Palantir Q2: $1.94B Revenue, 150% U.S. Growth, and CEO Drama

$PLTR just dropped a quarter that made even the skeptics sit up straight. The company reported adjusted EPS of $0.41, smashing the Wall Street estimate of $0.35, while revenue came in at $1.94 billion, also ahead of expectations. The real head-turner: U.S. commercial revenue grew nearly 150% year over year, an acceleration from the prior quarter. That is not a typo.

On YouTube, CNBC coverage of the earnings release sent Palantir's stock spiking, with commentators noting that the U.S. commercial segment was the standout, signaling that enterprise AI adoption is no longer a future promise but a present reality. Management raised full-year guidance across every metric, which in this market environment is a message that lands louder than any press release.

Then there is CEO Alex Karp, who used the earnings call to throw haymakers at Anthropic and OpenAI, arguing their model of building AI that destroys jobs and profits is antithetical to what enterprise customers actually need. Whether you agree with him or not, it is extremely on-brand, and it clearly resonates with the customers writing the checks. Palantir is positioning itself as the anti-hype AI play: software that makes existing businesses more efficient rather than replacing them entirely.

The bear case is not nothing, though. $PLTR has historically traded at valuations that require a religion-level commitment to the growth story. NYU's Aswath Damodaran, who appeared on CNBC this week, warned that the broader AI space may have hit peak returns on invested capital, with even the strongest players showing diminishing marginal returns from heavy capex. Palantir is not immune to that math, and any slowdown in the torrid commercial growth rate will be punished severely given where the multiple sits.

On X and across finance YouTube, the sentiment split is classic Palantir: the believers are absolutely euphoric, the bears are pointing at the PE and quietly sweating. The reality is somewhere in the middle, but for now the momentum is unmistakably bullish. AWS grew 36.7% and sent Amazon past a $3 trillion market cap the same week, which means enterprise AI spending is clearly not slowing, and Palantir sits right in the middle of that wave.

Alex Karp picked a fight with the two most hyped AI labs in the world and then posted a $1.94 billion quarter to back it up. That is a power move.