Palantir Technologies reports surging U.S. commercial and government revenue

Palantir Technologies has reported significant growth in its latest quarterly results, driven by high demand for its data analytics and artificial intelligence platforms. U.S. commercial revenue increased 149% to $764 million, while U.S. government revenue rose 90% to $809 million. The company’s total contract value grew 49% year-over-year to $3.3 billion.

Palantir’s U.S. commercial customer base has expanded from fewer than 20 customers a few years ago to more than 600. The company also demonstrated profitability scaling with a Rule of 40 score of 155%. While the stock trades at a premium valuation of 116 times forward earnings, this is a decrease from over 250 times forward earnings seen approximately one year ago.