Palantir sells data and AI platforms to governments and businesses, earned $2.313 billion in Q3 2026, and its shares closed at $169.20 on November 9, 2026. Nasdaq is a US stock exchange. A share is a small ownership stake in Palantir, which sells data and AI platforms to governments and businesses. The shares closed at $169.20 on November 9, 2026. Whether the business is strong and whether the price is attractive are two separate questions.
One recent number explains most of the attention. On November 2, 2026, Palantir reported that U.S. commercial revenue passed U.S. government revenue for the first time in the company's history, $984 million against $953 million in the third quarter.
Key takeaways
- Palantir sells data and AI software to governments and companies, and its stock trades on Nasdaq as PLTR.
- U.S. commercial revenue overtook U.S. government revenue for the first time in Q3 2026.
- PLTR has swung between $106.37 and $212.94 over 52 weeks.
What Palantir actually does
Palantir sells software platforms that connect an organisation's data with its workflows and decisions. In plain terms, they help teams pull scattered information together, see how it maps to real operations, and act on it. This is software that sits inside a customer's systems, not a chatbot you type questions into.
Three products carry the business.
| Product | Who uses it | What it does |
|---|---|---|
| Gotham | Government, defence and intelligence | Combines data from different domains and sensors to support situational awareness, operational decisions and mission planning |
| Foundry | Companies, plus many government customers | Connects data, logic and actions, then builds analytics and operational applications. All commercial customers use it |
| AIP | Both commercial and government | Connects large language models and other AI to a customer's data and processes, with tools to build agents and govern their use |
Palantir earns money from software subscriptions and services that help customers use the software. Contracts generally run one to five years.
PLTR stock: price, 52-week range and multiples
Share prices and valuation multiples move constantly, so treat these as a dated snapshot.
| Metric | Figure (November 2026) |
|---|---|
| Closing price | $169.20 on November 9, 2026 |
| 52-week intraday high | $212.94 on October 12, 2026 |
| 52-week intraday low | $106.37 on June 25, 2026 |
| Trailing price-to-earnings | 112.99 |
| Forward price-to-earnings | 68.54 |
| Price-to-sales | 56.59 |
Those three multiples come from Yahoo Finance, displayed on November 10, 2026 and based on the November 9 close. A price-to-earnings ratio compares the share price with profit. The trailing figure uses the past twelve months. The forward figure uses projected earnings. Price-to-sales compares the company's market value with its revenue.
One more thing for readers in the Nordics and the rest of Europe. PLTR is priced in dollars, so your result depends on the share price and on the euro or krona against the dollar.
The quarter that changed the story
Palantir released third-quarter results on November 2, 2026, covering the quarter ended September 30. Revenue was $2.313 billion and net income attributable to common stockholders was $1.128 billion, both GAAP figures, with diluted earnings per share of $0.44. The company raised full-year 2026 revenue guidance to $8.530–$8.534 billion. Guidance is a forecast, not a result.
Total revenue grew 96% year over year. U.S. commercial revenue reached $984 million, up 148%, and U.S. government revenue reached $953 million, up 96%. Palantir said the commercial line passing the government line had happened "for the first time in our company's history".
The commercial path is also where growth has been fastest. U.S. commercial revenue was $255 million in Q1 2025 and $306 million in Q2 2025. It was $397 million and $507 million in the second half of that year. It then reached $595 million and $764 million in the first two quarters of 2026.
Growth has not been a straight line. Commercial growth accelerated through Q4 2025, eased in Q1 2026, picked up again in Q2, and edged down slightly in Q3, while government growth generally accelerated across the period.
What the business numbers say
Two figures show how much customers keep using Palantir's software. Net dollar retention was 165% for the period ended September 30, 2026. It compares what existing customers spent over twelve months with what that same group spent in the previous twelve months. Over the trailing twelve months to the same date, Palantir counted 1,090 customers, up 20% year over year, including 904 commercial customers, up 22%.
Palantir reported $4.9 billion of remaining performance obligations as of September 30, 2026. This is contracted revenue that cannot be cancelled and has not been recognised yet. About 44% is expected to be recognised over the following twelve months.
Recent business news fits the commercial story. On November 5, 2026, Palantir and AmeriLife announced an enterprise partnership, with Foundry and AIP already in production at Crump Life Insurance Services after a pilot and a broader rollout planned over the coming months. On October 29, 2026, Palantir made Pilot, Foundry's AI-powered application builder, generally available. On November 2, 2026, Palantir disclosed that the U.S. Army had awarded it a prime agreement to produce eight TITAN systems.
For wider context on how the big AI names are valued, see our look at Nvidia stock and what moves it.
What a high multiple actually means
A trailing price-to-earnings ratio near 113 uses past-12-month earnings, while a forward ratio near 69 uses projected earnings. For the current price to look reasonable later, revenue has to keep compounding, margins have to hold, and profit per share has to grow, not just total profit. That last point matters because a company can grow while each share owns a smaller slice.
This is why a strong quarter can be followed by a falling share price. The bar is set by expectations, not by last year's numbers. The 52-week range shows how far the stock can travel: $106.37 in June 2026 and $212.94 in October 2026.
The next scheduled trigger is the next earnings report. As of November 10, 2026, Palantir had not listed a future earnings date on its investor relations calendar. Wall Street Horizon forecast February 1, 2027, after market, but marked it unconfirmed.
Risks
- Expectations are already high, with a trailing price-to-earnings ratio of 112.99 in November 2026.
- Government revenue depends on public budgets and procurement timing, and was $953 million in Q3 2026.
- Commercial growth has moved around quarter to quarter, easing in Q1 2026 and edging down in Q3.
- The share price swung from $106.37 to $212.94 within 52 weeks.
This article is for information only and is not investment advice.
Frequently asked questions
What is PLTR stock?
PLTR is the Nasdaq ticker for Palantir Technologies Inc. Its Class A common stock has a par value of $0.001 and is registered on The Nasdaq Stock Market LLC, according to the company's latest quarterly filing. Owning a share means owning a small slice of the company and its future profits. The price reflects what buyers and sellers think those future profits will be, not only what the company earned last quarter.
How does Palantir make money?
Palantir earns money from software subscriptions and services that support customers using its platforms. Contracts generally run one to five years.
Why does Palantir stock move so much?
Results and guidance can affect investor expectations. Palantir raised its full-year 2026 revenue guidance to $8.530–$8.534 billion on November 2, 2026. Palantir's trailing price-to-earnings ratio was 112.99 on November 10, 2026.
Can someone in Europe buy Palantir shares?
Yes, through a broker that gives access to U.S.-listed shares. The shares are priced in dollars, so a euro or krona investor carries currency movement alongside the share price. If you're weighing a single volatile stock against broader exposure, our guide to ETFs and index funds explains the difference.
Sources
- Palantir Technologies: Q3 2026 Business Update (September 30, 2026)
- Palantir Investor Relations: Palantir Reports Q3 2026 (November 2, 2026)
- Nasdaq: PLTR: Palantir Technologies Inc. stock quote (November 9, 2026)
- U.S. Securities and Exchange Commission: Palantir Technologies Inc. Form 10-Q (September 30, 2026)
- Financial Times: Palantir Technologies Inc. share price (November 10, 2026)
- Yahoo Finance: Palantir Technologies Inc. key statistics (November 10, 2026)
Cover photo by Kevin Ache on Unsplash.
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