Palantir’s Rocket-Ship Growth

Palantir is truly the Nvidia of AI software. On Monday, the company delivered another rip-roaring quarterly result, showing revenue up a blistering 93%, well ahead of what it had projected. The company has accelerated revenue growth every quarter for three years, from a 13% rate of expansion in the second quarter of 2023. In that time, Palantir’s top line has increased from $533 million a quarter to $1.9 billion. Palantir stock rose 11% in after-hours trading.

Its growth over the past three years isn’t quite as dazzling as that of Nvidia—whose stranglehold on the AI chip market lifted revenue to $216 billion in its most recent fiscal year from $27 billion three years earlier—but it’s pretty stunning nevertheless. What makes this particularly notable is that Palantir doesn’t develop its own large language models. It has figured out how to make a massive amount of money—Palantir’s operations generated $2.1 billion in cash in the first half of 2026, while capital expenditures were only $22 million—from software that works on top of other companies’ AI.