Palantir Technologies Inc. (PLTR) SEC Filings & Earnings Calls

Dependence on third-party cloud providers

“If AWS, Microsoft Azure, or other third parties increase pricing terms, terminate or seek to terminate our contractual relationship, establish more favorable relationships with our competitors, change or interpret their terms of service or policies in a manner that is unfavorable to us, or fall out of favor with our customers who use our cloud-based services” · word for word

Concentration of revenue from U.S. government

“Revenue from U.S. government customers was $809 million for the three months ended June 30, 2026 compared to $426 million for the same period in 2025.” · word for word

Concentration risk in U.S. commercial segment; rapid growth may not be sustainable if AI sovereignty demand moderates.

“U.S. commercial revenue grew 149% Y/Y; U.S. commercial TCV up 153% Y/Y; high growth rates may normalize.”

Third-party cloud dependency

“If AWS, Microsoft Azure, or other third parties increase pricing terms, terminate or seek to terminate our contractual relationship... we could incur significant costs and experience possible service interruption.” · word for word

Geopolitical conflict risk

“The recent escalation of conflict in the Middle East has led to retaliatory strikes by Iran that have targeted, and may continue to target, private company infrastructure including data centers.” · word for word

Concentration in U.S. government revenue (42% of total) may introduce political/budget risk.

“U.S. government revenue of $687 million, 84% Y/Y growth, but subject to government spending cycles.”

Founder voting control concentration

“Our Founders are currently party to the Founder Voting Agreement... the shares subject to the Founder Voting Agreement will be voted with respect to a matter in the same manner in which the Trustee votes the shares of Class F common stock with respect to such matter.” · word for word

Multi-class voting structure limits minority shareholder influence

“We have three series of common stock, Class A common stock, Class B common stock, and Class F common stock, which have different voting rights.” · word for word

Key person dependency on Founders

“Our Founders are currently party to the Founder Voting Agreement... the shares subject to the Founder Voting Agreement will be voted with respect to a matter in the same manner in which the Trustee votes the shares of Class F common stock with respect to such matter.” · word for word

Cloud Provider Dependency

“If AWS, Microsoft Azure, or other third parties increase pricing terms, terminate or seek to terminate our contractual relationship... we could incur significant costs.” · word for word

Cybersecurity Breach

“We have experienced, and may in the future experience, disruptions, failures, data loss, corruption, unavailability, outages, and other performance problems with our infrastructure or cloud-based offerings.” · word for word

High growth expectations may be difficult to sustain; concentration in U.S. commercial.

“FY2026 revenue guidance implies 61% growth; U.S. commercial 115%.”

Cloud dependency concentration

“We rely on third-party cloud hosting services; if AWS, Microsoft Azure, or other third parties increase pricing terms, terminate or seek to terminate our contractual relationship... we could incur significant costs.”

Intellectual property litigation risk

“We may be the subject of intellectual property infringement or misappropriation claims, which could be very time-consuming and expensive to settle or litigate.” · word for word

Concentration in U.S. government revenue may introduce political/regulatory risk.

“U.S. government revenue of $486M represents 41% of total revenue.”