Palantir (PLTR): $4.5 billion of revenue, U.S. commercial sales up 149%, founders’ voting control and a P/E of 165

Palantir makes software that lets governments and companies integrate their data and run operations on it, with four platforms: Gotham, Foundry, Apollo and AIP, its artificial intelligence platform. It does not sell data. Revenue reached $4.48 billion in 2025, up 56.2%. The stock closed at $192.60 on October 20, 2026, for a market value of $463 billion counting its Class A, B and F shares, 7.9% below its highest close of $209.05 on October 9. Third-quarter results had not been released by October 20.

From a 2003 start to a direct listing

Palantir was incorporated in Delaware in 2003 and started by building software for the U.S. intelligence community, for counterterrorism work. It never had an IPO: on September 30, 2020 it went public through a direct listing on the New York Stock Exchange, with no new shares sold and no offering price. The first close was $9.50. In November 2024 it moved its listing to Nasdaq, and its February 2026 annual report lists headquarters in Aventura, Florida, instead of Denver.

Government and commercial revenue

Palantir does not break revenue down by product; it reports two segments and measures them by contribution, which is revenue minus cost of revenue and sales and marketing expenses, before research and development, administrative costs and stock-based compensation. The United States was 74% of 2025 revenue, up from 62% in 2023. Within it, commercial revenue grew faster: in the second quarter of 2026, U.S. commercial revenue rose 149% to $764 million and U.S. government revenue rose 90% to $809 million, according to the earnings release.

From losses to profit

Palantir lost money every year through 2022. The 2020 loss includes $769.5 million of stock-based compensation recognized on the day of the direct listing. 2023 was its first year with net income. In the first half of 2026, revenue rose 89.0% to $3.57 billion and net income was $1.93 billion, against $540.8 million a year earlier. For the full year, the company raised its guidance in August to revenue of $8.150 billion to $8.158 billion. On earnings of $1.17 a share over the last twelve months, the stock trades at about 165 times earnings, and its market value is 75 times its last twelve months of revenue. Palantir has never paid a dividend.

Founders’ control

The three founders, Alexander Karp, Stephen Cohen and Peter Thiel, hold Class F shares in a voting trust that lets them control up to 49.999999% of the total vote. According to the 2026 proxy statement, Karp, the chief executive, had 11.4% of the vote, Thiel 7.9% and Cohen, the president, 3.0%, on top of the trust. BlackRock held 6.9% of the Class A shares and 3.5% of the vote.

Bought at the first close of $9.50 on September 30, 2020, $1,000 of Palantir stock would be worth about $20,270 at the October 20, 2026 close. It fell to about $676 at the end of 2022.

Who owns it, and who sold

Five of the 38 investment managers this site tracks held more than $1 million of Palantir at the end of June, down from seven in March; Steve Cohen’s Point72 and Ray Dalio’s Bridgewater sold out. The largest holder was Renaissance Technologies, with 7.6 million shares worth $883 million on June 30, after adding 8.3%. Israel Englander’s Millennium multiplied its stake about five and a half times, while Two Sigma cut its stake by 44.9%. The stock has risen 65.1% since June 30, so those values are well below today’s.

In the twelve months to October 20, 2026, Palantir insiders sold $876.7 million of stock and bought none. $398.3 million went through 10b5-1 trading plans and $478.4 million was sold automatically to cover taxes on vesting stock awards. Peter Thiel sold $289.7 million under a plan, through STS Holdings II LLC. Karp sold $272.2 million, of which $244.4 million covered taxes, and Cohen $144.0 million, all to cover taxes.

The figures above come from Palantir’s filings and the 13F, Form 4 and Form 144 filings listed below. They describe what happened; they are not a forecast and not investment advice.