PLTR just posted the rare kind of quarter where the guidance raise is a bigger story than the beat itself.

Revenue hit $1.94B, up 93% YoY, smashing the $1.81B consensus and the company's own guide. Growth actually accelerated from Q1's 85% pace, not the slowdown the market was bracing for. Adjusted EPS came in at $0.41 versus $0.35 expected. Stock jumped as much as 10% after hours.

THE REAL GROWTH DRIVERS:

🟢US commercial revenue: +149% YoY to $764M, up 380% since 2024
🟢US government revenue: +90% YoY to $809M
🟢Rule of 40 score: 155% (up from 145% last quarter)
🟢Remaining US commercial deal value: $6.24B, more than doubled YoY
🟢220 deals closed worth $1M+ each

THE GUIDANCE RAISE, and this is the part that actually matters:

-> Full-year revenue guide moved from $7.65-7.66B to $8.15-8.16B, growth guidance jumping from 71% to 82%
-> US commercial guidance raised to "in excess of" $3.42B, from $3.22B
-> Q3 alone is guided at $2.16B, above where full-year expectations sat just a few months ago

Karp didn't hold back on the call: "Forget consensus. To my knowledge, no business at our scale has grown half this much." He also said the current growth trajectory "looks like this is going to go on for at least another 18 months."

New business since the last report backs that up: a sole-source FAA modernization deal, a $300M USDA agreement, and a three-year £240.6M contract with the UK Ministry of Defence.

WHAT THIS ACTUALLY CHANGES:

The bear case on Palantir has always been "the growth can't keep accelerating at this valuation." This quarter is the one that argues against that directly, growth didn't just hold, it sped up, and management raised guidance by more than they ever have in a single quarter.

Worth knowing the debate isn't settled even after this: Michael Burry, the investor who called 2008, has held puts against Palantir since late last year and reiterated days before this report that he sees the stock worth under $50. A blowout quarter doesn't erase that kind of conviction on the other side, it just raises the stakes on who's actually right.

Palantir also joined NVDA , MSF and META this year in pushing regulators not to restrict open-weight AI models, worth watching as a signal of where it sees the competitive landscape heading long-term.

If you're holding this one, are you adding on a print like this? What are you doing here?