Palantir reported first-quarter 2026 revenue of $1.63 billion（約2600億円） (up 85% year over year), with no debt and $8.0 billion（約1.3兆円） in cash, showing that its AI software business is scaling profitably across government and commercial markets.

What happened: On May 4, Palantir Technologies reported first-quarter 2026 revenue of $1.63 billion（約2600億円）, up 85% year over year and 16% sequentially. U.S. revenue grew 104% year over year to $1.28 billion（約2000億円）, while U.S. commercial revenue rose 133% to $595 million（約950億円） and U.S. government revenue increased 84% to $687 million（約1100億円）. The company generated $984 million（約1600億円） in adjusted operating income (a 60% margin) and $925 million（約1500億円） in adjusted free cash flow.

Why it matters: Palantir remains debt-free with $8.0 billion（約1.3兆円） in cash, cash equivalents, and U.S. Treasury securities on its balance sheet, which means it has financial flexibility to invest in growth without the constraint of debt service. The growth is broad-based across both government and commercial segments, rather than concentrated in a single customer type, suggesting sustained demand for its AI-powered software platforms that help integrate data and automate decisions.

What to watch: The company's profitability at scale—60% adjusted operating margin—alongside 85% revenue growth demonstrates that AI software demand is translating into strong financial returns, not just top-line expansion. The 133% growth in U.S. commercial revenue indicates that its software is gaining traction beyond government customers.