The term “big tech” denotes the largest and most influential companies, many of which have seen rapid growth due to artificial intelligence’s rise.
Nvidia, Meta Platforms, Alphabet, and Amazon have all benefited from AI adoption across sectors like cloud computing, social media, advertising, and e-commerce. Now, Palantir Technologies (PLTR) is experiencing accelerated growth from surging demand for generative AI software.
Palantir initially gained recognition by supplying software and analytics tools to U.S. intelligence agencies. In recent years, it has expanded by selling AI solutions to commercial clients, positioning itself as a key player in AI software.
The following analysis explores why Palantir might join the ranks of big tech firms.
Palantir Leads in AI Software
Palantir’s Artificial Intelligence Platform (AIP), launched in April 2023, has gained significant traction. The platform enables government and commercial clients to use large language models and other AI tools to automate processes and enhance efficiency.
AIP has been ranked the top AI platform by Forrester Research, surpassing offerings from major tech companies. This has driven new customer acquisitions, as shown in the table below, which tracks customer growth and quarterly contract values since AIP’s launch.
| Period | Total Customers | Total Contract Value Booked |
|---|---|---|
| Q2 2023 | 421 | $642 million |
| Q3 2023 | 453 | $830 million |
| Q4 2023 | 497 | $1.15 billion |
| Q1 2024 | 554 | $904 million |
| Q2 2024 | 593 | $946 million |
| Q3 2024 | 629 | $1.1 billion |
| Q4 2024 | 711 | $1.4 billion |
| Q1 2025 | 769 | $1.5 billion |
| Q2 2025 | 849 | $2.3 billion |
Customer numbers have doubled in recent years, while contract values have risen sharply. Total contract value has grown nearly fourfold during this period.
AIP also encourages existing clients to sign larger contracts. Management noted on a recent earnings call that “existing customers are expanding their work at an accelerated pace.”
Palantir now holds $7.1 billion in unfulfilled contracts, a 65% year-over-year increase. This outpaces the 48% rise in quarterly revenue to $1 billion, indicating strong future revenue potential.
Accelerating Growth
Palantir’s revenue growth and contract acquisition rate exceed the AI software market’s projected 39% annual growth through 2030. MarketsandMarkets estimates the market will reach $18 billion this year and $94 billion by 2030.
The market is expected to grow fivefold by the end of the decade. Palantir aims for $4.1 billion in 2025 revenue, capturing nearly 23% of the $18 billion market. If it maintains its current growth rate, its market share could rise by 2030.
If Palantir captures 30% of the $94 billion market by 2030, its revenue could reach $28 billion. With its leading position, it may surpass even higher estimates, such as $153 billion in AI software revenue by 2028.
Palantir’s growth potential could exceed expectations, positioning it as a future tech giant.
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2025-08-27 12:31