Palantir Books First $1 Billion In Quarterly Sales

Shares of Palantir Technologies hit fresh record highs Tuesday after the company booked its first $1 billion sales quarter and raised its full-year performance outlook, the Associated Press (AP) reported.

The $1 billion quarterly revenue was fueled by a 53% surge in government sales. (Photo: Palantir X)

The stock rose above $170 at one-point last week after breaking records four times this year in the global artificial intelligence (AI) race.

The previous closing high was $160.66 earlier this week. Since going public in 2020—when it posted a $1.17 billion annual loss—the AI software company has swung to profitability, with sales booming. Profit rose 33% to $327 million in the second quarter.

The $1 billion quarterly revenue was fueled by a 53% surge in government sales, despite massive spending cuts under President Donald Trump and his Department of Government Efficiency (DOGE), once led by Elon Musk.

“DOGE has had zero negative impact on Palantir’s U.S. government business, which achieved its fastest growth rate since the second quarter of 2021,” wrote William Blair analysts Louie DiPalma and Bryce Sandberg.