Aslan Research · AI software
Palantir Technologies Inc. (PLTR)
Data as of 2026-09-03 · 26 quarters · filed in USD
Revenue grew 37% per year, versus 9% for expenses. The backlog is $4.9 billion, equal to 0.8x one year of revenue, so the growth rate is not matched by a full year of already contracted sales.
Earned, collected early, and merely signed
Reports — of debt; has promised $211M
The $211 million of total committed money is entirely for leases. That puts the company’s lease commitments in a narrower bucket than a broader total that would also include purchases.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The largest near-term obligation is $3.6 billion due in the next 5 years, followed by $2.8 billion due in years 6 through 10. The backlog covers 0.8x one year of revenue, while the filing shows obligations extending beyond the near-term bands.
The rates that matter
Expenses as filed vs after cited reconciliation
13 patterns worth a second look
The sharpest flag is the reported investment in entities associated with commercial contracts that also generated reported revenue. The filings also show recurring payments to an executive-owned aircraft provider, rising from $7.7 million in FY2024 to $17.2 million in FY2025, and a cloud-services commitment that changed from six contract years totaling $1.49 billion to ten contract years totaling $1.95 billion, and later to $5.6 billion through February 29, 2036.
circular financing · 1
The company invested in entities associated with commercial contracts that also generated reported revenue.
one time dressing · 1
The FY2022 filing presents a $44.3 million step-acquisition remeasurement gain as revenue in the catalog.
redefinition · 1
The cloud-services commitment changed from six contract years totaling $1.49 billion to ten contract years totaling $1.95 billion, and later to $5.6 billion through February 29, 2036.
regulator challenge · 7
A reply to SEC staff was filed on 2020-09-03, answering a staff comment letter dated 2020-08-25; it quotes 4 staff comments.
A reply to SEC staff was filed on 2020-09-14, answering a staff comment letter dated 2020-09-08; it quotes 0 staff comments.
A reply to SEC staff was filed on 2020-09-14, answering a staff comment letter dated 2020-09-08; it quotes 2 staff comments.
+ 4 more
related party exposure · 2
The filings report recurring payments to an executive-owned aircraft provider, increasing from $7.7 million in FY2024 to $17.2 million in FY2025.
Strategic Commercial Contracts with investee-related counterparties generated substantial reported revenue relative to their contract value.
subsequent event · 1
The FY2023 filing reports a $44.3 million gain from the November 8, 2022 step acquisition of Palantir Japan.