Palantir makes history in first earnings report since moving to Miami

It may be coincidental, but technology heavyweight Palantir’s first quarterly earnings since moving headquarters to South Florida has made company history.

The firm that makes software that manages and evaluates large amounts of data and has many contracts with U.S. defense and intelligence agencies, generated $871 million in profit in the first three months of 2026, the largest in its 23-year history and more than four times greater than the same period in 2025.

These results came even as several analysts see Palantir facing increased competition from large AI models and their growing use by businesses.

Palantir Technologies Inc. revealed in results announced earlier in May that it’s even more optimistic about the rest of the year than it previously was.

The company increased its forecast for the full year 2026. It now expects to bring in between $7.65 billion and $7.66 billion in revenue. That’s nearly half a billion dollars more than its prior estimate of $7.18 billion to $7.2 billion.

Palantir, whose founders include Peter Thiel, who bought a home in the area several years ago, Alex Karp and Texas-based Joe Lonsdale, said in February that it moved company headquarters from Denver to Aventura. The firm was based in Palo Alto, California, until 2020.

It’s uncertain though how active the South Florida office will be compared to other offices.

It’s also unclear whether Palantir people in the area will be open to networking with Miami’s larger tech community, given the confidential nature of much of their work.

Doing so could bring potential benefits to local tech entrepreneurs, many who are developing their own companies in defense tech and betting big on the sector. For the second straight year, eMerge Americas, the annual large tech conference in Miami Beach, had a large U.S. military presence and focus.

While Palantir is known for obtaining government contracts, and it has benefited from strong relations with the Trump administration, revenue from U.S. private sector customers in the first three months of 2026 grew 133% year-over-year outpacing the 84% growth from U.S. government clients. That demonstrated an ability to diversify.

Still, in absolute dollars, revenue from U.S. government contracts totaled $687 million, exceeding the $595 million from the private sector.

“We continue to believe that our government customers remain a meaningful source of revenue for our business, particularly during periods of economic uncertainty,” Palantir wrote in a quarterly report called a Form 10-Q submitted to the U.S. Securities and Exchange Commission on May 5.

“However, large government customers, in particular, are generally subject to a number of uncertainties regarding budgets and spending levels,” it cautioned.

In that same document, the company said it had 1,007 customers in the first three months of 2026, up 31% from 769 over the same time in 2025.

Palantir, which has worked with five administrations in the U.S. spanning both political parties, holds numerous contracts with the Department of War.

One company product, Maven Smart System, was used by the U.S. in January in the military operation that removed former Venezuelan strongman Nicolás Maduro and wife Cilia Flores from Caracas and brought them to New York, The Wall Street Journal reported earlier this year. Palantir’s technology was used together with Anthropic’s Claude, the report said.

Other Palantir customers include Europe’s Airbus and England’s National Health Service.

During its earnings release, Palantir also increased the revenue it forecasts from private sector U.S. clients in 2026 to over $3.2 billion, what would be more than 120% growth from 2025.

While the firm is global, it’s bullish on the U.S.

“The United States remains the center, the constant core, of our business. And that business is erupting,” Karp, co-founder and CEO, wrote in his quarterly letter to shareholders.

The $1.3 billion in revenue generated in the U.S. in the first three months of 2026 was more than double the amount during the same period in 2025.