Who pays Palantir

Palantir sells software that sits on top of an organisation's own messy data and makes it usable. Four products, one bill:

• Gotham — the original. Built for defence and intelligence: fuse feeds from separate classified systems into one picture an analyst can work. • Foundry — the same idea for companies. Supply chains, factories, claims, hospital beds. • AIP — the 2023 layer. Puts large language models on top of Foundry and Gotham without letting anyone see data they aren't cleared for. • Apollo — ships all of it anywhere: public cloud, your own servers, or a network with no internet connection at all.

That last one is the part competitors find hard to copy. Very few vendors run the same codebase in a commercial cloud and inside a classified facility.

How the money arrives: multi-year contracts, roughly $250k a year for one narrow use case up to tens of millions for a full enterprise programme, plus large prime contracts on the government side.

The sales motion changed, and that is what the chart is really showing. Palantir used to run long consultant-heavy pilots. Now it runs Bootcamps — five days on a customer's live data, then expand. Net dollar retention hit 157% last quarter, meaning existing customers spent 1.57x what they spent a year earlier.

Q2 FY2026, quarter to 30 June 2026:

• Total revenue $1.935B, up 93% • US government $809M, up 90% • US commercial $764M, up 149% • Rest of world $362M — Palantir discloses total revenue and a US total of $1.573B; the remainder is the difference between the two.

Split the other way, by customer type rather than geography, government was $990M and commercial $945M. Either cut says the same thing: the half of Palantir that people don't picture is now nearly as large as the half they do.

Worth holding alongside it — the stock trades around 50 times this year's guided revenue, so a lot of continued growth is already in the price.