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Gotham·Foundry·AIP로 미 정부(10년 $100억 육군 계약·해군 ShipOS)와 상업(미 상업 +121%)을 동시에 키워 3분기 매출 $12억(+63%)의 고성장을 낸다 — AI를 실제 배포로 잇는 '운영체제' 포지션이 해자다. 다만 2024 +341%·2025 +135% 뒤 2026 -27% 되돌림은 성장 기대가 주가에 과도하게 반영됐다는 신호로, 매출 배수가 극단적이라 성장 둔화 한 번에 크게 흔들린다. 엔비디아·오라클 등 컴퓨트에 의존하며(Chain Reaction), 관전 포인트는 상업 매출 가속의 지속성과 정부 계약의 매출 전환이다.","analysis_en":"Palantir's thesis is 'the bellwether of defense and enterprise AI software, on a valuation far ahead of results.' Gotham, Foundry and AIP grow US government (a 10-year $10B Army deal, Navy ShipOS) and commercial (US commercial +121%) together, producing high growth of $1.2B Q3 revenue (+63%) — an 'operating system' position bridging AI to real deployment is the moat. But after +341% in 2024 and +135% in 2025, the -27% give-back in 2026 signals that growth expectations are overpriced; with an extreme revenue multiple, a single deceleration shakes it hard. It depends on compute from NVIDIA and Oracle (Chain Reaction). What to watch is the durability of commercial acceleration and the conversion of government contracts into revenue.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"미 정부·국방 (Gotham·AIP)","counterparty_slug":null,"confidence":"high","metric":{"type":"order_amount","unit":"USD","basis":"육군 10년 계약","value":10000000000,"period":"2025","basis_en":"10-year Army deal","qualifier":"approx"},"note":"미 육군·해군 등 정부에 AI 소프트웨어 공급(10년 $10B 육군).","note_en":"AI software to US government (Army, Navy); 10-year $10B Army deal.","sources":[{"stance":"confirms","publisher":"TradingView/Zacks","publisher_en":"TradingView/Zacks","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.tradingview.com/news/zacks:6c42e42d0094b:0-palantir-rallied-100-in-2025-this-ai-defense-stock-could-be-next/","title":"Palantir 2025 +100%, AIP·정부 계약","title_en":"Palantir +100% in 2025 on AIP and government deals","excerpt":"10년 $10B 육군, $446M 해군 ShipOS.","excerpt_en":"10-year $10B Army; $446M Navy ShipOS."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-03","url":"https://www.sec.gov/Archives/edgar/data/0001321655/000132165525000130/a2025q3ex991earningsrelease.htm","title":"Palantir FY2025 3분기 실적(8-K)","title_en":"Palantir FY2025 Q3 results (8-K)","excerpt":"10년 $10B 육군, $446M 해군 ShipOS.","excerpt_en":"10-year $10B Army; $446M Navy ShipOS."}]},{"direction":"revenue","counterparty":"미 상업 기업 (Foundry·AIP)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"3Q 매출(+63%)","value":1200000000,"period":"2025","basis_en":"Q3 revenue (+63%)","qualifier":"approx"},"note":"기업에 Foundry·AIP 공급(미 상업 +121%).","note_en":"Foundry/AIP to enterprises (US commercial +121%).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-03","url":"https://www.sec.gov/Archives/edgar/data/0001321655/000132165525000130/a2025q3ex991earningsrelease.htm","title":"Palantir FY2025 3분기 실적(8-K)","title_en":"Palantir FY2025 Q3 results (8-K)","excerpt":"AIP가 상업 매출 가속.","excerpt_en":"AIP accelerates commercial revenue."}]},{"direction":"revenue","counterparty":"보이저 테크놀로지스","counterparty_slug":"voyager-technologies","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"Palantir는 보이저가 주도하는 Starlab 우주정거장의 전사 소프트웨어·데이터 관리 솔루션 독점 공급자이자 Starlab JV의 소수지분 파트너다. 계약 금액은 비공개.","note_en":"Palantir is the exclusive supplier of enterprise software and data-management solutions for the Voyager-led Starlab space station and a minority equity partner in the Starlab JV. 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