Palantir Technologies (PLTR)

AI/data software for government + enterprise (Palantir) — the AI-decision/ontology platform

AI exposure 60% — derived from reported segment revenue, not asserted.

Where it sits

Frontier & Emerging Bets → Defense & Government AI · figures rebased to Q2 2026, reported 2026-08-03

Gotham + AIP for defense/intelligence (US gov ~80% of gov; $10B Army contract) is 54% of revenue and the largest business on the map, which is what Defense & Government AI holds. The rest is tagged separately: Enterprise & Business Software at 46%.

Also tagged: secondary in Software Stack → Enterprise & Business Software.

Reported segments

• Government — 51.2% of revenue
• Commercial — 48.8% of revenue

Palantir ($1.935B Q2 2026, +93% YoY — a record). Government 51.2% ($990M, +79%; US government $809M, +90%) = primary B7 Defense & Government AI; Commercial 48.8% ($945M, +110%; US commercial $764M, +149%) = B5 Enterprise & Business Software secondary. Commercial is growing far faster and has nearly closed the gap — a year ago the split was 54/46 the other way. FY2026 guidance raised to about 82% growth.

How the 60% is built

• Government — 51.2% of revenue × 55% AI-driven (disclosed). Gotham and Foundry deployed as AI decision systems for defence and intelligence, on contracts that also cover conventional data integration
• Commercial — 48.8% of revenue × 65% AI-driven (disclosed). AIP is explicitly the AI product and is what drove US commercial revenue up 149%

Investment read

Moat. Ontology/data-integration lock-in + government relationships (deep, sticky) + the AIP agentic platform; hard-to-displace once embedded in operations.

Bottleneck / pricing power. Strong pricing power (mission-critical embeddedness + government moats + the AIP-AI upsell); a leading applied-AI-software franchise.

Role in the AI stack. The applied-AI decision/ontology-software layer.

Connected companies

• Amphenol (APH) — PLTR is supplied by: rugged connectors (defense) — note Palantir is largely software; connector consumption is speculative
• NVIDIA (NVDA) — PLTR is supplied by: GPUs for AIP inference
• Axon Enterprise (AXON) — PLTR competes with: Government/public-safety AI software overlap — Palantir AIP/Gotham vs Axon cloud + Draft One (partial)
• Amazon (AMZN) — PLTR supplies: Palantir AIP/Foundry partnership with AWS (deployed on AWS)

Others in Defense & Government AI

• BWX Technologies (BWXT)
• Axon Enterprise (AXON)
• Teledyne Technologies (TDY)
• Kratos Defense (KTOS)

All 174 companies · What moved this quarter · How the map is built