Palantir has reached a major milestone with its first billion-dollar quarter, propelling cofounders Peter Thiel and Alex Karp's net worths by a combined $17 billion. Following a 25% stock surge, Palantir's market capitalization surpassed $411 billion, marking a 550% increase over the last year. The company also reported record revenue of $1 billion for the most recent quarter, up 48% year-over-year, while profit rose by 33%. Chief technology officer Shyam Sankar has also joined the billionaire ranks, with a net worth over $1.3 billion.
Palantir's stock has hit turbo mode. In the last month alone, shares surged by some 25%, helping the AI and analytics company reach a market cap north of $411 billion.
In the last month alone, shares surged by some 25%, helping the AI and analytics company reach a market cap north of $411 billion. And over the last year, the stock has skyrocketed by more than 550%.
Cofounder Peter Thiel's net worth has jumped to over $25 billion-up $9 billion since January-and Palantir CEO Alex Karp's has surged to more than $15 billion.
Later that day, the company reported a record-setting $1 billion in revenue for its most recent quarter, up 48% year-over-year.
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