業績會第一現場

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Palantir 2026Q1業績直播

Key Takeaways (AI-Generated)

Financial Performance

- Q1 revenue grew 85% year-over-year to $1.633 billion, highest growth rate as public company

- U.S. business achieved 104% year-over-year growth, representing 79% of total revenue

- Rule of 40 score climbed to 145, up from 127 last quarter

- Generated $899 million cash from operations and $925 million adjusted free cash flow

Business Highlights

- AIP established as dominant AI platform with no-slop zone capabilities for enterprise deployment

- Major partnerships expanded including AIG, Motor, Freedom Mortgage for process transformation

- Maven smart system usage doubled in four months, now 4x over 12 months

- Customer count grew to 1,007 customers with 31% year-over-year growth

Financial Guidance

- Raising full year 2026 revenue guidance to $7.650-7.662 billion, representing 71% growth

- U.S. commercial revenue guidance raised to exceed $3.224 billion, at least 120% growth

- Q2 2026 revenue expected between $1.797-1.801 billion

- Adjusted free cash flow guidance raised to $4.2-4.4 billion

Opportunities

- AIP positioned as only viable solution for enterprise AI deployment without risks

- Accelerating demand for AI platforms in commercial and government sectors

- Token cost reduction creating exponential growth in AI task assignments

- Deepening relationships with major institutions across new domains like agriculture

Risks

- Intense competition for technical talent with limited hiring capacity constraints

- Cybersecurity vulnerabilities increasing as AI generates more code and attack surfaces

- AI labs entering enterprise market with competing solutions

Full Transcript (AI-Generated)

Operator

Percent year over year revenue growth, our highest overall revenue growth rate as a public company and 16% sequential growth. Our U.S. business, now 79% of total revenue, surpassed 100% year over year growth for the first time since our DPO, growing 104% year over year and 19% sequentially. Our Rule of 40 score climbed to 145, up from 127 last quarter on absolute AIP dominance.

AIP is the only platform that establishes a true AI, no slop zone, a necessary requisite to converting potential AI leverage into compounding real world value without risking enterprise disaster. As the AIG CEO noted in their recent earnings call, they are deploying AIP to implement a multi agentic underwriting and claim solution comprised of purpose built agents ingesting submissions, evaluating risk, benchmarking pricing and detecting fraud, all coordinated through the ontology.

When you want AI to work in production in a real enterprise at real scale where there's no room for slop, there's only one platform, AIP. It is not just the playbook of cutting costs and streamlining processes. AIP is the battle tested platform that allows the wholesale redefinition of how companies compete within their industries.

The depth of our customer commitments reflects that ambition. Referencing our work with Motor and Freedom Mortgage where we are revamping the end to end mortgage process with AIP, the Motor Chairman stated quote. This strategic partnership will reshape the future of our industry. Together we're building technology that can help improve affordability, lower borrowing costs and expand access to home ownership for millions of Americans.

Our US commercial business grew up estimate to the compounding real value created for our customers. For example, on the back of the 26% increase in engine production with a IPGE, Aerospace deepened their partnership with Palantir last quarter to deploy a gentic AI powered solutions across their production system and military aviation supply chain with a shared mission of ensuring that more aircraft remain available to train America's next generation of US Air Force pilots.

On this and Worldview expanded their work with Palantir to bring a IP to the stratosphere and build the operational backbone required to scale their missions. They noted, quote, Palantir powered workflows don't just make one launch faster. They make dozens or 100 simultaneous launches possible with the same operational efficiency.

Load bearing institutions upon which the West depends know or will soon know that our AI platforms are the indispensable means of delivering their must win opera. An upshot of our transformational work across every domain. The foundation remains our deployment of Maven smart system to empower our troops.

As the Chief Digital and AI Officer at the Department of War noted quote. I care about one thing and one thing only, that the 18/19/20 year old kid who had no choice in where he went or what threat he was facing. I want him to win and come home. That's why we do it. Palantir is very helpful in delivering this.

Beyond Maven, Ship OS in partnership with the Department of the Navy has produced remarkable impact at several manufacturing industrial based suppliers already including dropping manufacturing bill of materials approval time from 200 hours to 15 seconds, increasing speed of contract review cycles by 57 to 73% and reducing monthly material planning time by 94%.

Just as commercial organizations are reshaping their industries, Chip OS is the reinvention of America's maritime industrial base. This is just the start of how our support of manufacturing processes will transform existential programs for the US government. In fact, we've already seen the government step in to transition and scale a successful private sector manufacturing program we're supporting.

On the civil side, the USDA awarded Palantir a contract of up to $300 million last month to provide USDA with capabilities to support American farmers, secure farmland, enhance supply chain resilience, and shield agricultural programs from fraud, abuse and foreign adversary influence in government and commercial Palantir. Is transforming how load bearing institutions operate and how they win. I'll now turn it over to Sean.

Sean

Thanks, Ryan. For over 2 years now, we've been saying that while LLMS are improving, models are converging and the cost per token continues to drop precipitously. GPT 4 equivalent performance that cost $20 per million tokens in early 2023 is now approximately 1000 times cheaper three years later.

Because of this increased efficiency, use case demand for tokens is exploding. Our AIP workflows today utilize vastly more tokens. Agents orchestrating across the ontology, chaining, reasoning pool use retrieval and execution. And it's growing. This is Jevon's paradox. It's the single most important dynamic and enterprise software right now.

When the Victorians built more efficient steam engines, everyone assumed coal consumption would fall. Instead, it skyrocketed. Cheaper transport meant more demand for transport. Tokens are the new coal. AIP is the train. As inference gets cheaper, the number of tasks that you can economically assign to AI grows exponentially, precisely because tokens are so much cheaper.

Asian. Flows call tools self correct, but in practice the number of tasks that you can trust a model without the right harness exponentially declines. More tokens means more slop, and the more commodity cognition you consume, the more you need a system that can prevent the economic harm so you can harness the economic value. That system is AIP. That intermediary representation is the ontology.

This is also why we are seeing the death of legacy software. AIP replaces static workflows not by replicating the playbook, but by eliminating the need for one Thomas Kavanaugh construction. 97% of their employees use Foundry every day, and every other piece of software must now justify its existence. And so far, they haven't been able to.

We're seeing this internally too. This quarter, we replaced our old expensive CRM with an AI first solution built on AIP. In a few months that users absolutely love, our customers are seeing the real value is not automating what you already do. It's doing what was previously impossible.

A major telco set out to automate 10 million customer calls a year. The real insight was that the most dissatisfied customers never call. They churn silently. The reframe was counterintuitive. Don't use AI to reduce calls, use it to generate them. An AI advocate that proactively calls on every customer's behalf. The point is simple. Use AI to do more work. Work that was never economically feasible before AIP.

For every agent action, our customers need to answer 3 questions. Who authorized this? What did it cost? Can I trust what it did? These questions need exact answers with precision. There's no tolerance for slop. We're building a platform native agent engine SDK, a single set of primitives.

We're building persisting, governing, and operating ontology native agents. A common layer that lets you visualize every agent in your enterprise and control it regardless of how it was built. A true agent operating system. On top of that, unified cost attribution per agent, per session, per workflow, with administrative caps full provenance so every ontology mutation traces back to the agent and reasoning chain that produced it.

Security marking propagation from input data through agent sessions onto all output with approval gates for any workflow that could reclassify information. That's how you get a SISO ACFO and a combat commander to say yes. AIP is the no Slop zone, the platform where every Asian action is governed, attributed and auditable.

Turning to U.S. government on the foxhole side, Maven met its moment across real world events in Q1. Usage has doubled in the past four months through the end of March and is now forex over the past 12 months across the services, the Combatant commands, the Joint Staff and the Intelligence Community. When the stakes are highest, when failure is measured in lives and readiness, this is where we are uniquely positioned.

On the factory floor side. The demand on the defense industrial base to ramp production and sustainment has been so acute that we have surged resources from our commercial business. This is exactly what Warp Speed was built for, modernized American manufacturing, and we're doing just that where it counts the most.

AIP is the default builder platform in the Department of War. With thousands of developers using AIFFD, migrating legacy systems, standing up new capabilities, solving problems that used to require contractor teams and months of lead time, our software is becoming the most malleable and responsive weapon system for the joint force.

Finally, what's now clear is that Methos and Spud and even. Other current generation models with AIP are capable of finding novel vulnerabilities in complex cyber kill chains. They have discovered thousands of 0 days in major operating systems and browsers. This is the spudnik moment in the AI arms race. The rate of vulnerability identification is about to skyrocket.

Finding the bugs is no longer the limiting factor. Rapid fire remediation with exact precision, immediacy, and absolute certainty is the new hard problem. Knowing exactly what versions of what software are running where and closing the remediation chain autonomously. Apollo was built for exactly this. We're shipping the next generation of Apollo as we help our customers reposture for this world.

And note the Jevons Paradox dynamic here too. More AI means more code. More code means more slot, more slot means more tax surface, more tax surface means more vulnerabilities, and more vulnerabilities means more Apollo. I'll turn it over to Dave.

Dave

Thanks, Sean. We had an outstanding first quarter delivering our strongest ever Q1 sequential growth rate of 16% and our highest ever reported year over year growth rate of 85%. Our revenue growth rate accelerated for the 11th consecutive quarter, highlighting the durability of the growth of our business at scale.

We expanded our Rule of 40 score by 18 points quarter over quarter from 127 in Q4 to 145 in Q1. Our U.S. business achieved triple digit growth for the first time driven by accelerating demand for AI. Platform revenue in our U.S. business grew 104% year over year and 19% sequentially in the first quarter.

Our US commercial business grew 133% year over year and 18% sequentially and our U.S. government business grew 84% year over year and 21% sequentially. On the back of this continued strength in the US, we are raising our full year 2026 revenue guidance midpoint to 7.656 billion, representing 71% growth year over year, A10 point increase over our full year 2026 revenue guidance from last quarter and our largest ever full year revenue guidance raise.

Turning to our global top line results, first quarter revenue grew 85% year over year and 16% sequentially to 1.633 billion. First quarter US revenue grew 104% year over year and 19% sequentially to 1.282 billion. Customer count grew 31% year over year and 6% sequentially to 1007 customers.

Revenue from our largest customers continues to expand. First quarter trailing 12 month revenue from our top 20 customers increased 55% year over year to 108 million per customer. Now moving to our commercial segment, first quarter commercial revenue grew 95% year over year and 14% sequentially to 774,000,000.

We closed 1.3 billion in commercial TCV bookings in the first quarter, representing 42% growth year over year. Our AI platform dominates U.S. markets as the only real choice for deploying AI models operationally in a way that actually works. First quarter US commercial revenue grew 133% year over year and 18% sequentially to 595,000,000.

This exceptional growth even understates our US commercial momentum. As Ryan noted, we had a successful US commercial customer program turns this into AUS government customer. Absent this transition, US commercial growth would have been 143% year over year and 22% sequentially.

In Q1, we closed our third consecutive quarter of over a billion dollars in US commercial TCV bookings at 1.2 billion, representing growth of 45% year over year. Over the past 12 months, we closed 4.7 billion of US commercial TCV bookings, 115% increase from the prior 12 months, highlighting the accelerating demand for AI that creates real operational value.

Total remaining deal value in our US commercial business grew 112% year over year and 12% sequentially. Our US commercial customer count grew to 615 customers, reflecting growth of 42% year over year and 8% sequentially. First quarter international commercial revenue grew 26% year over year and 5% sequentially to 179 million.

Revenue from strategic commercial contracts was 3,000,000 for the quarter, representing .2% of overall revenue. We expect revenue from these contracts to be less than half $1,000,000 in each remaining quarter of this year. Shifting to our government segment, first quarter government revenue grew 76% year over year and 18% sequentially to 858,000,000.

First quarter U.S. government revenue grew 84% year over year and 21% sequentially to 687,000,000. This growth was driven by continued execution in existing programs and new awards reflecting the growing demand for AI platform in government. First quarter international government revenue grew 51% year over year and 7% sequentially to 172 million.

We closed 2.4 billion of TCV bookings, up 61% year over year. On a dollar weighted duration basis, TCV bookings grew 135% year over year. Net dollar retention was 150%, an increase of 1100 basis points from last quarter. The increase was driven both by expansions at existing customers and new customers acquired in Q1 of last year as load bearing institutions continue to turn to Palantir's battle tested AI platform.

As net dollar retention does not include revenue from new customers that required in the past 12 months, it has not yet fully captured the acceleration and velocity in our U.S. business over the past year. We ended the first quarter with 11.8 billion in total remaining deal value, an increase of 98% year over year and 6% sequentially and 4.5 billion in remaining performance obligations, an increase of 134% year over year and 9% sequentially.

As a reminder, RPO is primarily comprised of our commercial business as it does not take into account contracts with an initial term of less than 12 months and contractual obligations that fall beyond termination for convenience clauses, both of which are common in most of our government business.

Turning to margin and expense, adjusted gross margin which excludes stock based compensation expense was 88% for the quarter. Adjusted income from operations, which excludes stock based compensation expense and related employer payroll taxes was 984 million in the quarter, representing adjusted operating margin of 60%.

Q1 adjusted expense was 649 million of 7% sequentially and 32% year over year, primarily driven by the continued investment in our AI platform and technical hiring. We continue to expect expenses to ramp in 2026 as we remain committed to investing in the product pipeline and the most elite technical talent, all while delivering on our goals of sustained GAAP profitability.

GAAP net income was 871,000,000, representing a 53% margin. First quarter stock based compensation expense was 202 million and equity related employer payroll tax expense was 28,000,000. First quarter GAAP earnings per share was 30-4 cents. First quarter adjusted earnings per share was $0.33.

Additionally, our combined revenue growth and adjusted operating margin accelerated to 145% in the first quarter, an 18 point increase to our Rule of 40 score from the prior quarter and our 11th consecutive quarter of an expanding Rule of 40 score. With our 2026 revenue and adjusted operating income guidance, we are guiding to a Rule of 40 score of 129% for the full year.

Turning to our cash flow, in the first quarter we generated 899 million in cash from operations and 925 million in adjusted free cash flow, representing margins of 55 and 57% respectively. We ended the quarter with 8 billion in cash, cash equivalents and short term U.S. Treasury securities.

Now turning to our outlook. For Q2 2026, we expect revenue of between 1.797 and 1.801 billion and adjusted income from operations of between 1.063 and 1.067 billion. For full year 2026, we're raising our revenue guidance to between 7.650 and 7.662 billion.

We're raising our US commercial revenue guidance to an excess of 3.224 billion, representing a growth rate of at least 120%. We are raising our adjusted income for operations guidance to between 4.440 and 4.452 billion. We are raising our adjusted free cash flow guidance to between 4.2 and 4.4 billion. And we continue to expect GAAP operating income and net income in each quarter of this year. With that, I'll turn it over to Alex for a few remarks and then Honor will kick off the Q&A.

Alex

Well, welcome to yet another exciting earnings call. With these numbers, the ones that leap out to everyone are the over 100% growth in the US, the rule of 145, the 85% growth in the US and guiding to 71% and just the underlying dynamics of that. We you would think that the most interesting thing is just the truly and of one nature of these numbers.

And in fact, it is pretty fascinating, especially people who've doubted that we get this far. But I think the most important thing about our earnings is it establishes beyond a doubt that while over the over the history of pound here we were, we we focused on things that actually actually transform. From the world and the current environment is actually being transformed by the Palantir platform.

And although there's a wide view out there in the world that AI slop is going to take over the world, our clients, especially our lasting primordial infrastructure industries know this is not the case. They buy our product despite the fact we have 70 salespeople. A normal company of our size would have 7000. Only seven of our salespeople actually even really sell.

We are, we are doing a we're doing what a normal company would do with 7000 salespeople with seven people. We're doubling the US. We are dominating on the battlefield. Sean, we'll talk about this later, but the way posed in a contradiction to both allies and friends and enemies is being done in our platform from beginning to end across the US.

The the reality that we will be able to drive 100% growth in the US is being driven by the fact that our customers either know or will know that you need actual results. Those results require granularity, specificity, actual relationship to facts. The appearance of software working is not software working.

And this the slop that is getting a lot of attention is not only dangerous in terms of the hyperbolic rhetoric that also like there will be no jobs because of the slop that nothing will work. We will we will have a God like figure in the name of AI. When in fact, what actually does work is a platform built like by a motley crew of highly technical people who over 20 years have been maligned for being right about the nature of having to build Foundry, the nature of having to build Apollo, the nature of an FDA, and.

And the demand, the demand for this is once in a lifetime and that demand is actually driving these financials, meaning growing 100%, 71% goal for the year. What did we miss? OK. In any case, I hope you guys got that. Wow, this is like being on stage. Yes.

So with that, maybe we'll go to questions, but the unique way in which this company is being run, the unique way in which the way we built the products, the unique way in which we're willing to be non mimetic. When the whole world said software had to be worthless, we build platforms that work. When the whole world said you could not extend it with FD ES, we went and build FD ES.

When the whole world is saying AI slop without an ontology that allows you to put true statements and truths into the ontology and therefore produce actual results. We stuck to our guns and what did we get? We got these results and I, I think if you, you just look at the results, how can a company grow 100% in the US with functionally A nonexistent sales force with the the same number of people.

Our free cash flow this quarter is larger than our revenue a year ago in the same quarter. Think about that same company, same people, extenuated products, it's all being extended. And then look at the impact on the battlefield in the Middle East, on every every government institution, on demand of our product and in US commercial.

This is all the result of being right about product, right about execution and standing in the headwinds of people who are certain they're right. Now the new version is AI slop and proving that they're wrong with our results. This is an incredible quarter and I'm very proud of this. Thanks, Alex. Can I turn to questions from our shareholders before we've received a question from Aiden.

Aiden

Just to ask, how does commentary expect to navigate an environment where AI is pressuring software companies and capabilities?

Alex

Well, thanks. Thanks Aiden for the question. What is a massive tailwind for us because we've always been counter positioned against this sort of legacy thin software, you know that that kind of was built by and execute a playbook that's built around rent extraction and no outcome delivery. We, on the other hand, have been focused entirely on building software that's focused on alpha and not beta.

We're not trying to make you the same as every other person trying to figure out what makes you different. How do we express your business strategy through the software platforms and products we build? So that part is probably obvious, that counter positioning. But the other counter positioning is against AI slop. We are focused on enterprise autonomy, not on dazzling demos.

We have in the ontology the no slop zone. The ontology is the body to the AI brains. You can't actually interact with the enterprise or affect the world. Your agents can go nowhere without ontology and you're seeing that with our customers in government. We are the platform that you build applications and agents on.

In the commercial world, people are replacing legacy software at a lightning fast pace as I mentioned in my remarks. And we see that even internally at Pounder, where we've gotten rid of legacy software like CRM, built it very quickly on top of our platform to a user experience that our our users love.

You know, almost every single highlighted example of AI that actually is producing results in the US is actually Palantir by Palantir. And if you one of the ways to pen test what we're saying is just dig into the examples of AI actually transforming an, an enterprise, call the client, talk to them. I'm not saying every single one is, but almost every single one is.

And it's and it is because the theory of what how you do AI and the practice in the enterprise are just radically different. And they they look the same to non-technical people, but they do not look the same to practitioners. Whether you're on the battlefield or whether you're an insurance company or whether you're a hospital or whether you're a manufacturer.

What they discover is the reality of doing this requires a platform like Ontology and currently executed on top of foundry with FT ES. And currently, that combination is available from one company and that is US. Thank you.

Dan

Our next question is from Dan with Wedbush. Dan, please turn on your camera and then you'll receive a prompt. Unmute your line. Yeah. Thank you. Well, great quarter yet again. My question is how do you balance between going after government deal and then commercial deal because obviously you know you're in a unique position just like we saw with that deal this quarter. Can you talk about that balance because obviously there's more demand and supply in terms of relative in terms of pound too? Thanks.

Alex

Maybe we'll talk to Ryan. So the reality of how Palantir works is we always provide, we position and prioritise the US war fighters over everything else. And when we believe or know because of our proximity that the US war fighter is it in danger, we put the whole company against it. And it, it, it is not always the way in which one should do this, but it is how we do it.

And we've done this from the beginning and we're doing it now. And so in the current context, we take opportunities that look the same from a business perspective and we 100% prioritize this nation's security over any other variable. Now, if that also interestingly gives us leverage because we go to the government and we'll and, and one thing people don't believe is we're like, look, this doesn't work the way you think or this kind of execution will not lead to success.

And you are actually asking us to take money out of our pocket to do it, which we will do. But we cannot sign up to do something that won't work. That will not advance the war fighter, that will not advance munitions, that will not help this country have better unit economics while just hurting or deprioritizing another.

By the way, we tell commercial clients, as I tell commercial clients as all the time we will, we are highly monogamous in our in in the way we work. We are not trying to make you into a commodity. The only thing we will put above you is the US national security. And by the way, we're more than willing to do this when it is unpopular or when it's popular.

And that's if you look at the retention and the full alignment inside Palantir. The benefit of this is we just attract and retain people that understand there's a higher value than just running the business as a business. That said, our biggest problem currently is demand in the USI believe we will have 100% growth in the US is that we just cannot meet demand.

And, and, and, and again, the the advantage here is we can go to commercial and government clients and say, look, this doesn't make sense. If you want slop, you can go here. If you want old school software that actually doesn't work and probably will disappear, There are a lot of names. If you want us, we need, we need to do it in a way that will make sense and that gives us a lot of leverage.

But we're very upfront with people. We're just like with our customers and just like we are internally and, and, and we're also doing this abroad, you know, one of the reasons why we're intolerant of software and AI or some. Kind of witchcraft dance that you have in some parts of continental Europe is we have no time for it. We literally have no time or no energy for the waste of time machine.

Probably I should be on TV explaining to people why the models are actually only useful on platform, Why the use cases Pete platform companies are talking about are actually impound here. Why the toe cost and token reduction token price is exactly what we've predicted. Why our clients actually are asking can I have a cheaper model since they seem pretty similar, but we also don't have a lot of time for that. Would you like to add to this?

Now that we're on the mic, I'll just say what we're seeing across our customers, and this is what's driving the US generally, is those that understand the load bearing context. In order to apply AI in that context, you need to be able to deploy it with precision without SLOP. And you see, like the AIG CEO talking about the Gentek underwriting and claims process that's being coordinated through the ontology.

These are all really massive undertakings. We're going deep with our customers, and we're having that level of impact, and that's what really is driving us. Thank you for next questions from Mariano with Bank of America.

Mariano

Mariano, please turn on your camera and you'll receive a prompt on Mute Your line. Anyone, everyone hope you can hear me. And I don't know if you're going to be able to see me, but I'm going to start as a follow up. I'm going to do 3 questions today #1 When AI started, you guys, you have some customers that wanted to do it their way.

And what's happening right now with the AI labs getting into enterprises? Like how many customers understand that value or how many are the niche customers that like understand it and are actually? Advancing faster, but you also have some that are still like just, I don't know, trying with. Just Entropic Gemini like open AI, they all have enterprise solutions. Now Alex, you mentioned talent, how easy or hard is actually to get the the right engineers to keep being able to incorporate all that to the outcomes that you are looking for?

And the second one on on defense because it's where my heart is always. You got a good call out on Maven in the presidential budget request. Maven is one of the two pillars for that C2 Thai time is moving to production and that is amazing news. But this is an election year. How much of that growth depends on that budget being appropriated and how much you can actually keep growing if we were to see a, an extended continuum resolution.

Alex

Well, the talent question is the Palantir is famous for having the best talent over a very long period of time. Look, it's a super competitive environment. The, the, I think most the whole world wants to either work a Palantir or a lab. The, the advantage that we have at Palantir is if you, if you come to Palantir, you learn how to build something that is truly unique.

And quite frankly, if you want to leave Palantir, you can have any job in the world. And so I think that talent race is going to continue. The, the, the thing about being a Palantir is it's a very high pressure, very unique environment where we need people who are willing to do things that are different than anyone else.

And where although we're 9/10 of the world loves US, 110th of the world professionally hates us. So you're going to someone on your social is definitely going to call you up and say how can you power how can you do also important work in Israel or the Department of War or other places. Even though we've powered every administration basically since in existence not at the scale obviously.

So that's an ongoing thing. I am pretty confident that we will continue to retract attract and retain some of the best talent in the world and we're seeing a ramp up in that. I am now personally sitting across recruiting. I'm particularly interested in neurodivertion people of all kind, people who or nerve diversion enough that they get up and come to this country and do important, valuable work.

And we see a lot of yeah. And so like we're really where we find a lot of our allies have chosen to come to America and chosen to come to Pound here. We like that, but it is an ongoing battle. There really are a couple options in the world that makes sense. Pound here is obviously one of them. And we're very, very unique.

I would also say the more we produce these numbers and the more we have actual experience on the battlefield and enterprise, one of the things we're going to do an increasingly frontal job of doing is you can join the startup that probably is not going anywhere. Everyone kind of on the inside knows ventures kind of not doing well or you could come to pound.

But, but it is an ongoing everyday battle. Everybody wants a Palantirian. When we started this, I mean, a couple years ago, I was saying Palantir is the most important degree in the world. The problem for us is it is the most important degree in the world and everyone knows it now. Thanks.

Also because we got fair coverage and because, you know, I mean, we have probably are in our, because of our domination here, somewhat undervalued, but people know that we actually are changing the world and we're probably somewhat undervalued. So it's a great place to go on the defense side. I'll leave it to Sham to talk now that we're doing our yeah, yeah, on the defense side, it's been a very active.

It's not just Maven and Titan. There's also the work that we're doing on production across major weapon systems for the department, work around the Sputnik moment right now. So there, there. There's a lot going on that one should be pretty excited about. The department's pulling as much of that into 26 as possible.

History would suggest, of course we're going to be in a CR because we've like most time and since pounders existed, there's always been a CR. So there are certain things are outside of our control. But I feel very good that the role we're playing, the, the stakes are very high. The, the, what we're providing is existential to actually moving the department forward and we'll, we'll realize that value on the AI lab side, the enterprise side here.

You know, I think, I think one of one of the privileged positions we live in is that the limits of what the models can do. I think one of the challenges for the labs is that they, all they see are the, the limitless potential as opposed to living at the edge of where does it translate into economic value?

And and you see that with when you know, I wish everyone the best with building out deploy code, but it's essentially how do I take Palantir and try to replicate that what what we do is very unique based on how we've organized ourselves and the tension between FD and and product development and I.

We have these out of body experiences. There's at least two labs we can think about where they were talking about two different customers that they're working with and how it's transformed X or Y. Yeah, it, it did in AIP. We, we did that. So I I just add to that point. The best thing that can happen to this country, to this company and maybe this country is, you know, of course they should go out and flirt with all this slop.

Mostly they come home to pound here. They don't have to all come home to pound here. We have limits, but go go test it out. Go see how easy it. I mean, they're creating the market for us. We saw the same. Easy it is to make these things work great and then compare what you're delivering to what we've delivered.

And you know what we don't I, my version is we don't have to have all the market. We can only cap, we are at our limit doing 100% this year, which I am going to drive the company and maybe we can do 100% next year in the US. You know that that's all we can do, you know, and they can just expose the market to their beautiful shiny appearances and we'll just expose the market to how we will transform your enterprise.

That's how it's going to go down. And by the way, I'm always telling people inside the company, everybody wants to be you. You just may not know it. They're all trying to do Poleco, Stoico, this Co. It's because in the end of the day, they need to have, they need to have growth with profit, but you can't have profit if you're not changing your, the dynamics of the partner you work with, meaning your customer.

It is downstream from the value you create. And that's how Palatric is. We're very comfortable in that zone. Now, I do think this is a going to be, we're going to end up with a different term for software. You can't lump what we're doing. We're really providing infrastructure and installation of AI infrastructure.

It is. Look, if your company is largely running around and offering steak dinners with something that someone can, you know, hack and rebuild in a week, yes, you're going to have a huge problem. Mints that don't make sense, they're under huge pressure and that's one of the reasons we're at the forefront.

I mean, Can you believe we're at the forefront of almost every discussion in the world? And it's simply because we're powering almost everything that works, not everything. There's some other great companies out there, many of them are are not well known and we should help publicize them, but we're.

And that that's where we're at and that's what that's what these numbers show. You don't have to believe us, believe your non lying eyes. Thank you, Alex, as always. We have a lot of individual investors on the line. Is there anything you'd like to say before we end the call?

Well, to individual investors and Palantirians who are also individual investors, being on the front line of important things is painful. You get yelled at occasionally. Many of the people yelling at you have no clue what they're saying. Some of the people do have a clue what they're saying and just disagree with the West being strong and more efficient and more moral and having better unit in economics.

Or quite frankly, are. Value your support and we value your defense of us. We are defending you every day, every day and that's in great part which drives these results. And we are having some fun doing it too, just so you know and hopefully you'll have some fun. Thank you for your support and we will see you next quarter. Thank you. That concludes Q&A for today's call.

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