Palantir (PLTR) has a knack for doing exactly what its skeptics say it couldn’t pull off.
It has efficiently scaled AI from battlefields to boardrooms, turning momentum into hard numbers.
Case in point is its bombastic second-quarter earnings print, where its revenues jumped 48% year-over-year to nearly $1 billion, led by a 93% jump in U.S. commercial sales to $306 million.
On top of that, its management bumped full-year guidance to $4.14-$4.15 billion and forecasted third-quarter sales of $1.083-$1.087 billion, up 50% year-over-year.
Palantir CEO Alex Karp didn’t mince words, either, calling it “the highest sequential quarterly revenue growth in our company’s history.”
Wall Street has clearly taken notice.
Palantir shares are up 140% year to date, propelling the Denver-based company to become one of 2025’s biggest winners, and pushing it further into mainstream AI.
Beyond the numbers, Palantir continues racking up marquee alliances from the UK Ministry of Defence and NATO to Fannie Mae, proof that its AI is slipping into places few thought possible.
And another domino is falling: a fresh production-floor AI rollout with a 109-year-old aerospace-defense manufacturer, which is transforming platform hype into throughput, timelines, and deliveries.
Palantir’s surprise AI contract with Boeing tilts the balance
Palantir Technologies just landed a major defense contract with Boeing (BA) , deepening its role in AI-driven manufacturing.
Deal details:
- Scope: Deployment across Boeing Defense, Space & Security Partners (BDS) geographically dispersed factories and weapons programs, which cover aircraft, satellites, and missile production lines.
- Platform: Palantir’s Foundry AI system efficiently integrates complex data streams into a single, intuitive one-stop-shop-type interface for operators and executives.
- Impact: Standardized analytics across programs, quicker production cycles, and unified oversight.
- Classified work: Direct AI support for sensitive and undisclosed defense missions, strengthening Palantir’s role in national security.
- Palantir will be rolling out its popular Foundry platform across Boeing’s BDS division, providing the country’s biggest defense contractors a new digital backbone.
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For perspective, Boeing’s BDS unit covers over a dozen production lines, developing fighter jets, rotorcraft, satellites, spacecraft, and missile systems. Moreover, Palantir’s Foundry is designed to pull in data from those siloed systems, layering them together under a uniform AI-driven interface, while providing a clearer and faster picture to managers.
According to BDS CEO Steve Parker:
Palantir is on the cutting edge when it comes to leveraging artificial intelligence to accelerate getting critical products, services, and capabilities in the hands of military operators.
On top of that, the deal cuts a lot deeper by offering AI expertise for undisclosed classified and proprietary defense missions.
As Palantir defense chief Mike Gallagher bluntly puts it:
This partnership will turbocharge production and innovation… America’s enemies aren’t slowing down and neither can we.
Palantir keeps its M&A powder dry, strikes alliances instead
Palantir’s merger-and-acquisition (M&A) posture is mostly conservative.
It rarely buys, as it prefers building up its own proprietary platforms and striking alliances. For instance, its 2024 10-K notes the company could potentially evaluate strategic deals, but there’s a preference for partnerships and joint ventures, like those with SOMPO Japan and HD Hyundai.
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Also, it’s important to note that no material acquisitions were disclosed for last year, and Palantir’s Q1 2025 10-Q confirmed no new investments under its prior SPAC-era “Investment Agreements.”
On capex, it logged $12.6 million last year for property and equipment and shelled out another $7.6 million in Q2 2025, implying a low tens of millions annual run rate.
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Some of Palantir's largest “deals” in the past year:
- UK Ministry of Defence: A five-year partnership worth up to £750 million ($950 million), with Palantir investing as much as £1.5 billion in expanding operations and developing their base in the European defense HQ in London.
- NATO “Maven Smart System”: Announced in April 2025, it gives NATO allied operations access to Palantir’s AI decision platforms.
- Fannie Mae: In June 2025, it launched a potent AI-powered Crime Detection Unit with Palantir to root out mortgage-related fraud.
- Nuclear Operating System: On June 26, 2025, it collaborated with The Nuclear Company in putting out an AI platform that speeds up reactor construction, which is backed by $100 million in planned investment.
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