Defense & enterprise AI software
Palantir Technologies
A defense and enterprise AI-software firm (Gotham, Foundry, AIP). Q3 2025 revenue $1.2B (+63%), US commercial +121%. A 10-year $10B Army deal and a $446M Navy ShipOS contract. In Dec 2025 it launched Chain Reaction (AI infrastructure) with NVIDIA and CenterPoint. The software demand apex of defense AI.
PLTR Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Palantir Technologies is directly linked to 3 companies (2 supply, 1 revenue relationships) and reaches 37 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Q3 revenue $1.2B (+63%)
- Customer concentration · $10B Army deal; NVIDIA Chain Reaction.
- Segments · Government (Gotham) · Commercial (Foundry/AIP)
Revenue from
- US government · defense (Gotham · AIP) High confidence· Order value ~$10B · 2025 · 10-year Army deal
AI software to US government (Army, Navy); 10-year $10B Army deal.Confirms EN TradingView/Zacks Published Jan 1, 2026: Palantir +100% in 2025 on AIP and government deals - US commercial enterprises (Foundry · AIP) High confidence· Revenue ~$1.2B · 2025 · Q3 revenue (+63%)
Foundry/AIP to enterprises (US commercial +121%). - Voyager Technologies Medium confidence
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. Contract value undisclosed.Confirms EN U.S. SEC EDGAR Published Mar 10, 2026: Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025Confirms EN Voyager Technologies (press release) Published Jun 25, 2024: Starlab Space Announces Strategic Partnership with Palantir Technologies, Inc.
Pays to
- NVIDIA Medium confidence
Uses NVIDIA GPUs and the Chain Reaction AI-infra platform.Confirms EN TradingView/Zacks Published Jan 1, 2026: Palantir +100% in 2025 on AIP and government deals - Oracle Medium confidence
Runs AI workloads on OCI and other clouds. - cloud · R&D (undisclosed) Low confidence
Cloud infrastructure and engineering.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Voyager Technologies | lead1 | · | · | · | · | · | +19.2 |
| Palantir Technologies | node | -22.7 | -64.7 | +167.4 | +340.5 | +135 | -28.7 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +162.4 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +147.1 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +117.6 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +75.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +68.8 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +54.9 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +49.8 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +20.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -11.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 2 · Sell 1 · Avg. target $182 · Price $126.6 (07-11) · Upside +44%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| BNP Paribas Exane | Underperform | — | Jun 16, 2026 | Report ↗ |
| UBS Group · Karl Keirstead | Buy | — | Jun 16, 2026 | Report ↗ |
| Benchmark | Hold | — | Jun 16, 2026 | Report ↗ |
| Rosenblatt Securities · John McPeake | Buy | $225 | Jun 5, 2026 | Report ↗ |
| Cantor Fitzgerald | Neutral | $138 | May 22, 2026 | Report ↗ |
Initiated coverage at Underperform, arguing valuation runs well ahead of fundamentals.
Analyses covering this node
- The propagation was real and it had an order: the lag itself draws the chain Jun 23, 2026
- Many clocks: the information a single average erases Jun 23, 2026