Palantir shares surge 13% as revenue exceeds expectations, AI boom lifts tech stocks tied to crypto

Palantir Technologies just reminded Wall Street what a growth stock looks like when the wind is at its back. The company reported Q2 revenue of $1.935 billion, a 93% increase from the same period last year, comfortably beating analyst expectations of $1.801 billion. Shares popped roughly 13% in after-hours trading on Monday. GAAP net income landed at $1.062 billion, or $0.41 per share, versus the $0.35 consensus estimate. That’s a 55% net income margin. The numbers behind the hype The real star of the quarter was Palantir’s US commercial business. That segment surged 149% year-over-year to $764 million, driven by what CEO Alex Karp described as robust demand for AI-integrated solutions across corporate America. The deal flow was equally aggressive. Palantir closed 220 contracts worth $1 million or more during the quarter. Of those, 98 exceeded $5 million and 73 surpassed $10 million. Total contract value hit $3.373 billion, a 49% increase from a year ago. Palantir also raised its full-year 2026 revenue guidance to a range of $8.150 billion to $8.158 billion, representing roughly 82% growth at the midpoint. The US commercial revenue target alone was bumped above $3.424 billion, whic...