Palantir Just Did This for the First Time Ever. Is the Stock a Buy?

PLTR posted a blowout Q3, with revenue surging 96% year over year to $2.3 billion, and management raised its full-year forecast.

The detail that matters most for the thesis: U.S. commercial revenue hit $984 million, topping U.S. government revenue of $953 million for the first time ever. That crossover is a milestone for a company long defined by its government contracts.

The customer base reflects the same shift. PLTR now counts more than 600 commercial customers, versus fewer than 20 several years ago. Interpretation: that scale of customer growth suggests the commercial engine is broadening, not leaning on a handful of large deals, though the source doesn't break down concentration.

Valuation remains the pressure point. PLTR trades at over 100 times forward earnings, a premium that leaves little room for a growth stumble. The Motley Fool frames the stock as a fit for aggressive, long-term investors comfortable with that price tag, not for those seeking value.

Interpretation: with growth near 100% and a raised guide, the market is pricing in sustained execution. A multiple this high means the stock is more sensitive to any deceleration in commercial momentum than to the headline beat itself.