Palantir Technologies reported Q3 2026 earnings in which commercial revenue reached $984 million, jumping 148% year-over-year and surpassing government revenue of $953 million for the first time in company history. Total revenue hit $1.937 billion for the quarter, according to CNBC's report on the earnings. The shift marks a pivot for a company that built its reputation on classified intelligence work, now finding its fastest growth in corporate boardrooms. The commercial acceleration is driven by enterprise AI adoption reaching an inflection point, with companies deploying Foundry and AIP for tasks such as supply chain optimization and financial forecasting. Government revenue of $953 million remains solid, with the company expanding rather than reshuffling its business. CEO Alex Karp has long insisted commercial success was inevitable despite skepticism from Wall Street; Palantir went public via direct listing in 2020 at around $10 per share.