Palantir Technologies reported second-quarter revenue of $1.004 billion, its first billion-dollar quarter, beating analysts’ consensus of roughly $939 million and marking a 48% year-over-year increase. Adjusted earnings rose to $0.16 a share, topping the $0.14 estimate, while adjusted EBITDA reached $470.9 million. Net income climbed to about $327 million. Demand for artificial-intelligence-enabled software drove the gains. U.S. revenue jumped 68% to $733 million, with commercial sales nearly doubling to $306 million and government sales rising 53% to $426 million. The company closed 157 deals worth at least $1 million during the quarter, contributing to a Rule-of-40 score of 94%. Buoyed by the stronger performance, management lifted guidance for a second time this year. Palantir now projects full-year 2025 revenue of $4.14 billion to $4.15 billion, up from a prior range of $3.89 billion to $3.90 billion, and sees adjusted operating income of up to $1.92 billion. Third-quarter revenue is expected between $1.083 billion and $1.087 billion, implying roughly 50% annual growth. Investors welcomed the results, sending the shares up as much as 9% to record highs and lifting the company’s market capitalisation above $400 billion. While several analysts raised price targets, some cautioned that the stock trades at more than 200 times forward earnings, underscoring valuation risks even as the AI boom accelerates Palantir’s expansion.