Palantir stock fell nearly 7% after earnings as bookings growth decelerated sharply despite record revenue acceleration.

Palantir Technologies reported first-quarter revenue of $1.63 billion, up 85% year over year—the company's highest growth rate as a public company and its 11th straight quarter of accelerating revenue growth. The U.S. business, which accounts for 79% of total revenue, grew 104% year over year.

Closed total contract value (TCV)—the total potential lifetime value of contracts at execution—came in at $2.41 billion, up 61% year over year, a sharp deceleration from $4.26 billion in Q4 (which saw 138% growth). U.S. commercial remaining deal value (RDV) growth slowed to 112% year over year in Q1 from 145% in the prior quarter and 199% two quarters earlier.

The stock now trades roughly a third below its November all-time high and is down more than 20% so far in 2026. Palantir's trailing-12-month price-to-sales ratio sits in the low 60s; its forward price-to-sales ratio on full-year 2026 guidance sits in the low 40s, and its price-to-earnings ratio is around 150.