Palantir Technologies delivered a blowout second quarter that silenced critics and sent its shares up 12% on Monday, capping a week in which AI infrastructure spending fears faded on Wall Street.
The data-analytics company reported adjusted earnings per share of $0.41 against the $0.35 analysts expected, and revenue of $1.94 billion, up 93% year over year and beating the $1.81 billion consensus forecast. US commercial revenue was the standout: it soared nearly 150% from a year earlier, evidence that enterprises are rapidly adopting its AI platforms beyond government contracts.
The company raised its full-year 2026 revenue guidance to between $8.15 billion and $8.158 billion, up from a prior outlook of about $7.2 billion — a dramatic vote of confidence in AI-driven demand.
CEO Alex Karp struck a defiant tone on the earnings call, saying that "for the first time people believe us" — and, in remarks covered by TechCrunch, went further, calling the wider AI industry "Marxist" in a swipe at rivals he accuses of overpromising.
The surge came as Wall Street set aside concerns about AI spending: Microsoft climbed about 5%, and Amazon topped $3 trillion in market value for the first time on the same day.
