TLDR
- Palantir stock closed November 10 at $168.82, approximately 19% below its October 9 record close.
- Third-quarter revenue increased 96% annually to $2.313 billion.
- Total contract value grew 6% annually, compared with 49% growth in the preceding quarter.
- U.S. commercial contract value declined from $2.132 billion to $1.463 billion sequentially.
- U.S. commercial revenue increased 148% annually, exceeding domestic government revenue for the first time.
Palantir (PLTR) stock ended November 10 roughly 19% below its October closing peak as investors scrutinized contracts. The retreat contrasts with record third-quarter revenue and increased 2026 sales guidance.
Palantir Technologies Inc., PLTR
Shares closed Tuesday at $168.82, versus $209.05 on October 9, according to historical prices. The company reported 96% annual revenue growth, but newly closed contract values increased only 6%.
Contract Values Fall as Revenue Advances
Palantir’s November 2 earnings release showed third-quarter total contract value of $2.918 billion. That compares with $3.373 billion in the second quarter, a sequential decline of approximately 13.5%.
U.S. commercial contract value fell from $2.132 billion to $1.463 billion between those quarters. Yet U.S. commercial revenue increased 29% sequentially to $984 million. It also exceeded U.S. government revenue of $953 million for the first time.
The numbers reflect different measures, rather than an immediate contradiction. Contract value captures agreements signed during the quarter, including certain unexercised customer options. Revenue reflects services already delivered and recognized under accounting rules.
Prior Blockonomi coverage documented the initial slowdown following Palantir’s November 2 earnings. The November 10 closing price provides a subsequent measure of investor reaction.
Existing Accounts Account for Much of Growth
Palantir’s quarterly SEC filing provides another perspective on revenue momentum. Government revenue increased $513 million annually, including $484 million from customers already present at year-end 2025. Commercial revenue increased $619 million, including $407 million from that existing customer group.
Those figures show established relationships contributed heavily to increased sales. They do not establish whether contract signings will recover in future quarters. Palantir also reported $4.9 billion in remaining performance obligations at September’s end. The filing says 44% should become revenue within twelve months. However, the measure excludes cancelable contracts and certain shorter agreements. Consequently, remaining obligations and headline contract values cannot be treated as interchangeable revenue forecasts.
Guidance Remains Strong Despite Valuation Debate
Palantir raised its 2026 revenue outlook to between $8.530 billion and $8.534 billion. Management also forecast fourth-quarter sales between $2.649 billion and $2.653 billion. The company reported $1.216 billion in adjusted free cash flow during the third quarter. Its cash, equivalents, and Treasury securities totaled $10.4 billion. Analysts remain divided about the valuation attached to Palantir’s expansion. Jefferies maintained an $80 target, while Citigroup raised its target to $265 after earnings.
