Palantir Technologies’ second-quarter revenue reached $1.935 billion, a 93% increase from the same period last year, while net income attributable to ordinary shareholders soared 224.5% to $1.06 billion. The results, published after the US market close on Monday, far exceeded analyst expectations of roughly $1.8 billion in revenue and adjusted earnings of $0.35 per share; the company delivered adjusted earnings of $0.41 per share. Co-founder and chief executive Alex Karp described the performance as “otherworldly,” pointing to a 149% year-over-year jump in US commercial revenue and a Rule of 40 score that climbed to 155%.

The acceleration was concentrated in the firm’s home market. US government revenue, which includes contracts with the Department of Homeland Security and the Pentagon, grew 90% to $809 million. US commercial revenue rose to $764 million. Palantir, which does not build its own frontier AI models, has positioned itself as a layer that connects enterprises’ data and operations to various large language models while, in Karp’s framing, preserving “AI sovereignty.” He argued that leading AI labs operate on the assumption that they “deserve to colonize your enterprise,” absorbing proprietary data and expertise that could later be used to compete with customers.

Karp’s remarks, made during an analyst call, extended a months-long campaign against what he termed “token self-pleasuring”—the practice of enterprises paying to feed their competitive edge into external models while seeing little value in return. The company’s commercial interest in this distinction is explicit: Palantir sells the software and engineering work that sits between models and an enterprise’s own systems. One analyst noted that Palantir’s accelerating growth makes it harder to argue that enterprise AI does not scale past pilots, though the question of whether AI eventually collapses the software layer Palantir occupies remains unresolved.

Palantir raised its full-year revenue guidance to roughly $8.15 billion, up from a previous forecast of about $7.65 billion, and its outlook for the current quarter also exceeded market expectations. The stock rose between 12.8% and 15% in after-hours trading. The next factual milestone to watch is whether the company can sustain this pace as it continues to frame itself as the indispensable intermediary in an AI landscape where enterprises seek to retain control over their data and decisions.