Palantir Technologies reported its first-ever billion-dollar quarter, posting second-quarter revenue of $1.004 billion, a 48% jump from a year earlier and ahead of the $939 million analysts expected. Adjusted earnings rose to $0.16 a share versus forecasts of $0.14, while adjusted EBITDA reached $470.9 million. The results sent the stock up as much as 9% to a record high, lifting the company’s market capitalization past $400 billion. Growth was broad-based, with U.S. revenue surging 68% to $733 million. U.S. commercial sales nearly doubled to $306 million and government sales climbed 53% to $426 million, underscoring strong demand for the company’s artificial-intelligence software across corporate and defense customers. Net income more than doubled to $327 million. Chief Executive Officer Alex Karp said the quarter demonstrated the “astonishing impact” of AI on the business. Riding the momentum, Palantir raised its full-year outlook for the second time this year. It now expects 2025 revenue between $4.14 billion and $4.15 billion, up from $3.89–$3.90 billion previously, and guided third-quarter revenue to $1.083–$1.087 billion, implying 50% annual growth. The company also lifted its forecast for adjusted operating income to as much as $1.92 billion. While analysts applaud the accelerating top-line trajectory, some note the shares trade at more than 200 times forward earnings, leaving valuations sensitive to any slowdown in AI-driven demand.