Palantir delivers $2 billion revenue in 9M 2024

Feyisayo Ajayi -
Key Points
  • Palantir’s 9M 2024 revenue soared above $2 billion, marking a 26.06% increase from last year, driven by rising demand for its data-driven solutions and AI capabilities.
  • CEO Alex Karp highlights Palantir's commitment to operational excellence and delivering long-term value through responsible, ethical AI.
  • Asset base expanded by 27.54% to $5.77 billion from $4.52 billion, indicating growth in both non-current and current assets.

Palantir Technologies, an artificial intelligence (AI) and big data analytics firm co-founded and led by African-American tech billionaire Alex Karp announced robust financial results for the first nine months (9M) of its 2024 fiscal year, revealing a 26.06 percent increase in revenue compared to the same period in 2023.

Under Karp, revenue soared to $2.04 billion, up from $1.62 billion in 9M 2023, propelled by escalating demand for artificial intelligence (AI) applications, which has positioned Palantir as a central player in the AI technology landscape.

Revenue surges amid growing AI demand

Palantir's revenue growth was led by its U.S. operations, with U.S. revenue climbing 44 percent year-over-year to $499 million. The U.S. commercial segment saw particularly strong results, with revenue surging 54 percent to $179 million, while U.S. government revenue increased 40 percent to $320 million.

Palantir also expanded its global reach, closing 104 deals valued over $1 million each and growing its customer count by 39 percent year-over-year, underscoring the company’s expanding market footprint. 

CEO Alex Karp emphasized the company’s strategic approach, saying, “Our results reflect both our deep commitment to operational excellence and our focus on empowering customers through powerful and ethical AI.” He added that Palantir’s focus on delivering long-term value, particularly through responsible AI, remains core to its strategy.

Additionally, the company maintained a robust liquidity position, with $4.6 billion in cash, cash equivalents, and short-term U.S. Treasury securities, highlighting its balance of growth and profitability in a rapidly expanding AI-driven market. 

Palantir hits record income under Alex Karp

Alex Karp, Palantir’s co-founder and CEO, exemplifies African-American entrepreneurial success. Ranked 760th on Forbes’ global rich list with a net worth of $4.5 billion, Karp’s leadership reflects Palantir’s ongoing success and strategic positioning under his leadership.

Under his leadership, the Denver-based software giant reported a record net income of $390.98 million from $120.46 million in the prior period. Total assets surged by 27.54 percent from $4.52 billion as of Dec. 30, 2023, to $5.77 billion as of September 30, 2024. 

The company’s total equity also saw substantial growth, climbing from Total equity from $3.56 billion to $4.59 billion, reinforcing Palantir’s position in the data analytics and AI industry.