Palantir hits $7.7B ARR at 93% growth, 12th straight quarter of acceleration

Palantir just posted Q2 2026 numbers that rewrite the rules for enterprise software at scale.

Revenue: $1.935B, up 93% year-over-year. That is the twelfth consecutive quarter of accelerating growth. The company is now running at a $7.7B ARR rate. Net revenue retention hit 157%. Rule of 40 scored 155%. GAAP operating margins: 47%.

The company raised full-year guidance from $7.65B to $8.15B, a $500M increase mid-year. A year ago, this was a $1B quarterly business.

U.S. commercial is doing the heavy lifting

U.S. revenue: $1.573B, up 115% YoY and 23% sequentially. That is now 81% of total revenue.

U.S. commercial specifically grew 149% YoY and 28% quarter-over-quarter. The land-and-expand motion is working: existing customers are expanding contracts, and new logos are coming in at higher ACVs than historical norms.

Commercial remaining deal value sits at $6.8B. That is contracted, not pipeline.

What this means for enterprise sales teams

Palantir is competing against Snowflake, Databricks, and parts of the Microsoft stack in data and AI infrastructure. The win rate suggests their enterprise motion, focused on mission-critical use cases and deep integration, is resonating in a way that traditional SaaS land-and-expand has not.

The company does not break out sales org structure or comp plans publicly, but the growth profile points to a well-resourced enterprise team with strong alignment between product, sales, and customer success. At this scale and NRR, expansion revenue is likely a major component of quota for account teams.

CEO Alex Karp called the quarter "otherworldly." CRO Ryan Taylor's take: "unprecedented, but entirely unsurprising."

For context: Palantir also holds a $10B U.S. Army software contract and continues to dominate government analytics work. The commercial surge is newer and faster.

ANZ implications

Palantir has government and enterprise presence in Australia and New Zealand, though headcount and regional comp data are not publicly disclosed. The U.S. commercial playbook, particularly around enterprise AI and data integration, is likely informing ANZ expansion.

For sales professionals watching market moves: this is what best-in-class enterprise software growth looks like in 2026. The numbers are real, the retention is real, and the quota is getting hit.