Palantir's Growth Is Coming From 1,049 Customers, Not New Logos

Palantir posted $1.935 billion in quarterly revenue, up 93% year-over-year, for a twelfth straight quarter of accelerating growth — a data point Jason Lemkin says resets expectations for what a B2B software company can look like at scale. Net revenue retention climbed to 157% (from 150% in Q1), the Rule of 40 score hit 155%, GAAP operating margin reached 47%, and adjusted free cash flow was $1.22 billion, with $9.2 billion in cash and no debt. What stands out is where the growth is coming from: Palantir has only 1,049 total customers, averaging roughly $7.4 million in annual value each, closing 73 deals over $10 million in a single quarter, 220 over $1 million, and 98 over $5 million. Customer count grew just 6% sequentially while revenue grew 28% — expansion within existing accounts, not new-logo growth, is doing almost all the work. US commercial bookings grew 153% year-over-year and now represent 81% of total revenue.

The pattern rhymes with Stripe’s numbers from two weeks earlier, though the growth engines differ. A companion SaaStr breakdown reported Stripe’s 2025 revenue at $6.8 billion, up 33% and its fastest growth since 2021, with a 47% free cash flow margin and a private valuation near $159 billion (about 23x revenue) — Stripe’s acceleration is credited partly to processing payments for OpenAI, Anthropic, and other AI-native startups, an indirect AI tailwind rather than Palantir’s direct AI-platform land-and-expand.

Both pieces land on the same conclusion from different angles: at this stage of the AI buildout, the highest-value revenue signal isn’t new-logo count, it’s what existing enterprise customers are willing to expand into once a platform proves itself. For sales leaders benchmarking growth targets or building a case for expansion-led headcount, Palantir’s 1,049-customer, $7.4-million-average-value profile is a sharper reference point than logo-count metrics from an earlier SaaS era.