Palantir Soars 30% After Q2 Beat as Karp Takes Aim at Frontier AI Labs

Palantir jumped about 30% after a strong Q2 report: revenue of $1.94 billion (up 92.8% year over year) and EPS of $0.41, beating estimates by roughly 46%. U.S. commercial revenue surged 149%, helping lift full-year revenue guidance to about $8.15 billion, with adjusted operating margin at 62% and free cash flow of $1.22 billion. CEO Alex Karp used the call to attack frontier AI labs (notably Anthropic), arguing proprietary data should not feed external models and highlighting Palantir’s Sovereign AI approach. The move signaled a market re-rating of Palantir’s growth, though the stock remains richly valued (high P/E and P/S), and investors will watch Q3 delivery and ongoing commercial traction.