Palantir Technologies Inc - Ordinary Shares - Class A

Strong Q2 performance + record momentum (good / surprising) - Revenue grew 93% YoY (highest ever reported), 19% sequentially, to $1.935B. - Adjusted free cash flow (AFCF) hit $1.22B (highest ever reported), with 63% margin. - Rule of 40 = 155% (accelerating; up 10 points QoQ). - Deal velocity at scale: 220 deals ≥ $1M; 98 deals ≥ $5M; 73 deals ≥ $10M (record highs). - U.S. is driving everything: U.S. now >81% of total revenue, growing 115% YoY and 23% sequentially.

Guidance raised (good) - Q3 2026 outlook: Revenue $2.16B–$2.164B; adjusted operating income $1.292B–$1.296B. - Full-year 2026 outlook raised: Revenue $8.15B–$8.158B (raised, with ~82% YoY growth). - U.S. commercial guidance raised to in excess of $3.424B (≥134% growth rate). - Adjusted free cash flow guidance (raised): $4.5B–$4.7B. - Management reiterated expectation of GAAP profitability each quarter.

Bookings / retention strength signals demand (good) - U.S. commercial TCV bookings: $2.132B in Q2, +153% YoY (and +81% sequentially), “nearly $800M above prior highest quarter.” - Global TCV bookings (government-heavy): $3.4B in Q2, +49% YoY; dollar-weighted duration +129% YoY. - Net dollar retention: 157% (up 700 bps QoQ) — management framed as accelerating expansion. - Remaining performance obligations / remaining deal value increased meaningfully (deal value $13.1B, +83% YoY; RPO $4.9B, +103% YoY).