Palantir reports record revenue as US commercial sales overtake government revenue

Palantir Technologies reported third-quarter fiscal 2026 revenue of $2.31 billion, representing a 96 percent increase year over year. A significant milestone in the company’s history occurred as US commercial revenue reached $984 million, surpassing US government revenue of $953 million for the first time.

CEO Alex Karp attributed the growth to high demand for the company’s sovereign AI solutions. The company closed 212 deals valued at $1 million or more during the quarter. While revenue grew rapidly, total contract value bookings rose more modestly by 6 percent year over year to $2.9 billion.

In addition to financial results, Palantir announced an enterprise-wide artificial intelligence agreement with AmeriLife, a large independent insurance and retirement product distributor. The deal will implement Palantir’s Foundry and Artificial Intelligence Platform across AmeriLife’s health and wealth businesses, starting with Crump Life Insurance Services to streamline insurance application processing.