My Palantir Thesis is (finally) playing out

Disclosure: shareholder since 2021.

holy cow this business is accelerating!

Checkout their most recent quarterly report https://investors.palantir.com/news-details/2025/Palantir-Reports-Q4-2024-Revenue-Growth-of-36-YY-U.S.-Revenue-Growth-of-52-YY-Issues-FY-2025-Revenue-Guidance-of-31-YY-Growth-Eviscerating-Consensus-Estimates/.

But here's a tl;ldr... specifically around the things I've been watching for

• Customer count grew 43% YOY

• Us revenue is up 52% YOY (36% total revenue)

My thesis (back in 2021-- before flank could capture it :( ) was that their ontological approach to AI was the right approach, and no one else was taking it back then. I thought that as soon as commercial started to take off, the business would grow wonderfully.

There was a bit of a dark period, but we're finally seeing it play out.

Now, the business has wonderful margins and is continuing to accelerate in the commercial space. Valuation certainly is a problem at 500 (!!!) x earnings. I wouldn't buy in at this point, but I am happy to see the gains continue, and don't plan on selling.

# Future Growth:

• 45% commercial / 55% gov't revenue split.. I expect commercial to supercede this year

• I expect a 30%+ increase in YOY revenue growth with steady or improving gross margins for foreseeable quarters. Should that begin to change, I'll take my chips off the table.