INITIATING COVERAGE

Palantir Technologies Inc. (PLTR)

BUY — Target $185 | Current $146 | +27% Upside

Enterprise AI & Data Analytics Software

NASDAQ: PLTR

March 2, 2026

Agentic Finance Research

1. Investment Summary

Key Financial Metrics

Thesis Narrative

Palantir Technologies is the undisputed leader in enterprise AI deployment, with its Artificial Intelligence Platform (AIP) becoming the operating system for how organizations — from the U.S. military to Fortune 500 companies — operationalize artificial intelligence. FY2025 revenue surged 56% to $4.5B with a remarkable Rule of 40 score of 103 (56% growth + 47% FCF margin), a metric unmatched in enterprise software. U.S. commercial revenue is inflecting at 93%+ YoY growth, driven by AIP boot camps that compress AI deployment timelines from months to days. The government moat — built over 20 years of classified work with DoD, CIA, and NATO — is expanding as military AI spending accelerates. Despite a premium valuation (76x EV/Revenue), we believe PLTR's unique positioning at the intersection of AI and mission-critical operations, combined with a clear path to $7.2B revenue in FY2026 and sustained 40%+ growth, justifies a BUY rating with a $185 target price (27% upside).

The key near-term catalyst is Q1 2026 earnings (estimated April 15), which should confirm whether management's ambitious FY2026 revenue guidance of $7.18-$7.20B (+61% YoY) is achievable. U.S. commercial revenue acceleration remains the primary growth engine, while government AI spending provides a durable base. The stock's 29% pullback from its $207.52 all-time high creates an attractive entry point for long-term investors willing to underwrite the premium valuation.

The primary risk is valuation: at 76x EV/Revenue, any deceleration in growth or deterioration in AI sentiment could trigger significant multiple compression. We assess this risk as manageable given the company's unique competitive positioning, hypergrowth trajectory, and best-in-class FCF generation.

2. Investment Thesis — Five Pillars

Pillar 1: AIP Platform Dominance

Palantir's Artificial Intelligence Platform (AIP) is establishing itself as the de facto operating system for enterprise AI deployment. AIP boot camps convert prospects to large enterprise deals, driving 137% U.S. commercial revenue growth in Q4 2025. The platform's ability to move from prototype to production in days — vs. months for competitors — creates massive switching costs and vendor lock-in.

• KPI: U.S. Commercial Revenue Growth — Expected: >80% YoY — Actual: 137% (Q4 2025) — On Track
• Conviction: 4.5/5.0 — AIP boot camps converting prospects at 2x rate vs. prior year, creating industry's deepest enterprise AI moat
• Evidence: 137% U.S. commercial revenue growth in Q4 2025 demonstrates accelerating adoption
• Competitive advantage: Prototype-to-production in days vs. months for competitors creates massive switching costs

Pillar 2: Government Moat Expanding

Deep integration with DoD, CIA, NSA, and NATO allies creates an unassailable moat in government AI. Government revenue grew 45% YoY in FY2025 to ~$2B+. AIP adoption by military expanding footprint beyond intelligence analysis to real-time operational decision-making, autonomous systems, and battlefield AI. TITAN program ($178M Army contract) exemplifies expanding scope.

• KPI: Government Revenue — Expected: >$2.5B in FY2026 — Actual: $2.0B (FY2025E) — On Track
• Conviction: 4.2/5.0 — 20+ years of classified work creates an unassailable moat in government AI
• Evidence: TITAN Army contract ($178M), NATO expansion, DoD AI spending accelerating 25%+ annually
• Key insight: Government business provides durable, sticky revenue base with 45% growth and high switching costs

Pillar 3: Commercial Revenue Inflection

U.S. commercial revenue is the fastest-growing segment, accelerating from 55% YoY in Q1 to 137% YoY in Q4 2025. AIP boot camps are driving rapid enterprise adoption with deals expanding from initial $1-5M to $50-100M+ over 2-3 years. Customer count growing 40%+ YoY. International commercial represents untapped TAM — only 15% of total revenue.

• KPI: Total Commercial Revenue Growth — Expected: >60% YoY — Actual: 70% (Q4 2025) — On Track
• Conviction: 4/5.0 — Commercial acceleration from 55% (Q1) to 137% (Q4 2025) validates inflection
• Evidence: AIP boot camps driving deals from $1-5M initial to $50-100M+ over 2-3 years
• Untapped TAM: International commercial at only 15% of total revenue represents massive growth runway

Pillar 4: Rule of 40+ Sustainability

Revenue growth of 56% + FCF margin of 47% = Rule of 103 in FY2025, best-in-class among enterprise software companies. Adj. operating margin expanded to 41% in Q4 2025 from 34% a year ago. Operating leverage is structural — PLTR's software-only model (no hardware, no professional services dependency) enables continued margin expansion as revenue scales.

• KPI: Rule of 40 Score — Expected: >80 — Actual: 103 (FY2025) — On Track
• Conviction: 4.3/5.0 — Rule of 103 is best-in-class among enterprise software companies
• Evidence: 56% revenue growth + 47% FCF margin = 103 (vs. peer median of 57)
• Structural advantage: Software-only model with no hardware or professional services dependency enables continued margin expansion

Pillar 5: FCF Machine with Strategic Optionality

Generated $2.1B in FCF in FY2025 (47% margin), with $7.2B in cash + investments providing strategic optionality. Zero net debt. Cash generation funds potential M&A (data infrastructure, vertical AI), stock buybacks, or strategic investments. Management discipline on capital allocation — no large dilutive acquisitions historically.

• KPI: FCF Margin — Expected: >40% — Actual: 47% (FY2025) — On Track
• Conviction: 4/5.0 — $7.2B cash + investments with zero net debt
• Evidence: FCF grew from $712M (2023) to $2.1B (2025), margin expanding from 31% to 47%
• Optionality: Cash generation funds M&A, buybacks, or strategic investments without dilution

3. Key Risks

Overall risk assessment: Elevated but manageable. The primary risk (valuation compression) is the biggest concern, but PLTR's unique competitive positioning, hypergrowth, and FCF generation provide fundamental support. The 29% pullback from ATH has partially de-risked the entry point. We believe risk/reward is attractive at $146 with a $185 target.

4. Company Overview

Palantir Technologies Inc. was founded in 2003 by Peter Thiel, Alex Karp, Stephen Cohen, Nathan Gettings, and Joe Lonsdale in Palo Alto, California. The company was created in the aftermath of 9/11 with a mission to build software that helps governments and organizations make sense of vast quantities of data to protect national security and improve decision-making. Named after the "seeing stones" in Tolkien's Lord of the Rings, Palantir's founding vision was to combine the analytical capabilities of intelligence agencies with the engineering talent of Silicon Valley.

Palantir went public via a direct listing on the NYSE in September 2020 at a reference price of $7.25, and later transferred its listing to the NASDAQ in November 2022. The stock has appreciated over 1,900% from its direct listing reference price to its current $146 level, making it one of the most successful technology IPOs of the decade. The company is headquartered in Denver, Colorado (relocated from Palo Alto in 2020) and employs approximately 3,800 people globally.

Today, Palantir operates three core software platforms: Gotham (government intelligence and defense), Foundry (commercial enterprise data operations), and AIP (Artificial Intelligence Platform, launched in 2023). AIP has become the primary growth driver, enabling organizations to deploy large language models and AI capabilities on their own data in a secure, governed environment. The company serves over 1,000 customers across government and commercial sectors in 40+ countries.

4.1 Product Platforms

• Gotham: The government-focused platform built for intelligence analysts, military operators, and defense planners. Gotham integrates disparate data sources into a unified ontology for intelligence analysis, counter-terrorism operations, battlefield planning, and autonomous systems coordination. Originally developed for the CIA and U.S. Intelligence Community, Gotham is now deployed across DoD, NSA, FBI, DHS, and NATO allies. The TITAN Army contract ($178M) exemplifies Gotham's expansion from intelligence to operational military AI.
• Foundry: The commercial enterprise platform that enables organizations to build and deploy data-driven operational workflows. Foundry provides a semantic layer (ontology) that maps an organization's digital twin, enabling non-technical users to interact with complex data pipelines. Key verticals include healthcare (hospital operations), energy (supply chain optimization), financial services (risk management), manufacturing (predictive maintenance), and telecom (network optimization).
• AIP (Artificial Intelligence Platform): Launched in April 2023, AIP is Palantir's fastest-growing product and the primary catalyst for the company's commercial acceleration. AIP enables organizations to deploy large language models (LLMs) and generative AI on their own data within Palantir's governed, secure environment. The key innovation is 'boot camps' — intensive 1-3 day workshops where Palantir engineers work with customer teams to build AI applications that go from prototype to production in days rather than months. AIP has driven U.S. commercial revenue growth from 55% (Q1 2025) to 137% (Q4 2025).

4.2 Revenue Segments

4.3 Revenue History

4.4 Key Platform Metrics

4.5 Management

• CEO: Alexander Karp (Co-Founder) (22 years tenure). Alex Karp has led Palantir since its founding in 2003. A Stanford Law JD and Frankfurt School PhD, Karp is an unconventional CEO who combines philosophical thinking with deep technology vision. Under his leadership, Palantir has grown from a CIA-funded startup to a $349B market cap enterprise AI leader. His management style is highly centralized and mission-driven, with a focus on building products that solve real-world problems rather than optimizing short-term financial metrics.
• CTO/COO: Shyam Sankar (dual role). Shyam Sankar oversees both technology strategy and operations. He has been instrumental in developing Palantir's AIP platform and driving the commercial go-to-market strategy, including the boot camp model that has supercharged U.S. commercial growth.
• CFO: Dave Glazer. Dave Glazer joined Palantir in 2022 from Facebook/Meta, where he was VP of Finance. Has driven financial discipline, improved disclosures, and managed the company's transition from a GAAP-unprofitable to consistently profitable enterprise.
• Controlling shareholder: Founders Class F shares (Alex Karp, Peter Thiel, Stephen Cohen) with ~49.99% voting power via multi-class structure.
• Board independence: 5 of 9 directors independent. Insider ownership: 12.5%.

5. Sector Analysis

5.1 Enterprise AI Market Overview

The enterprise AI market is experiencing a generational growth cycle, driven by the rapid adoption of large language models (LLMs), generative AI, and AI-native applications across every industry vertical. Palantir operates at the intersection of three massive markets: enterprise AI platforms, government data/AI systems, and cloud-native data analytics. The total addressable market is vast and expanding rapidly.

• TAM: US$500B — Global enterprise software market including AI, analytics, cloud infrastructure, and cybersecurity (projected 2028)
• SAM: US$120B — Enterprise AI platforms, data analytics, decision intelligence, and government data systems
• SOM: US$25B — Palantir's directly addressable market in government AI + large enterprise AI deployment

5.2 Market Size & Growth

5.3 Revenue by Segment Outlook

5.4 Competitive Landscape

Primary Competitors

• Snowflake: Cloud data platform. Data warehousing & lake. AI/ML workloads. $3.4B revenue, 29% growth. Overlaps on data infrastructure layer. Market share: Enterprise data: ~8%.
• Databricks: Unified analytics platform. Lakehouse architecture, MLflow. Private ($62B valuation). Direct competitor in data+AI platform. Market share: Enterprise data: ~6%.
• AWS / Azure / GCP AI Services: Hyperscaler AI services (Bedrock, Azure AI, Vertex AI). Massive scale and distribution. Low-cost entry point. Compete on breadth. Market share: Cloud AI: ~65% combined.
• CrowdStrike: AI-native cybersecurity. Falcon platform. Overlaps in government + AI-driven analytics. $4.0B revenue. Market share: Endpoint security: ~18%.
• ServiceNow: Enterprise workflow automation. Now Platform with AI capabilities. Competes for IT/enterprise budget share. $11B revenue. Market share: ITSM: ~40%.

Secondary Competitors

• C3.ai: Enterprise AI platform targeting energy, defense, manufacturing. $350M revenue. Niche competitor losing share to PLTR.
• Anduril Industries: Defense tech startup ($14B valuation). Autonomous systems, sensor fusion. Direct competitor in defense AI applications.
• Scale AI: AI data labeling and government AI. $1B+ revenue run rate. Competes in government AI contracts. Growing rapidly.
• Hugging Face / Open Source AI: Open-source AI ecosystem. Free models and tools. Threat to proprietary platforms but lacks enterprise deployment capabilities.

5.5 Competitive KPI Comparison

PLTR leads peers on every operational metric: revenue growth (56% vs. 28% median), FCF margin (47% vs. 30% median), and Rule of 40 (103 vs. 57 median). The premium valuation is underpinned by objectively best-in-class operating performance.

5.6 Disruptive Threat Assessment

We assess four primary disruptive threats to Palantir's competitive position:

Open Source AI (Hugging Face, Meta LLaMA)

The open-source AI ecosystem has reached massive scale, with Hugging Face hosting 500,000+ models and Meta's LLaMA becoming a foundational model for enterprise experimentation. Open-source tools offer free access to state-of-the-art AI capabilities, reducing the cost barrier for AI adoption. However, open-source solutions lack the enterprise deployment infrastructure, security certifications (FedRAMP, IL5/IL6), governance frameworks, and data integration capabilities that are central to Palantir's value proposition.

• Assessment: Large scale but lacks enterprise deployment, security, and integration capabilities. Not a near-term threat to PLTR's core market.
• Trigger for escalation: If open-source achieves enterprise-grade governance, compliance, and deployment orchestration capabilities.
• Impact: Low (1-3 years), Medium (3-5 years). Primarily affects price-sensitive, non-regulated customers.

Hyperscaler AI Services (AWS Bedrock, Azure AI, GCP Vertex)

The hyperscalers (AWS, Azure, GCP) collectively command ~65% of the cloud AI market and are investing $100B+ annually in AI infrastructure and services. Their AI platforms offer massive distribution, low-cost entry points, and broad model access. However, hyperscaler AI services are inherently generic — they provide building blocks (compute, models, APIs) rather than the operational ontology, workflow orchestration, and mission-critical deployment capabilities that differentiate Palantir.

• Assessment: Massive distribution but generic solutions. Compete on breadth and price, not depth and mission-criticality.
• Trigger for escalation: If hyperscalers build Palantir-like ontology/workflow layer that enables enterprise-grade AI deployment without custom integration.
• Impact: Medium. Hyperscalers are more complementary than competitive — PLTR runs on top of cloud infrastructure.

Anduril Industries

Anduril ($14B valuation) is the most prominent defense technology startup, focused on autonomous systems, sensor fusion, and AI-driven military applications. Founded by Palmer Luckey (Oculus creator), Anduril has won significant DoD contracts and is growing rapidly in the defense sector. However, Anduril is primarily hardware-centric (drones, towers, underwater vehicles), while PLTR is software-centric (data analytics, decision intelligence). The two companies are more complementary than directly competitive in most applications.

• Assessment: Defense-focused but hardware-centric vs. PLTR's software-centric approach. Limited direct overlap.
• Trigger for escalation: If Anduril develops a software platform competitive with Gotham/AIP for intelligence analysis and operational decision-making.
• Impact: Low-Medium. More likely a partner than a competitor in the near term.

Databricks

Databricks (private, $62B valuation) is the strongest direct competitor to Palantir in the data+AI platform category. The Lakehouse architecture combines data warehousing and data lake capabilities, while MLflow provides ML lifecycle management. Databricks has massive enterprise adoption (10,000+ customers) and is growing rapidly. The company is expected to IPO in 2025-2026, which would provide additional capital for investment and market expansion.

• Assessment: Strongest direct competitor in data+AI platform. More focused on data engineering and ML infrastructure vs. PLTR's operational AI deployment.
• Trigger for escalation: If Databricks IPOs and scales enterprise AI deployment capabilities to match Palantir's ontology-driven approach.
• Impact: Medium. Primarily competes for commercial AI budget; no government AI threat.

PLTR's competitive moat is multi-layered: (1) 20+ years of classified government integrations, (2) ontology-driven architecture that competitors lack, (3) FedRAMP/IL5/IL6 security certifications, (4) AIP boot camp model for rapid enterprise deployment, and (5) mission-critical positioning with high switching costs. No single competitor addresses all of these dimensions.

6. Financial Analysis

6.1 Revenue Growth Analysis

Palantir has delivered accelerating revenue growth, from 17% in FY2023 to 29% in FY2024 to 56% in FY2025 — a remarkable trajectory for a company at $4.5B in annual revenue. The acceleration is primarily driven by AIP-fueled U.S. commercial growth, which surged from ~30% in 2023 to 93%+ in FY2025, with Q4 2025 printing an extraordinary 137% YoY growth rate. Government revenue maintained solid 45% growth in FY2025.

Management has guided for FY2026 revenue of $7.18-7.20B, representing +61% YoY growth — a guidance beat of 16% vs. the Street's $6.22B expectation. Our model projects revenue reaching $10.1B by FY2027, implying a 2-year CAGR of 50%. The growth is broad-based: U.S. commercial guided to +115% YoY, government expected to sustain 35-40% growth, and international operations accelerating.

• FY2023 revenue: $2.23B (+17% YoY) — Early AIP launch, commercial nascent
• FY2024 revenue: $2.87B (+29% YoY) — AIP gaining traction, commercial accelerating
• FY2025 revenue: $4.48B (+56% YoY) — Commercial inflection, AIP boot camps driving hypergrowth
• FY2026E revenue: $7.19B (+61% YoY) — Management guidance; our estimate matches
• FY2027E revenue: $10.07B (+40% YoY) — Growth decelerating but still exceptional

6.2 Profitability Analysis

Palantir's profitability transformation has been one of the most dramatic in enterprise software history. The company went from negative GAAP operating margins in 2022 to 32% GAAP operating margin in Q4 2025, driven by operating leverage on a software-only model with minimal COGS (gross margin 82.4%). Adjusted operating margin expanded from 25% (2022) to 41% (FY2025), with Q4 2025 reaching 45%.

• Gross margin: 82.4% (FY2025) — Software-only model, minimal cost of revenue
• Adj. operating margin: 41% (FY2025) — Expanding 400-600bps annually
• GAAP operating margin: 32% (Q4 2025) — First sustained >30% GAAP profitability
• SBC as % of revenue: ~15% (FY2025) — Down from 30%+ in 2022, declining trend
• Efficiency ratio: S&M + R&D + G&A declining from 75% (2023) to 51% (2025) of revenue

6.3 Cash Flow Analysis

Palantir generated $2.1B in free cash flow in FY2025, representing a 47% FCF margin — among the highest in enterprise software. FCF has grown from $712M (2023) to $1.14B (2024) to $2.10B (2025), a 72% CAGR. The company's capital-light model requires minimal capex ($34M in FY2025, or 0.8% of revenue), allowing nearly all operating cash flow to convert to free cash flow.

• FY2023 FCF: $697M (31% margin) — First year of meaningful FCF generation
• FY2024 FCF: $1.14B (40% margin) — Step-change improvement
• FY2025 FCF: $2.10B (47% margin) — Best-in-class among enterprise software
• FY2026E FCF: $3.40B (47% margin) — Continued scaling on operating leverage
• FY2027E FCF: $4.80B (48% margin) — Approaching $5B+ annual FCF

6.4 Balance Sheet Analysis

Palantir's balance sheet is a fortress: $7.2B in total liquidity (cash + short-term investments) vs. $229M in total debt, resulting in a net cash position of ~$7.0B. The company has no meaningful debt maturities, no revolving credit facility drawdowns, and generates sufficient FCF to fund all operations, investments, and potential M&A entirely from organic cash flow. Book value of $7.5B is growing rapidly as retained earnings accumulate.

• Cash & equivalents: $1.42B (FY2025)
• Short-term investments: $5.75B (FY2025) — Primarily U.S. Treasury securities
• Total liquidity: $7.18B
• Total debt: $229M (long-term notes)
• Net cash position: ~$6.95B
• Book value: $7.49B ($3.13/share)

6.5 Financial Summary Tables

6.6 Key Financial Metrics Watch List

From our earnings recurring model, these are the key metrics to monitor:

• U.S. Commercial Revenue Growth — primary growth engine, acceleration above 100% validates AIP thesis
• Customer Count & Deal Size — growth in >$1M and >$10M deals signals enterprise adoption depth
• Adjusted Operating Margin — expansion toward 45%+ confirms operating leverage thesis
• Government Revenue Trajectory — defense AI spending growth rate as a leading indicator
• International Commercial Penetration — untapped TAM, acceleration here broadens growth story
• Remaining Deal Value & RPO — forward revenue visibility and contract length expansion

Our Estimates vs. Consensus

Our estimates are above consensus across all metrics, reflecting our conviction in AIP-driven commercial acceleration and operating leverage. The largest delta is FCF (+9.7% vs. consensus), as we believe the market underestimates PLTR's capital-light scalability.

7. Valuation

7.1 DCF Summary

We value Palantir using a discounted cash flow (DCF) model with two approaches: (1) a perpetuity growth method and (2) an exit multiple method. The high WACC (17%) reflects PLTR's levered beta of 2.45, which captures the stock's extreme volatility and sensitivity to AI sentiment and growth expectations.

• WACC: 17.0% (risk-free 4.3%, ERP 5.5%, levered beta 2.45)
• Terminal growth rate: 3.5% (above long-run nominal GDP, reflecting AI secular tailwind)
• Implied price (perpetuity growth): $170
• Implied price (exit multiple, 35x EV/EBITDA): $195
• Blended target price: $185 (50/50 weight)

7.2 Comparable Companies Analysis

Palantir trades at a significant premium to enterprise software peers, with 76.5x EV/Revenue vs. a peer median of 13.0x. However, PLTR's revenue growth (56%) is nearly 2x the peer median (28.5%), its FCF margin (47%) exceeds the median by 57%, and its Rule of 40 score (103) is 81% above the peer median (57). The premium is justified by objectively superior operating metrics, though the magnitude of the premium leaves limited margin of safety.

7.3 Scenario Analysis

We model three scenarios to capture the range of outcomes for PLTR over the next 12 months:

• Bear Case ($85, 20% probability): Revenue growth decelerates to 25% CAGR over 5 years, terminal EBITDA margin of 32%, WACC of 20%. This scenario assumes AI spending slowdown, commercial growth deceleration, and significant multiple compression to ~30x EV/Revenue.
• Base Case ($185, 50% probability): Revenue growth of 35% CAGR over 5 years, terminal EBITDA margin of 42%, WACC of 17%. This scenario assumes continued AIP-driven growth, gradual margin expansion, and sustained premium valuation at ~45x forward EV/Revenue.
• Bull Case ($280, 30% probability): Revenue growth of 45% CAGR over 5 years, terminal EBITDA margin of 48%, WACC of 14%. This scenario assumes PLTR becomes the dominant enterprise AI platform with $15B+ revenue by 2030, commanding a premium multiple on exceptional growth.

7.4 Target Price Derivation

Our 12-month target price of $185 is derived from a 50/50 blend of our DCF perpetuity growth method ($170) and exit multiple method ($195). This target implies ~25x forward EV/Revenue on our FY2027E revenue estimate of $10.07B and ~51x forward EV/FCF on our FY2027E FCF estimate of $4.8B. The probability-weighted scenario analysis ($192) provides additional support for our target.

8. Catalyst Calendar

The following catalysts could drive meaningful price action for PLTR over the next 12 months:

Near-Term Catalysts (0-3 months)

• U.S. Government Continuing Resolution Deadline (March 15): Defense spending floor likely maintained regardless; minimal risk to PLTR's federal revenue.
• Q1 2026 Earnings (April 15 est.): First quarter to validate $7.19B FY2026 revenue guidance. Consensus Q1 revenue ~$1.55B. U.S. commercial growth acceleration is key focus.

Medium-Term Catalysts (3-6 months)

• Fed FOMC Meeting (May 15): Rate cuts benefit high-duration growth stocks. Lower rates increase DCF fair value for PLTR.
• DoD FY2027 Budget Details (June 15): AI spending allocation directly impacts PLTR's government pipeline. AI budget expected to increase 25%+.
• Q2 2026 Earnings (July 15 est.): Mid-year check on revenue trajectory. International expansion progress is key focus.

Longer-Term Catalysts (6-12 months)

• AIPCon 5 (August 2026): Product announcements, new AIP features. Past AIPCons drove 5-10% stock moves.
• Q3 2026 Earnings (October 15 est.): Full-year target validation and 2027 guidance preview.
• EU AI Act Implementation Phase 2 (December 2026): Compliance requirements benefit large platforms like PLTR vs. point solutions.

Disclaimer

This report has been prepared for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase or sell any securities. The information contained herein is based on sources believed to be reliable, but no representation or warranty, express or implied, is made as to its accuracy, completeness, or timeliness.

This report does not constitute investment advice. Past performance is not indicative of future results. Investors should conduct their own due diligence and consult with qualified financial professionals before making investment decisions. The securities discussed in this report may not be suitable for all investors.

The analyst(s) responsible for this report certify that (1) the views expressed herein accurately reflect their personal views about the subject securities and issuers, and (2) no part of their compensation was, is, or will be directly or indirectly related to the specific recommendation or views contained in this report.

Rating definitions: BUY = expected total return >15% over 12 months. OVERWEIGHT = >5%. HOLD = -5% to +5%. UNDERWEIGHT = <-5%. SELL = <-15%. Conviction scores range from 1.0 (low) to 5.0 (high) and reflect the analyst's confidence in the investment thesis.

The financial data presented in this report is derived from company filings (Palantir Technologies Inc. 10-K, 10-Q), consensus estimates (Bloomberg, Refinitiv), industry sources (Gartner, IDC, Forrester), and public financial databases. Financial projections are the analyst's own estimates and may differ from consensus.

All data as of 2026-03-02. Prices and market data are as of the close of trading on February 28, 2026, unless otherwise noted.

This report is intended for institutional investors and qualified professionals only. Distribution to retail investors is not authorized. Reproduction or redistribution of this report without prior written consent is prohibited.