Palantir jumps 16% on 'otherworldly' commercial revenue — here's what's driving the demand
📰 source: cnbc_topnews · 💼 business
palantir jumped 16% in premarket trading after reporting 'otherworldly' q2 earnings. overall revenue hit $1.94 billion, up 93% from a year ago, beating lseg estimates of $1.8 billion. commercial revenue rose 149% to $764 million, while government revenue grew 90% to $809 million. the company now expects full-year revenue between $8.15 billion and $8.158 billion, with commercial revenue above $3.424 billion.
ceo alex karp said the sovereign ai revolution makes them optimistic, and told cnbc 'forget consensus. to my knowledge, no businesses at our scale has even grown half this much.' demand is driven by companies wanting to keep data private from frontier ai labs like openai, google, anthropic, and meta. in a shareholder letter, karp said 'our customers have declined to become vassal states of the language labs.' the stock is still down 29% this year. citi analysts said the results 'further weaken the bear case around rising ai competition,' calling palantir one of the clearest beneficiaries of enterprise ai adoption.
why it matters: soaring ai sovereignty demand drives palantir's revenue acceleration, a sign enterprise ai spending is far from slowing.
source: cnbc_topnews
sentiment: +0.80 · impact: 0.70