Palantir CEO says business nearly doubled in 12 months; Q2 revenue up 93% YoY

Published Aug 7, 04:03 PM UTC

Palantir Technologies CEO Alex Karp stated in an investor letter that 'our entire business nearly doubled in the span of 12 months,' triggering a massive stock rally. The company reported Q2 2026 revenue of $1.935 billion, up 93% year-over-year, with U.S. commercial revenue surging 149%. Shares jumped nearly 15% after-hours on August 3 and closed up 29.5% the next day. Karp called the quarter 'otherworldly' and predicted the growth pace would continue for at least 18 months. The company raised its full-year 2026 revenue guidance to $8.15-$8.158 billion, its largest guidance raise ever. The results challenge the narrative that AI is killing enterprise software, suggesting instead that strong players like Palantir are becoming untouchable.