Alex Karp could barely contain himself. Grinning, pounding his pen on the table, and clearly savoring the moment, Palantir's combative CEO opened the company's second-quarter earnings call like a man who had waited years to be proven right — and finally was.
A Q2 blockbuster: 93% growth and $1.94 billion in revenue
Palantir delivered one of its strongest quarters yet. Revenue surged 93% year over year to $1.94 billion for the quarter ended June 30, easily topping what analysts had expected.
The numbers reinforced Palantir's positioning as a serious player in the AI software race — not through flashy consumer products, but through customized AI services sold to businesses and governments.
Why Karp says 'for the first time people believe us'
For Karp, the quarter was personal. "Obviously, we are loving these results and loving what they mean for our customers and, broadly speaking, the West," he said.
His most telling line cut straight to years of skepticism: "For the first time people believe us." It was a rare admission that Palantir — long a controversial and sometimes polarizing name in tech — has spent years fighting for credibility.
Jabs at Silicon Valley rivals who 'eat vegetables'
Karp being Karp, the celebration came with punches thrown. He aimed jabs at unnamed Silicon Valley AI competitors, mocking rivals who "eat vegetables" and, in his view, don't support the U.S. military.
The swipe fits a familiar pattern. Karp has frequently positioned Palantir as the grown-up in the room — a company willing to work with defense and intelligence agencies while much of Silicon Valley hesitates or moralizes.
What the stock surge signals for investors
Investors rewarded the quarter, sending the stock soaring. The rally suggests the market is finally pricing in Palantir's growth narrative rather than debating its valuation alone.
For shareholders, the message was simple: the customized AI business model Karp has defended for years is now producing numbers that are hard to argue with.
Confirmed facts vs what remains unclear
Confirmed: Revenue of $1.94 billion, 93% year-over-year growth, expectations surpassed, stock surge, and Karp's quoted remarks on the earnings call.
Unclear: Which specific companies Karp was targeting with his "eat vegetables" remark, the exact analyst estimates beaten, and the detailed margin and guidance picture beyond the headline revenue figures.
The balanced view: growth now, questions ahead
A 93% growth rate is eye-catching, but one strong quarter does not settle every debate. Palantir's valuation has long divided analysts, and the sustainability of this pace remains an open question.
Karp's politics, too, remain polarizing. His celebration of Western military support may thrill some customers and shareholders — and alienate others, especially inside a tech industry that often avoids defense work.
What to watch next
Coming quarters will test whether Palantir can hold this momentum. Key signals include the mix of commercial versus government revenue, how competitors respond, and whether the company's forward guidance matches its confidence.
If the numbers keep rising, Karp's triumph lap will look justified. If growth cools, the old valuation questions will return quickly.
Our Take
This moment matters beyond the number. Palantir has always been treated as an outlier — too political, too defense-heavy, too expensive. The Q2 results don't just silence critics; they validate a contrarian bet that AI value lies in deep, customized deployments rather than mass-market apps.
The real test is durability. But for one evening, Karp earned his celebration.
Frequently Asked Questions
How much revenue did Palantir report in Q2 2025?
Palantir reported revenue of $1.94 billion for the quarter ended June 30, up 93% year over year, easily topping analysts' expectations.
Why did Palantir stock soar after the earnings report?
The stock jumped after Palantir delivered blockbuster growth of 93% in quarterly revenue, a pace that convinced many investors the company's customized AI business model is gaining real commercial traction.
What did Alex Karp say on the earnings call?
Karp said, "For the first time people believe us," and added, "Obviously, we are loving these results and loving what they mean for our customers and, broadly speaking, the West." He also mocked unnamed Silicon Valley AI rivals over their reluctance to support the U.S. military.
What is Palantir's business model?
Palantir sells customized AI and data analytics software to businesses and government agencies, including defense and intelligence organizations — a model Karp has championed even when it made the company controversial in parts of Silicon Valley.
