Skip to content

🐂 PLTR — Company Profile (Educational)

Educational site, not investment advice. Market cap / stock price / quarterly numbers change quickly, so we don't write them. Use SEC + Yahoo Finance links below to check current data.

📌 Basic Info

Field Value Source
Primary business Data + AI operating system: Foundry (commercial) + Gotham (government/defense) + AIP (Artificial Intelligence Platform, agentic workflow) 10-K FY25
Founded / HQ 2003 / Former HQ Denver, Colorado; from 2026/02/17 principal executive office: Aventura, Florida (19505 Biscayne Blvd) (engineering remains Palo Alto + Denver) wiki / SEC filings
CEO Alex Karp (co-founder CEO) DEF 14A 2026
Primary listing NASDAQ: PLTR (direct listing 2020/09) —
Share structure Three-class (A/B/F); founders Karp + Thiel + Cohen retain control through F shares 10-K equity disclosure
Fiscal year Calendar year (Jan 1 - Dec 31) SEC EDGAR

💡 Real-time market cap / share price / commercial vs government revenue / AIP customer count: see SEC primary + IR links below

🏭 Industry Chain Coordinates (Part 1-C6 framework)

Upstream (Who PLTR depends on)

Supplier What flows Key dependency
MSFT (Azure) / AMZN (AWS) / GOOGL (GCP) Primary IaaS (PLTR runs on hyperscalers) multi-cloud strategy
OpenAI / Anthropic / in-house ontology LLM models (AIP backend) API integration
MSFT ecosystem close partnership Azure government cloud co-sell + Defender integration strategic partnership (announced 2024)

Downstream (Who depends on PLTR)

Customer What flows Concentration
U.S. DoD + intelligence (CIA / FBI / Army / NSA) Gotham (data fusion + AI workflow) large government exposure; individual contracts can reach hundreds of millions
U.S. ally governments (UK / Israel / Ukraine / Australia) Gotham + Foundry international government exposure is a growth engine
Large industrials / manufacturers (BP / Airbus / Wendy's / pharma) Foundry + AIP boot camp rapidly growing commercial exposure
Large healthcare systems (NHS UK key contract) Foundry healthcare workflow large + politically sensitive contracts

Competitors

  • Government data fusion (direct): Booz Allen (BAH) · Leidos (LDOS) · L3Harris (LHX) · IBM Government — PLTR is a relative newcomer competing with traditional defense IT vendors
  • Commercial enterprise data: Databricks · Snowflake (SNOW) · MSFT Fabric · IBM (IBM) — agentic AI paradigm
  • AI agent / Workflow: ServiceNow (NOW) · CRM Agentforce · MSFT Copilot Studio · startups (Sierra)

💼 Business Model + Value Capture (Part 1-C7 lens)

  • Revenue mix: U.S. commercial + government growth strongest; international following; by business: government historically ~50% / commercial ~50%, commercial share rising
  • Gross margin: GAAP ~80%; government contracts have slightly higher margin than commercial (but slower growth)
  • Pricing power: Government long-term IDIQ contracts + commercial AIP boot camp model — strong (deep customer integration)
  • Replacement difficulty: High — Foundry / Gotham are enterprise/government data operating systems; switching requires redeploying ontology

(For quarterly commercial vs government revenue / international growth / U.S. commercial customer count, see latest SEC 10-Q)

🏰 Moat Assessment (Part 3-C2 Buffett 5-step lens)

Type Strength (0-1) Reasoning
Brand 0.6 High recognition in defense / large enterprise circles; controversial at public level
Switching cost 0.7 Foundry ontology + Gotham workflow deep deployment is hard to switch
Network effect 0.4 AIP boot camp ecosystem + cross-enterprise ontology sharing is an early-stage platform effect
Scale + cost 0.5 Government contracts amortize R&D, but engineering remains capital-intensive

Total: 2.2 / 4 → medium-strong moat (government exposure + ontology engineering is unique; valuation highly sensitive)

⚠️ Key Invalidation Triggers (Part 3-C5 anti-thesis lens)

Monitor; if triggered, re-evaluate thesis:

  • Trigger 1 (quarterly): U.S. commercial revenue YoY growth < 50% (commercial is the core growth engine, historical 60-70%+)
  • Trigger 2 (event): Major government contract (TITAN / Army / NHS UK) awarded to a competitor
  • Trigger 3 (low probability, catastrophic): Major defense budget cut (U.S. DoD budget cycle)
  • Trigger 4 (medium probability): Valuation normalization — non-GAAP P/E + EV/Sales are historical outliers, valuation reset risk
  • Trigger 5 (annual): SBC > 15% of revenue persists (equity dilution risk)

📚 SEC Primary Public Filings (DYOR)

Live quote: Yahoo Finance PLTR

Educational · Numbers change, the method does not · Make investment decisions based on your own research + risk tolerance