• Palantir held its 10th edition of AIPCon:

• Palantir and Kirkland & Ellis Partner deepened their partnership by launching a $500mn proprietary enterprise platform for private equity fundraising.

“Unlike off-the-shelf legal AI tools, this platform is built around Kirkland’s own institutional knowledge, workflows, tradecraft, and judgment.” - Palantir press release

• Palantir signed a multi-year, multi-million-dollar strategic partnership with McCharty to enhance AI in construction.

“Through this partnership, McCarthy is accelerating its technology ambition and deploying an AI operating system for their entire construction operations, from design through job site execution.” - Tristan Gruska, Palantir’s Head of Energy and Infrastructure

• Palantir announced a partnership with Google Cloud to enable first-class integration between Google Cloud platforms and make Palantir available on Google Cloud Marketplace.

• Palantir and GNP Seguros signed a multi-year, multi-million-dollar expansion to deploy Foundry and AIP across all business lines. GNP, one of Mexico’s oldest and largest insurance companies, is the first publicly announced Mexican client.

“This enterprise agreement now expands that deployment across GNP's full portfolio of insurance products — including health, life, auto, and damage insurance — bringing Palantir's AI capabilities to bear across the entirety of GNP's operations.” - Palantir press release

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• Palantir extended its partnership with Thomas Cavanagh Construction Limited for 11 years. Cavanagh’s new subsidiary, Cavtera, will commercialize its Foundry-powered solutions and support Palantir implementations across the construction industry in North America and beyond. Essentially, the client becomes a Palantir seller!

"In just one year, we have replaced multiple software platforms. Rather than investing time and capital into complex API integrations which would yield limited results, we rebuilt critical workflows directly within Foundry -- faster, more securely, and with significantly higher impact."- Jim Orban, COO of Cavanagh Group

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• Palantir and Dell announced an On-Premises AI Operating System in collaboration with Nvidia:

“The real bottleneck isn’t the model. It’s the operating environment” - Dell press release

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• Palantir and SAP expanded their relationship with an AI-supported data migration tool.

• CEO Alex Karp met with Ukrainian Government leaders.

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Last week:

• Palantir dropped insane Q1 results:

  • +85% YoY Revenue growth;

  • +133% YoY US Commercial Revenue;

  • 60% EBIT Adj. Margin;

  • +31% YOY clients;

  • 150% Net Dollar Retention;

  • Raised 2026 guidance to 71% growth and 58% EBIT Adj. Margin.

• Bloomberg reported that Palantir missed estimates on US Commercial. It seems journalists just missed the call:

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Last weekend, I had the pleasure of joining the 3rd edition (sold out!) of the AI Monaco Conference, organized by my close friend Leonardo Fabbri at the Yacht Club de Monaco.

It was a great experience to listen to how different players deal with the opportunities and challenges in AI. Among the companies presenting were Crisis24, a Palantir client, and Foxtrot, a Palantir consultancy!

“Data is everywhere, judgment is not” Havant’s CEO said.

The next giants will be the companies that help companies deploy AI agents to unlock superior judgment at scale.

I guess we know one?

Subscribe to the AI Monaco newsletter to stay updated with great research on AI, and for future events👇

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Artificial intelligence research firm based in the Principality. We help clients navigate the AI landscape.

By Leonardo Fabbri

Last week:

• Palantir hosted the first APAC Summit in Seoul.

• Sainath Palla, Founder of Analyticore, dropped a deep article rejecting Michael Burry’s “Anthropic is eating Palantir’s lunch” thesis:

“The difference is subtle at first, but it shows up quickly in production. A model can suggest what to do next. The system still has to carry that suggestion forward, through context, approval, execution, and into an outcome.

Intelligence without structure remains suggestion.

It is similar to having the fastest car. Speed matters, but it is not sufficient on its own. You still need roads, traffic systems, constraints, and a way to get from one point to another reliably. Without that, speed does not translate into movement at scale.

Enterprise systems behave in a similar way. The model can generate the next step. The system still has to carry it forward.” - Sainath Palla, Founder of Analyticore

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Editor: Emanuele Marabella

Palantir’s recent contractual activity was intense.

Here are the contracts you need to know before the Q1 results (Monday 4th, May, after market close):

• Maven became an official Program of Record for the US Military;

• Maven Smart System (AI targeting) expansion in the Czech Republic;

• Up to $1bn with the US Department of Homeland Security;

• $1bn for 5y with the Office of Procurement Operations.

• Airbus expansion rumored to be ~$1bn over 10 years;

• Bain global expansion;

• 5y expansion with Stellantis;

• Nvidia expansion to deliver a sovereign AI OS reference architecture

• HD Hyundai expansion worth “hunders of millions” over several years ;

• Polymarket and TWG partnership to police sports betting.

• GE Aerospace expansion to increase the J85 engine’s readiness.

• LG CNS partnership to drive AI across the LG Group;

• Centrus Energy partnership;

• Moder partnership to co-build an AI-powered mortgage operations platform;

• Ondas and World View partnership to advance the capabilities of the Multi-Domain Intelligence Platforms;

• OneMedNet partnership to launch the Real-World-Data Platform;

• Valar Atomics disclosed as client;

• Rackspace partnership to enhance UK Government Managed Operations;

• Sibyl, a French consultancy, partnership;

• Instinctools, a German software engineering company, partnership.

This article is free, but if you find my work useful, you can support it with a paid subscription at the link below. Grazie! ❤️

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Previous deal summary:

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Last week:

• Palantir signed a $300mn Blanket Purchase Agreement (BPA) with the Department of Agriculture. The goal is to support the National Farm Security Action Plan (NFSAP) and modernize how USDA delivers services to America’s farmers.

“Within 62 minutes of opening, the program broke all prior USDA records for online farmer sign-ups — allowing farmers to enroll without visiting a county office and delivering over $4.4 billion directly to farmers in the program’s first five days.” - Palantir press release

• Palantir expanded the Ukraine Partnership for Reconstruction.

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Last week:

• Palantir announced it will release its Q1 financial results after the market close on May 4th.

• Palantir has been reported to compete with Thales and Air Space Intelligence for a US Federal Aviation Administration AI tool for air traffic management.

“So far the FAA has received $12.5 billion from Congress for the project but has said it’ll need about $20 billion more to complete the overhaul.” - Bloomberg

• The Former Deputy Director of Data Engineering at NHS England entered the debate on the Federated Data Platform with a detailed article:

“What Palantir retains is intellectual property in Foundry, their own platform software. That is no different from Microsoft retaining IP in Excel while users own the spreadsheets they create.” - Tom Bartlett, Founder, Bartlett Data

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Last week:

• Palantir’s stock dropped ~15% as Michael Burry tweeted (and deleted) that “Anthropic is eating Palantir’s lunch”:

  

• David Sacks at the All In podcast disagreed on the recent SaaS selloff:

“Does all that value get eaten by the model companies, or do applications get turbocharged? I guess you can say that Palantir is one of them. It’s an application company that has been turbocharged by these models.”- David Sacks

• Citi also disagreed, iterating its Palantir target at $260:

“Palantir is one of a number of software players “demonstrating clear growth acceleration, often supported by consumption-based models.” - Citi

• Palantir won a sole contract for FAALC data modernization and AI integration:

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Is this the biggest endorsement of all time?

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Last week:

• Forbes wrote an article on Palantir’s Agentic AI approach:

“Palantir has replaced traditional, protracted sales cycles with AIP AgentCamps - intensive, five-day workshops where potential clients create live, functional agents utilizing their proprietary data. Deployments that once required hundreds of engineers on the ground and extended to months are now accomplished in days.” - Forbes

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Last week:

• Palantir and Bain deepened their global partnership. This is an expansion of the partnership arranged in May of last year.

• Palantir signed a 5-year expansion with Stellantis to broaden Foundry and AIP across regions and functions. Stellantis and Palantir started collaborating in 2016.

• DA Davidson released a powerful note after AIPCon:

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Last week:

• Palantir and Moder partnered to co-build an AI-powered mortgage operations platform.

• Maven became an official Program of Record for the US Military, the ultimate milestone for a technology. This marks a transition from being a “temporary experiment” to a “permanent foundation” (read “huge long-term contracts coming.”)

• Wedbush reiterated an Outperform rating and $230 price target.

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Last week:

• Palantir partnered with LG CNS to drive AI across the LG Group. Palantir was first deployed in late 2025 within an affiliate of LG Group. LG CNS will form a dedicated FDE team.

• Palantir partnered with GE Aerospace to transform military readiness:

“GE Aerospace uses Palantir AIP across select supply chain functions, helping orchestrate activities including fulfillment, sourcing, allocation, maintenance, repair, and customer service.” - Palantir press release

• Palantir and Nvidia deepened their partnership to deliver a sovereign AI OS reference architecture. The Sovereign AI architecture allows enterprises total control over their data, AI models, and applications.

“AI is redefining the infrastructure stack. By combining Palantir’s sovereign AI OS reference architecture with NVIDIA AI infrastructure, industries and nations can turn data into intelligence with speed, efficiency, and trust.” - Justin Boitano, vice president, Enterprise AI Platforms, NVIDIA

• Palantir partnered with Ondas and World View to advance the capabilities of the Multi-Domain Intelligence Platforms designed to scale persistent stratospheric, aerial, and land-based ISR missions. Together, the companies will develop three foundational programs:

  • Palantir Warp Speed;

  • AI Flight Director;

  • SkyWeaver.

• Palantir partnered with Polymarket and TWG to police sports betting.

• Palantir held its 9th edition of AIPCon. Among key customers:

  • US Navy;

  • World View;

  • SAP;

  • Accenture;

  • GE Aerospace.

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Last week, Palantir's stock rebounded to $157, supported by major public recognition.

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Last week:

• Palantir partnered with GE Aerospace to increase the J85 engine's readiness. The initial seven-month contract includes a four-year, five-month option period.

• Palantir expanded its Maven Smart System (AI targeting) in the Czech Republic.

• Palantir’s partner OneMedNet announced the launch of its Real-World-Data Platform powered by Foundry.

• Valar Atomics’ CEO disclosed his startup is using Palantir. Valar is one of the most valuable nuclear startups (my favourite one). In November, it raised $130mn led by Snowpoint Ventures and backed by Anduril’s founder, Palmer Lucky, and Palantir’s CTO, Shyam Sankar.

  

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Hey, we got mentioned on TV 🙌

Thank you, Mike!

Last week:

• Palantir won a deal worth up to $1bn with the US Department of Homeland Security to expand the use of AI across its agencies without initiating separate competitive contracts for each deployment.

“DHS is expected to use Palantir’s platforms to support investigative case management, threat identification, logistics coordination and operational planning” - Palantir press release

• Palantir partnered with Rackspace to enhance Governed Managed Operations in Rackspace’s Private Cloud and UK Sovereign data centers.

“As part of this collaboration, Rackspace has 30 Palantir-trained engineers to provide data migration and apply a forward deployed approach to solving high impact customer problems and is on track to scale to over 250 in the next 12 months.” - Palantir press release

• Burry released an additional article to his short thesis. Among the claims, Burry argued that Alex Karp is spending too much on travel…

• Palantir was recognized as a winner in 15 categories of the 2025 Dresner Advisory Services Awards, including Semantic Layer, Agentic AI, and AI/Data Science/Machine Learning.

• Mizuho upgraded Palantir’s price target to $195:

“With PLTR's 2026E EV/FCF valuation multiple having fallen 46% in the first six weeks of the year, we believe the de-rating has occurred and that the risk/reward is now attractive." - Gregg Moskowitz, Mizuho

• Palantir moved its headquarters to Miami.

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Last week:

• Palantir signed a multi-year expansion with Airbus with a contract rumored to be ~$1bn over 10 years. Airbus is a client since 2015. Together they develoeped Skywise, which counts +50,000 users.

• Palantir won a 5 year $1bn contract from the Office of Procurement Operations.

• Palantir partnered with Sibyl, French consultancy, to spread AIP and Foundry.

• Palantir partnered with Instinctools, German AI-powered software engineering company, to add Foundry and Palantir AIP to their portfolio of products.

• Michael Burry realeased $46 target short thesis. Here is the story:

Is Burry a bit nervous?

DA Davidson analysts suggest Burry should just find a new hobby…

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Type-F Capital Equity Research

Palantir: I read Burry's 10,000 word short thesis, and he's wrong

I want to preface my response to Michael Burry’s short thesis by mentioning that I am a fan of Dr. Burry and his work. However, in the case of Palantir, the narrative presented is one that disregards core drivers of the business and ultimately is not rooted in reality…

Read more

4 months ago · 28 likes · Emir M

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Last week:

• Palantir delivered shocking Q4 results:

  • +70% YoY Revenue Growth;

  • +137% YoY US Commercial Revenue Growth;

  • +49% YoY US Commercial Client Count;

  • 57% EBIT Adj. Margin;

  • 43% Net Profit Margin.

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Today, Palantir will release its Q4 earnings after market close. Join me on Amit’s stream.

My thoughts:

Here is the list of Q4 deals you need to know:

Last week:

• Palantir’s Elite Partner Northslope raised $22mn to scale its business:

“The Series A raise follows a breakout year in which Northslope delivered customer outcomes in production across multiple industries and grew revenue nearly 7x.” - Yahoo Finance

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