Palantir

Palantir builds software that helps organizations connect data, decisions, and operations at scale. Its four principal platforms are Gotham, Foundry, Apollo, and AIP.

Government customers provided 54% of 2025 revenue and commercial customers provided 46%. A significant portion of revenue comes from existing customers expanding their use of Palantir.

Expanding deployments within existing customers is a major part of the growth strategy. Average revenue from the top twenty customers rose from $64.6 million in 2024 to $93.9 million in 2025.

Customer concentration creates exposure: the top three customers accounted for 16% of 2025 revenue. Government sales can require substantial time and spending with no assurance of a sale.