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Palantir Shares Surge Nearly 9% After Raising Revenue Forecast on Strong AI Demand

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Palantir Technologies (PLTR.O) shares jumped nearly 9% in early trading Tuesday after the company raised its annual revenue forecast for the second time this year. The data analytics and defense software firm is benefiting from strong demand for its AI-driven services across governments and enterprises.

Palantir’s stock has doubled this year and climbed more than 600% over the past three years, making it the top performer on the S&P 500 through the last close. Jacob Falkencrone, Saxo’s global head of investment strategy, said Palantir is evolving from a government vendor into an essential partner for enterprises in the AI revolution.

Wedbush analysts project Palantir could reach a $1 trillion market capitalization within the next few years, up from $379.14 billion as of the latest close. Co-founded by Peter Thiel in 2003 and publicly listed in 2020, Palantir has secured multiple U.S. government contracts this year, including a $30 million deal with Immigration and Customs Enforcement.

The Trump administration’s renewed focus on national security has fueled growth, with the U.S. Army indicating it may spend up to $10 billion on Palantir’s services over the next decade. Sales to the U.S. government surged 53% in Q2 to $426 million, accounting for over 42% of Palantir’s roughly $1 billion total revenue for the quarter.

Valuation Concerns:
Despite its rapid growth, some analysts warn Palantir’s valuation is extremely high, trading at more than 200 times 12-month forward earnings—far above AI peer Nvidia’s multiple of 34.81. Morningstar analysts noted the company’s robust competitive advantages but cautioned that the valuation is increasingly difficult to justify.

Palantir also expects higher expenses in Q3 due to seasonal hiring amid competition for AI talent from major tech firms. Nevertheless, at least eleven brokerages raised their price targets on the stock following the earnings release.

Palmer Luckey, Backed by Palantir’s Joe Lonsdale, Launching Crypto-Focused Bank Erebor

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Tech billionaire Joe Lonsdale, co-founder of Palantir, announced his investment in Erebor, a new U.S. digital-only bank founded by Palmer Luckey, co-founder of defense tech company Anduril. Erebor aims to fill the gap left by Silicon Valley Bank’s collapse in March 2023, which severely impacted startups and venture capital firms dependent on SVB’s services.

Erebor has applied for a national bank charter and plans to serve tech companies across sectors like artificial intelligence, cryptocurrency, defense, and manufacturing, as well as individuals connected to these industries. The bank’s name, drawn from Tolkien’s The Lord of the Rings, references the Lonely Mountain fortress known for reclaiming treasure.

Headquartered in Columbus, Ohio, with a secondary office in New York, Erebor intends to operate with a digital-first approach. Leadership includes Owen Rapaport and Jacob Hirshman, a former advisor to stablecoin company Circle.

The bank plans to hold stablecoins—a crypto asset class pegged to fiat currencies—to facilitate faster cross-border payments and digital financial services. Erebor aims to become “the most regulated entity conducting and facilitating stablecoin transactions,” signaling its focus on compliance in the evolving crypto banking space.

Besides Lonsdale, Erebor’s backers reportedly include Peter Thiel’s Founders Fund. Neither Luckey nor Lonsdale are expected to be involved in daily operations.

U.S. State Department Employs AI Chatbot ‘StateChat’ to Aid Selection of Promotion Panels

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The U.S. State Department will use an AI chatbot named StateChat to assist in selecting members for its Foreign Service Selection Boards, which conduct annual reviews for promotions and personnel moves, according to a recently issued internal cable reviewed by Reuters.

StateChat, developed in-house with technology from Palantir and Microsoft, will help identify foreign service officers eligible to serve on these critical evaluation panels. However, the department clarified that the actual promotion evaluations will not be performed by AI.

The boards operate under the 1980 Foreign Service Act and are responsible for recommending career advancement of diplomats and staff, with legal mandates to ensure significant representation of women and minority groups.

StateChat has been in use since last year for tasks such as transcribing notes, drafting emails, and analyzing diplomatic communications. The cable disclosed for the first time that it would now also be applied to “perform unbiased selection” for panel membership, based on employees’ skill codes and grades. Candidates will then be screened for disciplinary or security concerns before finalizing the boards. The cable did not specifically mention measures to ensure gender or minority group representation.

The American Foreign Service Association, representing State Department employees, said it is seeking clarification on how AI-assisted selection will align with diversity and legal requirements.

The move comes amid broader expanded AI adoption in government under President Donald Trump’s administration, despite ongoing political criticism of diversity, equity, and inclusion (DEI) efforts within federal agencies.

Palantir and Microsoft have not commented on the deployment.