$PLTR just crushed Q2 2026 estimates — the ninth straight quarter the market underestimated what Palantir can do. Shares are up over 8% after the release.

Revenue $1.94B, up 93% year-over-year, versus the $1.80B consensus. Adjusted EPS $0.41 compared to the expected $0.35. But the key number lies elsewhere — the US commercial segment grew 149% to $764M. Adjusted operating income $1.19B.

Management raised the full-year 2026 outlook to $8.15B, $460M above analyst estimates. Rule of 40 score 155% — a number most software companies can only dream of.

CEO Karp describes the business as being from another world. Palantir is shifting from an army and government contractor to the AI infrastructure that every major US company wants.