Black billionaire Alex Karp leads Palantir to $678 million revenue in Q2 2024

Feyisayo Ajayi -

Key Points

  • Palantir’s Q2 2024 revenue soared to $678 million, a 27% increase from last year, driven by continued expansion in both its commercial and government.
  • The U.S. commercial segment led growth with a 55% increase in revenue to $159 million; US commercial remaining deal value grew 103% year-over-year.
  • The software giant generated $134 million in net income; the largest quarterly profit in its twenty-year history.

Palantir Technologies, an artificial intelligence (AI) and big data analytics firm co-founded and led by African-American tech billionaire Alex Karp, reported robust financial results for the second quarter of its 2024 fiscal year, with its revenue surging to $678 million.

The surge in revenue highlights continued expansion in both its commercial and government segment, and reflects Palantir’s success in expanding its footprint in the private sector, bolstered by its cutting-edge data analytics and artificial intelligence platforms.

US commercial and Government sectors drive growth

According to its recently released Q2 report, Palantir’s revenue surged to $678 million, reflecting a 27 percent year-over-year increase. This growth was largely driven by the U.S. commercial segment, where revenue soared 55 percent to $159 million.

The expansion in this segment was fueled by an 83 percent rise in the customer base, accompanied by a 103 percent jump in remaining deal value (RDV), underscoring Palantir’s strengthening market presence.

Palantir’s commercial revenue surged 33 percent year-over-year to $307 million, while government revenue rose 23 percent to $371 million in Q2 2024. The company secured 27 deals over $10 million, driving a 41 percent increase in its global customer base. Operational efficiency was evident, with adjusted income from operations reaching $254 million.

Palantir hits record income under Alex Karp

Alex Karp, Palantir’s co-founder and CEO, exemplifies African-American entrepreneurial success. Ranked 1,118th on Forbes’ global rich list with a net worth of $3 billion, Karp’s leadership reflects Palantir’s ongoing success and strategic positioning under his leadership. 

Under his leadership, the Denver-based software giant also reported a record net income of $134 million for the quarter, its highest-ever quarterly profit in its twenty-year history. Palantir also generated $144 million in cash from operations and $149 million in adjusted free cash flow.

As Palantir continues to expand its influence across the commercial and government sectors, Karp continues to drive the company’s growth and enhance its standing in data analytics and AI.