FY2025 & Q1 2026 Performance
Government Segment
$2.43B revenue in FY2025 (54%). Powered primarily by Gotham for defense, intelligence, and allied government agencies. Palantir's original and most established market.
NAICS 928110Commercial Segment
$2.07B revenue in FY2025 (46%), with U.S. commercial surging 133% YoY to $595M in Q1 2026. AIP and Foundry drive accelerating enterprise adoption.
NAICS 511210Geographic Split
74% of FY2025 revenue from U.S. customers ($3.33B), 26% from international markets. Palantir explicitly does not operate in China.
74% US · 26% IntlTop 20 Customer Growth
Average revenue from top 20 customers rose from $64.6M in 2024 to $93.9M in 2025 (trailing twelve months), demonstrating deepening enterprise relationships.
+45% avg growthPalantir's Four Principal Software Platforms
AIP — Artificial Intelligence Platform
Launched 2023. Connects LLMs to enterprise data and operations via the Palantir Ontology. Enables AI agents, automations, and governance frameworks. The engine of Palantir's SaaS disruption thesis.
Cloud · On-Prem · EdgeFoundry — Data Operations
Central operating system for enterprises. Data pipelines, analytics, and operational applications backed by the Palantir Ontology. Used by all commercial customers and many government customers.
Commercial · GovernmentGotham — Defense & Intelligence
Multi-domain operational awareness platform for allied military and intelligence agencies. Integrates data from across sensors and domains in near real-time. Over a decade of front-line deployment.
Defense · IntelligenceApollo — Continuous Delivery
Cloud-agnostic single control layer for deploying Palantir platforms and customer software across any environment. Enables the Army's first AI-defined vehicle and missions at the tactical edge.
Cloud-Agnostic · EdgeThe Palantir Ontology — The Heart of It All
A dynamic mapping of enterprise data, logic, and actions into a unified organizational representation. Provides AI models with structured access to business operations rather than raw data — making contextually aware, responsible AI deployment at enterprise scale possible. The Ontology bridges Foundry and AIP.
Key Individuals
Alexander Karp
Danny Lukus
Steve Banker
The SaaS Disruption Thesis
"SaaS Is Dead" — Danny Lukus, Palantir
Traditional Software-as-a-Service fails enterprise customers because its generic, one-size-fits-all design forces them into expensive workarounds — particularly Excel spreadsheets — rather than solving complex, organization-specific operational problems. Palantir proposes AI-native, outcome-based platforms that adapt to each customer's unique data, logic, and workflows. Demonstrated with supply chain clients including Advance Auto Parts.
AIP Bootcamp
5-day intensive. Build live AI workflows on real customer data. Compress 6-12 month sales cycles to days.
Forward-Deployed Engineers
Engineers embed with customers. Identify challenges firsthand. Build tailored AI solutions in-situ.
AI Agentic Outcomes
Agents make decisions, call tools, move data, push processes to completion. Outcomes replace licenses.
Enterprise-Wide Scale
Proven use cases expand horizontally across divisions via Palantir Ontology as shared foundation.
Frequently Asked Questions
Key Terms Defined
Deploy AI Outcomes: AIP Bootcamp Approach
Knowledge Graph Visualization
Source Documents
Palantir FY2025 Form 10-K
Annual Report filed with the SEC. CIK-0001321655. Fiscal year ended December 31, 2025. Filed ~February 2026. 118 pages covering business, risk factors, financials, and MD&A.
SEC · EDGAR · PDFForbes: "Palantir Says SaaS Is Dead"
By Steve Banker, Forbes supply chain contributor. Published May 16, 2026. Examines Danny Lukus's declaration that SaaS is obsolete, with Advance Auto Parts as a supply chain case study.
Forbes · Supply ChainRDF-Turtle Knowledge Graph
Companion RDF-Turtle file containing the full knowledge graph representation of this mashup with all entities, relationships, FAQ, glossary, HowTo, and provenance metadata.
RDF · Turtle · schema.orgMarkdown Companion
Structured Markdown document mirroring this infographic with resolver-hyperlinked entities, FAQ, glossary, HowTo steps, and relationship descriptions for portable distribution.
Markdown · Portable