Palantir (PLTR) Revenue History: Quarterly Data (2020–2025)

Palantir Revenue: 2020–2025

Palantir Technologies (PLTR) reported quarterly revenue of $1.407 billion in Q4 2025 (October–December 2025), a +70% increase year-over-year from $828 million in Q4 2024. Full-year 2025 revenue reached $4.48 billion, up 56% from $2.87 billion in 2024 — the company’s fastest annual growth rate since its 2020 public debut.

Palantir’s revenue trajectory tells one of the most dramatic turnaround stories in enterprise software. From a government-dependent analytics contractor burning cash at its 2020 direct listing, the company transformed into a high-margin, commercially accelerating AI platform business. The 2023 launch of the Artificial Intelligence Platform (AIP) — a suite of tools enabling enterprises to operationalize large language models on their private data — ignited a commercial revenue acceleration that changed investor perception of the stock fundamentally.

Palantir Annual Revenue by Year

Calendar year totals (Q1–Q4). Source: SEC EDGAR XBRL.

Government vs. Commercial Revenue Split

Palantir earns revenue through two segments. The Government segment — built on the Gotham platform — serves intelligence agencies, defense departments, and allied governments. It provides stable, contract-backed revenue with long visibility. The Commercial segment — built on the Foundry and AIP platforms — serves private-sector enterprises across healthcare, energy, financial services, and manufacturing.

Through 2022, government revenue accounted for more than half of total revenue. By 2024, the commercial segment accelerated past government growth, with U.S. commercial revenue growing over 70% year-over-year in multiple quarters. This shift reduced Palantir’s dependence on government budget cycles and improved revenue quality in the eyes of growth investors. See Palantir Operating Income History for how this commercial shift translated into profitability.

AIP Boot Camps Drive Commercial Acceleration

The most visible catalyst in Palantir’s 2023–2025 revenue acceleration was the AIP Boot Camp sales model — intensive 2–5 day workshops where potential enterprise customers deploy AI workflows on their own data. This model compressed sales cycles from months to weeks and dramatically increased conversion rates. More than 300 companies attended boot camps in 2024 alone.

AIP boot camps expanded Palantir’s accessible market beyond traditional large enterprise and government contracts into mid-market companies. Revenue from commercial customers who first engaged through a boot camp ramped faster than historical commercial customers, improving revenue predictability alongside growth. Compare this to how Palantir Free Cash Flow scaled as these higher-quality commercial contracts contributed to operating leverage.

U.S. vs. International Revenue

A critical nuance in Palantir’s revenue story is the divergence between U.S. and international performance. U.S. Government and U.S. Commercial both showed consistent acceleration through 2024–2025. International revenue, by contrast, grew more slowly — a function of longer government procurement cycles outside the U.S. and lower enterprise AI adoption rates in Europe and Asia.

This U.S.-weighted revenue mix is both a strength (large contract visibility, AIP demand concentration) and a risk (geopolitical exposure for government contracts). The Enterprise Software sector broadly shows that U.S.-focused SaaS companies commanded higher valuation multiples during 2023–2025 due to AI spending concentration in North American enterprises.

Revenue Per Customer and Expansion Dynamics

Palantir’s net revenue retention has remained above 120% in most recent quarters — meaning existing customers, on average, spend at least 20% more each year. This “land and expand” dynamic, where initial deployments prove ROI and justify expanded data pipelines and seat licenses, is the engine behind Palantir’s improving revenue quality.

The number of U.S. commercial customers grew from 132 at year-end 2022 to over 400 by Q3 2025, reflecting AIP-driven market expansion. Average contract size has also expanded as customers integrate Palantir deeper into operational workflows, from data analytics to real-time decision intelligence and autonomous AI agent pipelines.

Frequently Asked Questions

What is Palantir’s most recent quarterly revenue?

Palantir reported $1.407 billion in revenue for Q4 2025 (October–December 2025), up 70% year-over-year from $828 million in Q4 2024.

What was Palantir’s annual revenue in 2024?

Palantir reported $2.866 billion in total revenue for full-year 2024, up 28.9% from $2.224 billion in 2023.

How fast is Palantir growing?

Palantir’s revenue grew 56.2% in 2025 versus 2024, accelerating from 28.9% growth in 2024 versus 2023. The acceleration reflects AIP Boot Camp commercial momentum and expanding U.S. government AI contracts.

Does Palantir get most of its revenue from government or commercial clients?

Historically government-dominated, Palantir’s revenue mix is shifting toward commercial. U.S. commercial revenue grew over 70% year-over-year in multiple 2024–2025 quarters and is on track to exceed U.S. government revenue by 2026.