023, and earned net income of $1,625.0 million in 2025.
    SEC EDGAR XBRL company facts for Palantir, CIK 1321655 - annual revenue, net income, diluted EPS, operating income, stock-based compensation and diluted shares for 2018-2025. — 2018-2025 · publ. September 2026 · source ↗
  15. ReportedPalantir lost money every year from 2018 to 2022, reported its first full-year profit in 2023, and earned net income of $1,625.0 million in 2025.
    Palantir fourth-quarter and full-year 2023 results release, Form 8-K exhibit 99.1 - the first profitable year, adjusted margins and US commercial customers. — FY2023 · publ. February 2024 · source ↗
  16. ReportedPalantir lost money every year from 2018 to 2022, reported its first full-year profit in 2023, and earned net income of $1,625.0 million in 2025.
    Palantir fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - revenue, US revenue lines, margins, stock-based compensation, cash flow and initial 2026 guidance - full-year 2025 results: revenue by line, margins, expenses, stock pay and cash flow. — FY2025 · publ. 2 February 2026 · source ↗
  17. ReportedAdjusted free cash flow was $2,270.4 million.
    Palantir fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - revenue, US revenue lines, margins, stock-based compensation, cash flow and initial 2026 guidance - full-year 2025 results: revenue by line, margins, expenses, stock pay and cash flow. — FY2025 · publ. 2 February 2026 · source ↗
  18. ReportedIt had $9.2 billion of cash and short-term Treasuries and no debt in June 2026, and pays no dividend.
    Palantir second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue, US commercial and government revenue, deal counts, TCV, US commercial RDV, cash and raised 2026 guidance - second-quarter results: revenue by line, margins, deal counts, contract value, cash and stock pay. — Q2 2026 · publ. 3 August 2026 · source ↗
  19. ReportedIt had $9.2 billion of cash and short-term Treasuries and no debt in June 2026, and pays no dividend.
    Palantir (PLTR) statistics - trailing P/E 164.71, forward P/E 101.54, P/S 75.18, forward P/S 45.65, EV/EBITDA 170.36, 2.40 billion shares (+1.79% in a year), insiders 7.42%, no dividend. — September 2026 · publ. 24 September 2026 · source ↗
  20. ReportedIn the second quarter of 2026 revenue rose 93% to $1,935.5 million, and full-year guidance was raised to $8.150 billion to $8.158 billion.
    Palantir second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue, US commercial and government revenue, deal counts, TCV, US commercial RDV, cash and raised 2026 guidance - raised full-year 2026 and third-quarter guidance. — Q2 2026 · publ. 3 August 2026 · source ↗
  21. ReportedIn the second quarter of 2026 revenue rose 93% to $1,935.5 million, and full-year guidance was raised to $8.150 billion to $8.158 billion.
    Palantir second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue, US commercial and government revenue, deal counts, TCV, US commercial RDV, cash and raised 2026 guidance - raised full-year 2026 and third-quarter guidance. — Q2 2026 · publ. 3 August 2026 · source ↗
  22. ReportedThe shares were $192.59 on 24 September 2026, a market value of $462.81 billion, 164.71 times trailing earnings and 75.18 times trailing sales.
    Palantir (PLTR) market data - $192.59 at the close on 24 September 2026, market cap $462.81B, trailing revenue $6.16B, net income $3.02B, EPS $1.17, 52-week range 106.37-207.52, 31 analysts. — September 2026 · publ. 24 September 2026 · source ↗
  23. ReportedThe shares were $192.59 on 24 September 2026, a market value of $462.81 billion, 164.71 times trailing earnings and 75.18 times trailing sales.
    Palantir (PLTR) statistics - trailing P/E 164.71, forward P/E 101.54, P/S 75.18, forward P/S 45.65, EV/EBITDA 170.36, 2.40 billion shares (+1.79% in a year), insiders 7.42%, no dividend. — September 2026 · publ. 24 September 2026 · source ↗
  24. ReportedThree founders hold 49.999999% of the votes.
    Palantir Technologies Form 10-K for fiscal 2025 - Item 1A risk factors: contract terminations, government budgets, sales cycle, AI regulation and the founders' voting control. — FY2025 · publ. 17 February 2026 · source ↗
  25. ReportedIt had 4,429 full-time employees at the end of 2025, 28% of them outside the United States, and it moved its principal executive offices from Denver to Aventura, Florida.
    Palantir Technologies Form 10-K for fiscal 2025 - Item 7 MD&A and segment note: segment revenue and contribution, revenue by geography and customer concentration. — FY2025 · publ. 17 February 2026 · source ↗
  26. ReportedIt had 4,429 full-time employees at the end of 2025, 28% of them outside the United States, and it moved its principal executive offices from Denver to Aventura, Florida.
    Palantir Technologies Form 10-K for fiscal 2025 - Item 7 MD&A and segment note: segment revenue and contribution, revenue by geography and customer concentration. — FY2025 · publ. 17 February 2026 · source ↗
  27. ReportedThe chief executive, Alexander Karp, received total pay of $8,623,000 in 2025, about 37 times the median employee's.
    Palantir Technologies definitive proxy statement (DEF 14A) for 2026 - founders' voting power, beneficial ownership and executive pay. — 2026 · publ. 24 April 2026 · source ↗
  28. ReportedPalantir was worth $15.67 billion on its first day of trading in September 2020; at $462.81 billion in September 2026 it was worth about 30 times as much, while annual revenue grew about four times from 2020 to 2025.
    Palantir market capitalisation history - year-end values 2021-2025 ($36.51B in 2021, $13.35B in 2022, $37.36B in 2023, $172.29B in 2024, $423.66B in 2025). — 2021-2026 · publ. September 2026 · source ↗
  29. ReportedPalantir was worth $15.67 billion on its first day of trading in September 2020; at $462.81 billion in September 2026 it was worth about 30 times as much, while annual revenue grew about four times from 2020 to 2025.
    Palantir (PLTR) market data - $192.59 at the close on 24 September 2026, market cap $462.81B, trailing revenue $6.16B, net income $3.02B, EPS $1.17, 52-week range 106.37-207.52, 31 analysts. — September 2026 · publ. 24 September 2026 · source ↗
  30. Moat Explorer calcPalantir was worth $15.67 billion on its first day of trading in September 2020; at $462.81 billion in September 2026 it was worth about 30 times as much, while annual revenue grew about four times from 2020 to 2025.
    Moat Explorer calculation from Palantir's filings, results releases and market data ($ millions unless stated). Revenue lines: US commercial 2021 = US revenue 879.16 - US government 678.2 = 200.96, rounded 201.0; international commercial = commercial segment revenue less US commercial: 2021 644.53 - 200.96 = 443.6; 2022 834.1 - 335.1 = 499.0; 2023 1,002.8 - 457.1 = 545.7; 2024 1,295.9 - 702.3 = 593.6; 2025 2,073.2 - 1,465 = 608.2; Q2 2025 450.7 - 306 = 144.7; Q1 2026 (1,719.6 - 945.4) - 595 = 774.2 - 595 = 179.2; Q2 2026 945.4 - 764 = 181.4. International government = government segment revenue less US government: 2021 897.4 - 678.2 = 219.2; 2022 1,071.8 - 826.3 = 245.5; 2023 1,222.2 - 921.2 = 301.0; 2024 1,569.6 - 1,197.9 = 371.7; 2025 2,402.3 - 1,855 = 547.3; Q2 2025 553.0 - 426 = 127.0; Q2 2026 990.0 - 809 = 181.0. US government 2024 = US revenue 1,900.2 - US commercial 702.3 = 1,197.9. Check 2025: 1,465 + 1,855 + 608.2 + 547.3 = 4,475.5. Growth: international commercial 499.0 / 443.6 = +12.5%; 545.7 / 499.0 = +9.4%; 593.6 / 545.7 = +8.8%; 608.2 / 593.6 = +2.5%; 608.2 / 443.6 = +37%. International government 245.5 / 219.2 = +12.0%; 301.0 / 245.5 = +22.6%; 371.7 / 301.0 = +23.5%; 547.3 / 371.7 = +47.2%. US commercial 335.1 / 201.0 = +66.7%; 457.1 / 335.1 = +36.4%; 702.3 / 457.1 = +53.6%; 1,465 / 201.0 = 7.3 times. US government 921.2 / 826.3 = +11.5%; 1,197.9 / 921.2 = +30.0%; 1,855 / 678.2 = 2.7 times. Government segment 2,402.3 / 610.2 = 3.9 times; first half 1,848.4 / 1,039.9 = +77.7%. Revenue abroad Q2 2026 1,935.5 - 1,573.0 = 362.5, Q2 2025 144.7 + 127.0 = 271.7, 362.5 / 271.7 = +33.4%; 2025 4,475.4 - 3,320.0 = 1,155.4; 2024 2,865.5 - 1,900.2 = 965.3; 2022 1,905.9 - 1,161.4 = 744.5. Other income Q2 2026 91.8 / Q2 2025 6.6 = 13.9 times. Rest of world 2025 4,475.4 - 3,320.0 - 427.4 = 728.0. Shares of revenue: US commercial 201.0 / 1,541.9 = 13.0%; 335.1 / 1,905.9 = 17.6%; 457.1 / 2,225.0 = 20.5%; 702.3 / 2,865.5 = 24.5%; 1,465 / 4,475.4 = 32.7%; Q2 2026 764 / 1,935.5 = 39.5%. US government 678.2 / 1,541.9 = 44.0%; 826.3 / 1,905.9 = 43.4%; 921.2 / 2,225.0 = 41.4%; 1,197.9 / 2,865.5 = 41.8%; 1,855 / 4,475.4 = 41.4%; Q2 2026 809 / 1,935.5 = 41.8%. International commercial 443.6 / 1,541.9 = 28.8%; 608.2 / 4,475.4 = 13.6%. International government 547.3 / 4,475.4 = 12.2%. Revenue abroad 1,155.4 / 4,475.4 = 25.8%; Q2 2026 362.5 / 1,935.5 = 18.7%. US commercial share of remaining deal value 6,238 / 13,100 = 47.6%. US commercial share of contract value closed 2,132 / 3,373 = 63.2%. 2026 US commercial guide 3,424 / 8,154 = 42.0%. Customers: top three 2025 0.16 x 4,475.4 = 716; top twenty 20 x 93.9 = 1,878, 1,878 / 4,475.4 = 42.0%; next seventeen 1,878 - 716 = 1,162; all others 4,475.4 - 1,878 = 2,597.4; top twenty June 2026 20 x 124 = 2,480. US commercial customers 653 / 80 = 8.2 times. US commercial contract value Q2 2025 2,132 / 2.53 = 843. Backlog: remaining performance obligations 4.9 / total remaining deal value 13.1 = 37.4%; due within twelve months 4.1 x 0.38 = 1.56 bn (Dec 2025), 4.9 x 0.43 = 2.11 bn (June 2026), 2.11 / 1.56 = 1.35. Costs and margins: research and development / revenue 404.6 / 2,225.0 = 18.2%; 507.9 / 2,865.5 = 17.7%; 557.7 / 4,475.4 = 12.5%; growth 557.7 / 507.9 = +9.8%. Sales and marketing / revenue 887.8 / 2,865.5 = 31.0%; 1,056.9 / 4,475.4 = 23.6%; growth 1,056.9 / 887.8 = +19.0%. Stock-based compensation / revenue 1,270.7 / 1,092.7 = 116%; 778.2 / 1,541.9 = 50%; 564.8 / 1,905.9 = 30%; 475.9 / 2,225.0 = 21%; 691.6 / 2,865.5 = 24%; 684.0 / 4,475.4 = 15.3%; Q2 2026 265.2 / 1,935.5 = 13.7%; growth 265.2 / 160.0 = +66%. Diluted weighted shares 2,565.2 / 1,923.6 = +33%. 2026 adjusted operating margin guide 4,893 / 8,154 = 60.0%. Revenue per employee 4,475.4 / 4,429 = 1.01; 2,225.0 / 3,735 = 0.596; 1.01 / 0.596 = 1.70; employees 4,429 / 3,735 = +18.6%; revenue 4,475.4 / 2,225.0 = 2.01 times. Cumulative losses 2018-2022 580.0 + 579.6 + 1,166.4 + 520.4 + 373.7 = 3,220.1. Effective tax rate 2025 22.7 / 1,657.4 = 1.4%. Interest income 229.2 / 1,657.4 = 13.8%. Guidance: revenue midpoints (8,150 + 8,158) / 2 = 8,154 and (7,182 + 7,198) / 2 = 7,190, raise 8,154 - 7,190 = 964; growth 8,154 / 4,475.4 = +82%; adjusted free cash flow midpoints (4,500 + 4,700) / 2 = 4,600 and (3,925 + 4,125) / 2 = 4,025; first half revenue 3,568.0 / 8,154 = 43.8%; second half 8,154 - 3,568.0 = 4,586; Q3 midpoint (2,160 + 2,164) / 2 = 2,162, 2,162 / 1,935.5 = +11.7% and 2,164 / 1,935.5 = +11.8%; implied Q4 4,586 - 2,162 = 2,424. US commercial second half needed 3,424 - 595 - 764 = 2,065. US commercial guide raise 3,424 - 3,144 = 280. Valuation: market value 462.81 bn / 2026 revenue guide 8.154 bn = 56.8 times; / adjusted free cash flow guide 4.6 bn = 100.6 times; cash 9.2 / 462.81 = 2.0%; 462.81 / 13.35 = 34.7 times. Founders' economic stake (75.3 + 152.1 + 1.0) / 2,402.9 = 9.5% of shares. Market value 462.81 / listing-day 15.67 = 29.5 times; revenue 4,475.4 / 1,092.7 = 4.1 times (2020-2025); employees 4,429 / 2,439 = 1.82 times. Hosting commitments 1,759.0 / cash 9,200 = 19.1%. Army ceiling 10,000 / 10 years = 1,000 a year; 1,000 / 1,855 = 53.9%. Unallocated 557.7 + 684.0 = 1,241.7. Q3 2026 adjusted operating margin guide (1,292 + 1,296) / 2 = 1,294, 1,294 / 2,162 = 59.9%. Adjusted income from operations 2,254.1 / 632.8 = 3.56 times. Top twenty average 124 / 43.6 = 2.84 times. Capital spending 33.9 / cash from operations 2,134.5 = 1.6%. Return on equity 1,625.0 / ((5,003.3 + 7,387.3) / 2) = 1,625.0 / 6,195.3 = 26.2%. United Kingdom 427.4 / 235.3 = +81.6%. International government Q1 2026 (1,848.4 - 990.0) - 687 = 171.4. Q4 2025 revenue 1,406.8 / 827.5 = +70%; Q4 sales and marketing 302.1 / 288.3 = +4.8%. Commercial customers outside the US 870 - 653 = 217. US commercial customers 221 / 143 = +55%. Top three 2025 against 2020: 16% / 25% = 0.64; customers 954 / 139 = 6.9 times - revenue lines, growth, costs and guidance. — 2018-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Palantir's Forms 10-K, 10-Q, results releases, presentations, the Q2 2026 call and market data; operands shown in the source line.
  31. Moat Explorer calcPalantir was worth $15.67 billion on its first day of trading in September 2020; at $462.81 billion in September 2026 it was worth about 30 times as much, while annual revenue grew about four times from 2020 to 2025.
    Moat Explorer calculation from Palantir's filings, results releases and market data ($ millions unless stated). Revenue lines: US commercial 2021 = US revenue 879.16 - US government 678.2 = 200.96, rounded 201.0; international commercial = commercial segment revenue less US commercial: 2021 644.53 - 200.96 = 443.6; 2022 834.1 - 335.1 = 499.0; 2023 1,002.8 - 457.1 = 545.7; 2024 1,295.9 - 702.3 = 593.6; 2025 2,073.2 - 1,465 = 608.2; Q2 2025 450.7 - 306 = 144.7; Q1 2026 (1,719.6 - 945.4) - 595 = 774.2 - 595 = 179.2; Q2 2026 945.4 - 764 = 181.4. International government = government segment revenue less US government: 2021 897.4 - 678.2 = 219.2; 2022 1,071.8 - 826.3 = 245.5; 2023 1,222.2 - 921.2 = 301.0; 2024 1,569.6 - 1,197.9 = 371.7; 2025 2,402.3 - 1,855 = 547.3; Q2 2025 553.0 - 426 = 127.0; Q2 2026 990.0 - 809 = 181.0. US government 2024 = US revenue 1,900.2 - US commercial 702.3 = 1,197.9. Check 2025: 1,465 + 1,855 + 608.2 + 547.3 = 4,475.5. Growth: international commercial 499.0 / 443.6 = +12.5%; 545.7 / 499.0 = +9.4%; 593.6 / 545.7 = +8.8%; 608.2 / 593.6 = +2.5%; 608.2 / 443.6 = +37%. International government 245.5 / 219.2 = +12.0%; 301.0 / 245.5 = +22.6%; 371.7 / 301.0 = +23.5%; 547.3 / 371.7 = +47.2%. US commercial 335.1 / 201.0 = +66.7%; 457.1 / 335.1 = +36.4%; 702.3 / 457.1 = +53.6%; 1,465 / 201.0 = 7.3 times. US government 921.2 / 826.3 = +11.5%; 1,197.9 / 921.2 = +30.0%; 1,855 / 678.2 = 2.7 times. Government segment 2,402.3 / 610.2 = 3.9 times; first half 1,848.4 / 1,039.9 = +77.7%. Revenue abroad Q2 2026 1,935.5 - 1,573.0 = 362.5, Q2 2025 144.7 + 127.0 = 271.7, 362.5 / 271.7 = +33.4%; 2025 4,475.4 - 3,320.0 = 1,155.4; 2024 2,865.5 - 1,900.2 = 965.3; 2022 1,905.9 - 1,161.4 = 744.5. Other income Q2 2026 91.8 / Q2 2025 6.6 = 13.9 times. Rest of world 2025 4,475.4 - 3,320.0 - 427.4 = 728.0. Shares of revenue: US commercial 201.0 / 1,541.9 = 13.0%; 335.1 / 1,905.9 = 17.6%; 457.1 / 2,225.0 = 20.5%; 702.3 / 2,865.5 = 24.5%; 1,465 / 4,475.4 = 32.7%; Q2 2026 764 / 1,935.5 = 39.5%. US government 678.2 / 1,541.9 = 44.0%; 826.3 / 1,905.9 = 43.4%; 921.2 / 2,225.0 = 41.4%; 1,197.9 / 2,865.5 = 41.8%; 1,855 / 4,475.4 = 41.4%; Q2 2026 809 / 1,935.5 = 41.8%. International commercial 443.6 / 1,541.9 = 28.8%; 608.2 / 4,475.4 = 13.6%. International government 547.3 / 4,475.4 = 12.2%. Revenue abroad 1,155.4 / 4,475.4 = 25.8%; Q2 2026 362.5 / 1,935.5 = 18.7%. US commercial share of remaining deal value 6,238 / 13,100 = 47.6%. US commercial share of contract value closed 2,132 / 3,373 = 63.2%. 2026 US commercial guide 3,424 / 8,154 = 42.0%. Customers: top three 2025 0.16 x 4,475.4 = 716; top twenty 20 x 93.9 = 1,878, 1,878 / 4,475.4 = 42.0%; next seventeen 1,878 - 716 = 1,162; all others 4,475.4 - 1,878 = 2,597.4; top twenty June 2026 20 x 124 = 2,480. US commercial customers 653 / 80 = 8.2 times. US commercial contract value Q2 2025 2,132 / 2.53 = 843. Backlog: remaining performance obligations 4.9 / total remaining deal value 13.1 = 37.4%; due within twelve months 4.1 x 0.38 = 1.56 bn (Dec 2025), 4.9 x 0.43 = 2.11 bn (June 2026), 2.11 / 1.56 = 1.35. Costs and margins: research and development / revenue 404.6 / 2,225.0 = 18.2%; 507.9 / 2,865.5 = 17.7%; 557.7 / 4,475.4 = 12.5%; growth 557.7 / 507.9 = +9.8%. Sales and marketing / revenue 887.8 / 2,865.5 = 31.0%; 1,056.9 / 4,475.4 = 23.6%; growth 1,056.9 / 887.8 = +19.0%. Stock-based compensation / revenue 1,270.7 / 1,092.7 = 116%; 778.2 / 1,541.9 = 50%; 564.8 / 1,905.9 = 30%; 475.9 / 2,225.0 = 21%; 691.6 / 2,865.5 = 24%; 684.0 / 4,475.4 = 15.3%; Q2 2026 265.2 / 1,935.5 = 13.7%; growth 265.2 / 160.0 = +66%. Diluted weighted shares 2,565.2 / 1,923.6 = +33%. 2026 adjusted operating margin guide 4,893 / 8,154 = 60.0%. Revenue per employee 4,475.4 / 4,429 = 1.01; 2,225.0 / 3,735 = 0.596; 1.01 / 0.596 = 1.70; employees 4,429 / 3,735 = +18.6%; revenue 4,475.4 / 2,225.0 = 2.01 times. Cumulative losses 2018-2022 580.0 + 579.6 + 1,166.4 + 520.4 + 373.7 = 3,220.1. Effective tax rate 2025 22.7 / 1,657.4 = 1.4%. Interest income 229.2 / 1,657.4 = 13.8%. Guidance: revenue midpoints (8,150 + 8,158) / 2 = 8,154 and (7,182 + 7,198) / 2 = 7,190, raise 8,154 - 7,190 = 964; growth 8,154 / 4,475.4 = +82%; adjusted free cash flow midpoints (4,500 + 4,700) / 2 = 4,600 and (3,925 + 4,125) / 2 = 4,025; first half revenue 3,568.0 / 8,154 = 43.8%; second half 8,154 - 3,568.0 = 4,586; Q3 midpoint (2,160 + 2,164) / 2 = 2,162, 2,162 / 1,935.5 = +11.7% and 2,164 / 1,935.5 = +11.8%; implied Q4 4,586 - 2,162 = 2,424. US commercial second half needed 3,424 - 595 - 764 = 2,065. US commercial guide raise 3,424 - 3,144 = 280. Valuation: market value 462.81 bn / 2026 revenue guide 8.154 bn = 56.8 times; / adjusted free cash flow guide 4.6 bn = 100.6 times; cash 9.2 / 462.81 = 2.0%; 462.81 / 13.35 = 34.7 times. Founders' economic stake (75.3 + 152.1 + 1.0) / 2,402.9 = 9.5% of shares. Market value 462.81 / listing-day 15.67 = 29.5 times; revenue 4,475.4 / 1,092.7 = 4.1 times (2020-2025); employees 4,429 / 2,439 = 1.82 times. Hosting commitments 1,759.0 / cash 9,200 = 19.1%. Army ceiling 10,000 / 10 years = 1,000 a year; 1,000 / 1,855 = 53.9%. Unallocated 557.7 + 684.0 = 1,241.7. Q3 2026 adjusted operating margin guide (1,292 + 1,296) / 2 = 1,294, 1,294 / 2,162 = 59.9%. Adjusted income from operations 2,254.1 / 632.8 = 3.56 times. Top twenty average 124 / 43.6 = 2.84 times. Capital spending 33.9 / cash from operations 2,134.5 = 1.6%. Return on equity 1,625.0 / ((5,003.3 + 7,387.3) / 2) = 1,625.0 / 6,195.3 = 26.2%. United Kingdom 427.4 / 235.3 = +81.6%. International government Q1 2026 (1,848.4 - 990.0) - 687 = 171.4. Q4 2025 revenue 1,406.8 / 827.5 = +70%; Q4 sales and marketing 302.1 / 288.3 = +4.8%. Commercial customers outside the US 870 - 653 = 217. US commercial customers 221 / 143 = +55%. Top three 2025 against 2020: 16% / 25% = 0.64; customers 954 / 139 = 6.9 times - revenue lines, growth, costs and guidance. — 2018-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Palantir's Forms 10-K, 10-Q, results releases, presentations, the Q2 2026 call and market data; operands shown in the source line.
Sources
Generated September 25, 2026