Most companies
slow down as they
grow. Palantir
sped up.
The story of the last two years is acceleration — driven by one new product and a wave of AI demand.
↓ scroll to read
✦ The bottom line
Palantir made $4.48B in revenue in 2025, up 56% from the year before — its fastest growth ever, at a scale where most companies slow down. The engine is commercial: businesses, not just governments, are finally buying in, with commercial revenue up 60% to $2.07B.
↓ the brief below
✦ Teach me
Money coming in
Palantir sells software platforms — Gotham (built for defense and intelligence agencies), Foundry (for commercial enterprises), and AIP, its newer AI platform. Customers pay ongoing fees to use them.
Historically, most revenue came from government contracts — lumpy, slow, hard to win. The new growth story is commercial: regular companies adopting Palantir's AI tools. That shift is what's powering the acceleration.
Wall Street calls this
Revenue
When a company's growth *accelerates* at scale, it usually means it found a new engine. For Palantir, watching the government-vs-commercial mix tells you whether this is a defense contractor or a genuine enterprise-software company.
Annual revenue · the climb
$1.54B
$1.91B
$2.23B
$2.87B
$4.48B
2021
2022
2023
2024
2025
Revenue grew every year, and the rate picked up: +17% in 2023, +29% in 2024, then +56% in 2025. Re-acceleration at this scale is rare — and the slope is getting steeper.
Source · 10-K · Consolidated Statements of Operations · multi-year · FY2021–FY2025 · Filed Feb 17, 2026
Annual numbers smooth things out. To see whether momentum is building or fading right now, you look quarter by quarter — the highest-resolution view of a business in motion. For Palantir, the quarterly trend is the whole argument: it doesn't just grow, it grows faster each period.
Quarterly revenue · accelerating
$884M
$1.00B
$1.18B
$1.41B
$1.63B
Q1'25
Q2'25
Q3'25
Q4'25
Q1'26
Quarterly revenue crossed $1 billion in mid-2025 and kept climbing to $1.63B by Q1 2026. The slope is getting steeper, not flatter — the signature of accelerating demand.
Source · 10-Q · Condensed Consolidated Statements of Operations · Q1 FY25–Q1 FY26 · Filed May 5, 2026
Total customers · fiscal year 2025
954
Total customers grew 34% year-over-year to 954, from 711 a year earlier. The commercial market — long the missing piece — is now adopting Palantir at scale, with commercial revenue up 60%.
Source · 10-K · MD&A — Business Overview · FY2025 · Filed Feb 17, 2026
✓
Strong
Revenue re-accelerating to +56%, quarterly growth steepening to $1.6B, total customers +34% and commercial revenue +60%. The new engine is real.