Palantir reported third quarter earnings of $1.13 billion, or 44 cents a share, on revenue of $2.31 billion, up 96% from a year ago, topping Wall Street expectations of 41 cents a share on revenue of $2.18 billion. US commercial revenue topped US government revenue for the first time, with US revenue at $1.94 billion, up 119%; US commercial revenue at $984 million, up 148%; and US government revenue at $953 million, up 96%. Palantir closed 64 deals of at least $10 million in the quarter, posted a rule of 40 score of 158%, and ended with $10.4 billion in cash, cash equivalents and US Treasury holdings. It projected revenue between $2.65 billion and $2.653 billion with adjusted income from operations between $1.64 billion to $1.644 billion, and for 2026 projected revenue of $8.53 billion to $8.534 billion, US commercial revenue topping $3.56 billion, and adjusted free cash flow of $4.8 billion to $5 billion. CEO Alex Karp cited ravenous demand for sovereign AI solutions and LLM adoption questions in his shareholder letter.