Overview

• Palantir posted its first quarter above $1 billion in revenue with 48% year-over-year growth, as U.S. commercial revenue jumped 93% and rose to 31% of total sales.
• U.S. commercial TCV bookings hit $843 million, up 222% year over year, with $2.8 billion booked over the past 12 months and the customer count reaching 485, up 64%.
• The stock’s multiyear rally has pushed valuation to extreme levels, including a reported price-to-sales ratio near 134x and a forward P/E above 700.
• Views are split between bubble warnings tied to multiple expansion and bullish calls like KraneShares’ Derek Yan saying Palantir could become the enterprise AI operating system.
• Salesforce CEO Marc Benioff praised Palantir yet called its software the most expensive he has seen, contrasted Salesforce’s larger scale but slower growth, and said Salesforce recently beat Palantir for a U.S. Army deal, to which Alex Karp replied that Palantir charges for value creation.