Palantir's commercial revenue surged 121% year over year in Q3 2025, signaling that enterprise customers are moving beyond pilot programs into production deployments. The company's Artificial Intelligence Platform is winning contracts because it delivers applications that work immediately, not prototypes that require months of customization. Watch quarterly earnings for two metrics: U.S. commercial customer count and average contract value. If those numbers accelerate, PTIR benefits twice over. If enterprise AI budgets tighten due to recession fears or disappointing ROI, the leveraged ETF will magnify that downside.