Palantir 2Q26 First Take: Q2 results offset the Q1 slowdown in US commercial growth and kept the acceleration intact.

Revenue recognition and a larger bookings backlog both accelerated, undermining the narrative that base models from players like Anthropic will displace its offerings.

1) Guidance raised again: Q2 revenue rose 93% with further acceleration.

Management guides ~83% growth for Q3, and lifted full-year revenue to over 8.1 bn, implying ~82% YoY growth and topping Street estimates.

While the full-year guide implies a slower 2H growth pace, this is not the first time.

Cautious guidance appears to be part of Palantir's standard playbook.

2) US commercial flexes again: Dependence on the US market climbed to 81% in Q2, driven by both expanding Gov. demand (reflecting broad Maven penetration across US agencies) and still-robust enterprise demand.

US commercial revenue growth accelerated to 150%, and new US commercial TCV rose by 0.95 bn QoQ, likely fueled by demand following the Jun launch of AIPCon 10, with no clear signs of AI foundation model erosion.

Management did not raise the 120%+ full-year guide for US commercial, implying 2H growth would slow to 68%.

Given the company's conservative guidance habit and strong demand, especially from traditional non-internet/software enterprises that lack IT capacity to implement model-based substitutes at comparable outcomes, adoption friction remains high.

For must-have use cases within budget, PLTR is still likely to be a priority choice.

3) Leading indicators remain healthy: Across TCV, RPO, RDV and customer count, momentum held up and both adoption breadth and depth improved.

New contract signings also point to sustained strength.

(1) TCV represents total contract value of new bookings in the period.

Q2 new bookings were 3.4 bn, including 2.1 bn from US commercial customers.

(2) The key difference between RPO and RDV is cancelability, with RDV being broader and including cancellable orders.

Both rose meaningfully QoQ in Q2.

(3) Customer adds were also net positive in Q2, led by enterprise clients.

Gov. customers increased by several as well, including a US Marine Corps contract upgrade, Maven's designation as the Pentagon's official PoR in Sep, and deeper penetration in energy and agriculture agencies.

4) GPM improved steadily with tighter cost control: Q2 GPM expanded 400bps YoY and was stable QoQ.

Per-customer spend rose sequentially, signaling deeper scaled engagement and supporting ongoing YoY margin gains.

Beyond that, growth in the three opex lines was notably below revenue expansion, while SBC also contracted.

OP was 910 mn, with OPM up 100bps to 47%, and ex-SBC OPM reached 62%. $Palantir Tech(PLTR.US)