What it does
Palantir states that it builds software to integrate customers’ data, decisions, and operations at scale. Its four principal platforms are Gotham, Foundry, Apollo, and AIP. Foundry provides data management, analytics, workflow development, and the Palantir Ontology; AIP connects third-party large language models and other AI to organizational data and operations. Gotham supports defense and intelligence missions, while Apollo manages software delivery, updates, and configuration across cloud, on-premises, and other environments. The company states that customers can bundle the platforms into one ecosystem.
Source: Palantir Technologies Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing describes revenue from government and commercial customers. In FY2025, the Government Operating Segment generated $2.4 billion, or 53.7% of revenue, while commercial revenue was $2.1 billion, or 46.3%. The segment table below provides the year-over-year revenue changes and prior-year segment amounts. The company says its platforms may be bundled as a single ecosystem and that its government customers remain a meaningful revenue source. It also describes direct sales, cloud partnerships, channel relationships, joint ventures, and account expansion as sales and marketing approaches.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Government Operating Segment | $2.4 billion | 53.7% | 53.1% |
| Commercial | $2.1 billion | 46.3% | 60.0% |
Source: Palantir Technologies Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The company reported 954 customers as of December 31, 2025, spanning government and commercial institutions. It cites uses across industries and functions, including utilities, automotive manufacturing, oil and gas, pharmaceuticals, supply chains, public health, and defense. The Government Operating Segment accounted for 53.7% of FY2025 revenue. The filing states that 74% of 2025 revenue came from U.S. customers and 26% from customers abroad. It also describes a global presence and customers in the United States, South Korea, the United Kingdom, and elsewhere.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Government Operating Segment | $2.4 billion | 53.7% | 53.1% |
| Commercial | $2.1 billion | 46.3% | 60.0% |
Source: Palantir Technologies Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that Palantir competes principally with potential customers’ internal software development efforts. It says organizations may rely on custom solutions, consultants, IT services companies, packaged enterprise and open-source software, and internal IT resources before purchasing its platforms. The filing also lists large enterprise software companies, government contractors, system integrators, emerging companies, and established entrants as competitors. It does not name specific competing companies. The filing identifies platform capabilities, security and privacy, adoption and deployment, innovation, pricing, customer experience, and brand awareness as principal competitive factors.
Source: Palantir Technologies Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing’s risk summary includes, among others:
- The multi-class stock structure and founder voting agreements concentrate voting power with certain stockholders.
- The company may not be able to sustain revenue growth.
- Sales efforts involve considerable time and expense, and the sales cycle is often long and unpredictable.
- A limited number of customers account for a substantial portion of revenue.
- The company may not realize the full deal value of customer contracts.
- The company may fail to receive and maintain government contracts, or public-sector contracting or fiscal policies may change.
Source: Palantir Technologies Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, Palantir had 4,429 full-time employees, and the filing states that 28% were employed outside the United States. It also uses part-time employees, independent contractors, and third-party personnel. The filing says it recognizes a works council in France but does not recognize a union or works council for employees in other jurisdictions. It states that revenue recognition is generally seasonal because many contracts have historically been executed in the third and fourth quarters, reflecting customer fiscal year ends and procurement cycles.
Source: Palantir Technologies Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov