Palantir Technologies has shifted its primary sales narrative from expanding its customer base to promoting sovereign AI, a strategy driving significant increases in spending per client. During the fiscal second-quarter 2026 earnings call held on August 3, 2026, executives highlighted strong enterprise demand for this architecture, which allows companies to maintain full control over their data and the artificial intelligence built upon it.
This messaging marks a distinct departure from the company's presentation during the fiscal third-quarter 2024 call. At that time, leadership emphasized the growth of the U.S. commercial customer count, which reached 321. The focus on customer volume served as a signal of broader adoption. Today, while Palantir continues to report that metric, the company links sovereign AI directly to higher individual client spending. Customers who previously utilized only the Foundry software now seek access to the broader sovereign AI stack, shifting the core argument from the number of clients to the size of their commitments.
The financial data reflects this shift in business model. In fiscal second-quarter 2026, Palantir's U.S. commercial customer count reached 653, a 35% increase from the previous year. Over the same period, U.S. commercial revenue rose 149% to $764 million. These figures indicate that sales to U.S. businesses are growing substantially faster than the number of companies buying the software.
Contract values have followed a similar trajectory. U.S. businesses signed deals with Palantir worth a total of $2.132 billion in fiscal second-quarter 2026, up 153% year over year. Executives described this contract total as a record. This growth contributes to the commercial segment's overall performance, which generated $2.07 billion in fiscal 2025, accounting for 46.3% of the company's total revenue for that year.
Profitability has risen alongside increased enterprise spending. Revenue grew 92.8% from a year earlier in fiscal second-quarter 2026 to reach $1.94 billion. Concurrently, the operating margin expanded to 47.1%, up from 26.8% in the same period the prior year.
However, the reliance on large buyers presents a structural consideration. Palantir stated that its largest 20 clients averaged $124 million in revenue each over the twelve months ending in June 2026. This group represented approximately $2.48 billion, or about 40% of Palantir's total revenue of $6.16 billion during that period.
Palantir stock trades at 78.2 times sales, compared to a ratio of 3.1 for the S&P 500. With the next report expected on or around November 2, 2026, investors will likely monitor whether U.S. commercial revenue continues to outpace customer count growth.