Palantir posted 93% revenue growth, crediting enterprise demand for sovereign AI that keeps data, logic and weights customer-owned.
Sovereign AI is the quarter's demand storyRyan Taylor framed customers as choosing AI sovereignty over dependency, owning the data, logic, actions and security of their enterprise.
Benchmarks give way to customer-specific bench-makingShyam Sankar said a vanilla Nemotron Ultra beat Frontier models on five production tasks within 24 hours of entering their stack.
Guidance raised to $8.154 billion at the midpointDave Glazer called it the largest full-year revenue guidance raise Palantir has made, an 11-point increase over last quarter's figure.
Executive SummaryAI
Chief Revenue and Legal Officer Ryan Taylor opened Palantir's second quarter 2026 call by reporting 93% year-over-year revenue growth, the company's highest ever, with the U.S. business now over 81% of total revenue and up 115% year-over-year.
He paired that with a Rule of 40 score of 155, $1.22 billion of adjusted free cash flow, and 220 deals worth $1 million or more, of which 98 were above $5 million and 73 above $10 million.
U.S. commercial closed $2.1 billion in TCV with 271% year-over-year growth on a dollar-weighted duration basis, including a three-year, nearly $370 million expansion with a multinational technology company and a $37 million TCV partnership with a nonprofit health system.
CFO Dave Glazer raised full-year U.S. commercial revenue guidance to in excess of $3.424 billion, at least 134% growth, and the full-year 2026 revenue guidance midpoint to $8.154 billion, an 11-point increase and the largest full-year raise the company has made.
CEO Alex Karp closed by committing to drive growth at or above the U.S. commercial rate for the next 18 months, arguing that enterprises renting frontier models are handing over the secrets that constitute their competitive advantage.
“An organization's data is its treasure. In its richness is the alpha.”
— Ryan Taylor
Key Quote
“Through our work with Palantir, we have built a new operating model for legal services, one that centralizes and compounds the expertise of our most senior lawyers.”