Peter Thiel's Palantir surges after crushing earnings and raising its full-year forecast

Palantir (NASDAQ: PLTR) jumped 12% in late trading after Monday’s earnings release as the software company beat Wall Street’s second-quarter targets and lifted its 2026 forecast.

Adjusted profit came to 41 cents a share, above the 35 cents expected by analysts tracked by London Stock Exchange Group (LSE: LSEG). Revenue reached $1.94 billion, topping the $1.80 billion estimate. Commercial sales also more than doubled from the same period last year.

The rally came after Palantir shares had fallen 29% this year. Investors had been worried that the AI software trade was losing energy and that growth rates could cool. Palantir raised its full-year revenue target and said it now expects 71% growth, which is 10 percentage points above the forecast issued in the prior quarter.

Palantir doubles its U.S. business as commercial sales and contract values climb

Palantir’s first-quarter 2026 figures showed total revenue of $1.633 billion, up 85% from a year earlier and 16% from the previous quarter. U.S. revenue reached $1.282 billion after climbing 104% year over year and 19% quarter over quarter.

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