Palantir Technologies (PLTR) has rapidly transformed from a “backstage player” into one of the most talked-about companies riding the wave of artificial intelligence. Investors are driven by major government contracts, strong commercial growth, the launch of a new AI product stack, and a series of partnerships.

Palantir’s stock has gained more than 138% year-to-date, and the company’s second-quarter results explain why interest has surged. Revenue surpassed $1 billion, growing 48% year-over-year, while earnings per share reached $0.16. The U.S. market stands out: revenue there rose 68%, with the commercial segment soaring 93% and now making up one-third of total revenue.

The company is expanding its deal portfolio aggressively: 157 contracts above $1 million were signed, including dozens worth tens of millions. Among the highlights are a 10-year contract with the U.S. Army worth up to $10 billion and a $218 million order from the U.S. Space Force.

Management raised guidance: Q3 revenue is projected at $1.085 billion, and full-year revenue at $4.15 billion, while Palantir aims to remain profitable in every quarter of 2025.

Despite the stock’s high valuation and analysts’ caution, for investors Palantir is no longer about “potential,” but a demonstration of how long-term investments in technology can deliver real results.