Palantir Technologies (PLTR) is not slowing down despite a challenging macro environment. The data and artificial intelligence (AI) company recently posted one of its best quarters ever as it continues to stack new enterprise partnerships to drive top-line growth.
The latest is a bigger alliance with PwC U.S., one of the largest professional services firms in the country. In recent months, Palantir has also partnered with Nvidia (NVDA), the U.S. Army, insurance giant GNP Seguros, and marketing firm Zeta Global (ZETA).
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Valued at a market capitalization of about $419 billion, PLTR stock has returned roughly 1,600% since its initial public offering (IPO) and is up 9% for the past 52 weeks. Is Palantir stock still a good buy right now?
www.barchart.com The Bull Case for Palantir Stock
In the second quarter of 2026, Palantir reported revenue growth of 93% year-over-year (YOY) to $1.935 billion, the fastest pace in company history. Palantir's U.S. business, which accounts for more than 81% of total revenue, grew 115% YOY and 23% sequentially to $1.573 billion, with U.S. commercial revenue growing 149% YOY and U.S. government revenue growing 90% YOY.
Chief Financial Officer David Glazer said the company closed $2.132 billion in U.S. commercial bookings for the quarter, close to $800 million above its previous record. Palantir also reported $1.22 billion in adjusted free cash flow, which translates to a margin of 63%. Net dollar retention rate was 157%. The company raised its full-year revenue guidance to a range of $8.15 billion to $8.158 billion.
On Sept. 3, PwC U.S. and Palantir announced an expanded strategic alliance focused on “scaling enterprise AI, transforming mergers and acquisitions, and modernizing enterprise resource planning (ERP) systems.” The two companies are introducing what they call the industry's first AI-native deals platform, built on Foundry and Palantir's AI Platform (AIP). The goal is to help companies complete mergers, acquisitions, and divestitures “up to 50% faster while reducing one-time transaction costs up to 45%.”
"AI's greatest opportunity isn't in isolated use cases — it's in fundamentally changing how enterprises operate," said PwC Global and U.S. Alliance & Ecosystems Leader Patrick Pugh, according to a statement. Palantir Head of U.S. Commercial Sameer Kirtane added that the partnership pairs Palantir's technology with PwC's “business transformation expertise to turn complex data and regulatory challenges into real business outcomes.”
Enterprise Deals Boost Palantir's Outlook
The PwC news landed alongside a string of other partnerships that widen Palantir's footprint across industries.
For example, the U.S. Army recently awarded Palantir a prime contract to produce eight TITAN ground station systems, an AI-powered targeting and sensing platform for soldiers in the field. In June, Nvidia and Palantir also announced a joint effort to deploy Nvidia's open Nemotron models inside government agencies and critical infrastructure, letting customers control their own AI systems rather than relying on closed, third-party models.
On the commercial side, Mexican insurer GNP Seguros recently became Palantir's first publicly announced commercial customer in Latin America. In June, marketing technology firm Zeta Global also said its new partnership with Palantir could drive more than $100 million in annual revenue in the years ahead. In July, German software company SNP SE announced the expansion of its work with Palantir as well.
Taken together, these deals paint a picture of a company expanding well beyond its original government roots. Palantir CEO Alex Karp has framed the strategy around what he calls sovereign AI — the idea that companies should own and control the data and models that power their operations rather than handing that value to outside AI labs.
Is Palantir Stock Still Undervalued?
Investors will keep testing whether that thesis holds up over time. But for now, the combination of record quarterly growth and a widening list of enterprise partners is giving Palantir stock plenty of reason to stay in the spotlight.
Overall, Palantir has a consensus “Moderate Buy” rating on Wall Street. Out of the 29 analysts covering PLTR stock, 21 recommend a “Strong Buy” rating, six recommend a “Hold” rating, one recommends a “Moderate Sell,” and one analyst recommends a “Strong Sell” rating. The average price target for Palantir stock is $198.41, implying potential upside of 17% from current levels.
www.barchart.com On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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