Palantir's Q1 fiscal 2026 revenue surged 85% year over year to $1.63 billion, with customer count reaching 1,007 and net dollar retention at 150%.

Palantir's first-quarter fiscal 2026 revenue rose 85% year over year to $1.63 billion. U.S. revenue grew 104% year over year to $1.28 billion, with U.S. commercial revenue up 133% year over year to $595 million and U.S. government revenue up 84% year over year to $687 million.

The company positions its Artificial Intelligence Platform (AIP) as infrastructure that enables enterprises to control and audit AI agents in production—providing authorization, cost tracking, auditability, security controls, data governance, and workflow integration. AIP works with its Ontology framework to connect data, business rules, workflows, and real-world operations.

Customer count increased 31% year over year to 1,007, while remaining performance obligations (contracted backlog) reached $4.5 billion, up 134% year over year. The Pentagon plans to make Palantir's Maven AI system an official program of record, potentially providing clearer long-term funding and wider deployment across the U.S. military.

Palantir trades at nearly 62.2 times forward sales. A balanced five-year scenario assumes revenue compounds at about 30% annually, reaching near $28 billion in 2031. At a 25 times sales multiple, market capitalization would reach around $700 billion, implying a stock price near $272—roughly 14.9% annualized return from the article's current reference price.