Overview

• At AIPCon 8 on Sept. 4, Palantir announced a five-year expansion with Lear and a new deal with Lumen Technologies, with customers including American Airlines, BP, Novartis and others presenting use cases.
• Shares remain more than 100% higher for 2025 but are down roughly 16%–19% from the Aug. 12 peak, holding above the 50-day moving average.
• Q2 revenue rose 48% year over year to exceed $1 billion, and full-year guidance was raised to $4.14–$4.15 billion as adjusted operating margin improved to 48%.
• U.S. government revenue grew 53% to $426 million, while U.S. commercial revenue jumped 93% to $306 million, both topping analyst expectations.
• Valuation concerns intensified as Forbes cited multiples near 90x FY’25 revenue and ~245x FY’25 earnings, Citron Research disclosed a bearish position with a $40 target, and media reports suggested the administration is considering an ownership stake.