Palantir Technologies reported $1.94 billion in second-quarter revenue, up 93% year-over-year and well past the $1.80 billion consensus, sending PLTR shares as much as 13% higher in after-hours trade. The company raised full-year 2026 guidance to roughly $8.15 billion and now expects U.S. commercial revenue to top $3.424 billion, a 134% jump against the prior $3.22 billion target.

The U.S. commercial line is the story. It grew 149% year-over-year to $764 million, while U.S. government revenue climbed 90% to $809 million, taking total domestic revenue to $1.573 billion, up 115%. Total contract value closed hit $3.37 billion, up 49%, with a record $2.13 billion of that in U.S. commercial. Remaining U.S. commercial deal value more than doubled to $6.24 billion. Net income was $1.07 billion, or 41 cents per diluted share, against $326.7 million and 13 cents a year earlier; adjusted EPS of 41 cents beat the 35-cent consensus. Q3 revenue is guided to around $2.16 billion.

“This quarter was otherworldly,” said Chief Executive Alex Karp, adding that “demand for AI sovereignty has now been unleashed.” In a CNBC interview, Karp said the run “looks like this is going to go on for at least another 18 months.”

The framing matters because Palantir is now the legible institutional beneficiary of a buying pattern that vendors like Glean, Dust, and no-code adopters such as LemonLime have been surfacing at the mid-market: enterprises writing checks for AI infrastructure they can actually deploy. Karp’s “sovereignty” language does real work here, pitching Palantir as the domestic-industrial option rather than one enterprise-AI SKU among many.

Guidance raises of this magnitude tend to rhyme with the 1999 Cisco tape: reflexive, self-reinforcing, and priced for continuation. Karp’s 18-month clock is the number to watch.

Sources