⚠ The United Kingdom Share HalvedLow threat

Palantir Technologies (PLTR) — threat to the moat

Britain has gone from a fifth of Palantir's revenue to a tenth, so its allied-government franchise can no longer offset a slowdown at home.

Palantir's largest foreign market has shrunk as a share of the company. Revenue from the United Kingdom was 20% of the total in 20181 and 10% in 2025, $427.4 million2. France was 11% in 20183; by 2025 no country other than the United States and the United Kingdom reached 10%4. By the second quarter of 2026 the 10-Q did not show the United Kingdom separately, noting that "No other country represented 10 % or more"5.

United Kingdom share of revenue (%)20%201811%202311%202410%2025Palantir Forms 10-K FY2020 and FY2025
Britain shrank as America grew.

The falling share is mostly the result of American growth, not British decline. But it means that Palantir's position with allied governments, however sticky, is now too small to offset a slowdown at home.

It also concentrates the foreign business on a few relationships. The NHS contract is politically visible, and British public bodies change suppliers at the end of terms.

The United Kingdom's share is the check. A further fall below 10% while international government growth is reported as strong would say the growth is coming from other countries; a fall in absolute British revenue would be the warning.

References
  1. ReportedRevenue from the United Kingdom was 20% of the total in 2018 and 10% in 2025, $427.4 million.
    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 ↗
  2. ReportedRevenue from the United Kingdom was 20% of the total in 2018 and 10% in 2025, $427.4 million.
    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 ↗
  3. ReportedFrance was 11% in 2018; by 2025 no country other than the United States and the United Kingdom reached 10%.
    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. ReportedFrance was 11% in 2018; by 2025 no country other than the United States and the United Kingdom reached 10%.
    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 ↗
  5. ReportedBy the second quarter of 2026 the 10-Q did not show the United Kingdom separately, noting that "No other country represented 10 % or more".
    Palantir Technologies Form 10-Q for the quarter ended 30 June 2026 - segment revenue and contribution, US revenue, remaining performance obligations, top-twenty customers and share count. — Q2 2026 · publ. 4 August 2026 · source ↗
Sources
Generated September 25, 2026