NEW YORK (AP) — Palantir Technologies shares sailed past previous record highs on Tuesday after booking their first $1 billion sales quarter and raising expectations for performance that year.
On Tuesday, the stock rose above $170 after breaking previous records this year in the global artificial intelligence race. This week, the stock’s previous closure peak was set at $160.66.
Since its release in 2020, when it recorded a loss of $1.17 billion a year, the artificial intelligence software company has been spurring profits and sales quickly, with sales booming. In the second quarter, profits rose 33% to $327 million.
Despite the substantial spending cuts in the efficiency of President Donald Trump and his government, despite being led by Elon Musk, the world’s wealthiest man, once led by Elon Musk, the world’s wealthiest man, the $1 billion quarterly revenue has spurred a 53% surge in government sales.
“Doge had zero negative impacts on Palantir’s US government operations, which achieved the fastest growth rate since the second quarter of 2021,” writes William Blair analysts Louie Dipalma and Bryce Sandberg. “Palantir clearly benefits from the momentum of the AI industry across its government and commercial customer base.”
The company also recorded a jump of 93% of business sales. Overall US revenues surged 68% to $733 million.
Late Monday, Palantir raised its annual revenue expectations from $4.14 billion to $4.15 billion. It also increased US commercial revenue guidance to more than $1.3 billion. This means that Palantir has achieved growth rates of at least 85%.
“It was an incredible quarter,” CEO Alex Carp said in a statement accompanying the revenue release. “We continue to see the incredible impact of AI leverage.”
Karp believes AI will benefit everyone, and in a call with industry analysts on Monday, Palantir said he is “bullent in all aspects of American life, including blue-collar people, especially people.”
He said Palantir hopes to “enhance working class or blue-collar workers into AI institutions” and that the company will reach out to workers’ leaders to help them get used to their skills.
“People who are under the university education have more value than those who use our products and are in college education,” Carp said.
Headquartered in Denver, Palantir specializes in software platforms that collectively analyze large amounts of data.
Original issue: August 5, 2025, 11:48am EDT
