Palantir’s U.S. commercial revenue jumped 133% to $595 million, while Snowflake’s product revenue grew 33.5% to $1.33 billion.
Palantir reported an 84.7% year-over-year revenue increase in Q1 2026, driven by a 133% surge in U.S. commercial revenue to $595 million and 84% growth in U.S. government revenue to $687 million. The company closed 206 deals worth at least $1M, with its AI Platform (AIP) attracting Fortune 500 buyers under multi-year contracts.
Snowflake, meanwhile, posted 33.5% revenue growth, reaching $1.33 billion in product revenue. Its net revenue retention stood at 126%, with remaining performance obligations (RPO) at $9.21 billion, up 38% year-over-year. Cortex Code is now deployed in over 7,100 accounts, reinforcing Snowflake’s enterprise AI footprint.
Palantir CEO Alex Karp highlighted the company’s 145% Rule of 40 score, surpassing the metric alongside NVIDIA and Micron. Snowflake’s growth, though slower, remains underpinned by its 790 Global 2000 customers and expanding margins.