Palantir Hit $7.7B ARR Growing 93% With 157% NRR and a 155% Rule of 40 — The Anti-SaaSpocalypse Data Point

SaaStr (corroborated by CNBC and Businesswire Q2 press release)·high signalXBlueskyLinkedInCopy link

Palantir reported Q2 2026 revenue of $1.935B, up 93% year-over-year, with U.S. commercial revenue up 149% to $764M and a record Rule of 40 score of 155%. Customer count grew only 6% sequentially while revenue grew 28%, meaning nearly all growth is expansion inside 1,049 existing accounts at ~$7.4M average revenue each, with 73 deals over $10M and $13.1B in remaining deal value. For builders this is the strongest counter-evidence to the seat-compression thesis: AIP is sold as delivered outcomes via boot-camp engagements, not seats, and one Silicon Valley company converted to a $10M ACV contract after a bake-off against frontier labs.