Palantir’s 20 largest customers paid it an average of $124 million each in the twelve months to 30 June 2026, according to its latest quarterly filing. Its other 1,029 customers averaged about $3.6 million each over the same period, by our arithmetic, so the top 20 averaged about 35 times the rest. By the same arithmetic, the multiple was about 25 times in the twelve months to September 2024.
Update, 3 Nov: what the earnings call added. On the call, chief revenue officer Ryan Taylor said at [04:22] that “The third quarter average trailing 12-month revenue from our top 20 customers increased 76% year-over-year to $146 million per customer”, according to our machine transcription of the webcast. That is $22 million, or about 18%, above the $124 million for the twelve months to June, by our arithmetic. Twenty customers at $146 million is about $2.92 billion, roughly 40% of Palantir’s revenue over the four quarters to September, by our arithmetic from its filings. Palantir did not name the customers on the call.
The Q3 2026 business update Palantir published with its results on 2 November puts its customer count at 1,090, up 20% in a year, while quarterly revenue rose 96%. By our arithmetic, trailing twelve-month revenue per customer reached $6.69 million, from $4.28 million a year earlier.
Business Pill · Concentration
An evergreen Business Engineer explainer on concentration: when a few big pieces make up most of a total. It teaches the general idea only and does not discuss Palantir.
The key insight: By our arithmetic, Palantir’s trailing revenue per customer rose 56% in the year to September 2026 while its customer count rose 20%, and its top 20 customers averaged about 35 times the rest in the twelve months to June.
Palantir’s 10-Q and 10-K filings give a concentration figure: the average revenue of its top twenty customers over the trailing twelve months. It was $60.1 million in the twelve months to September 2024, $83.0 million a year later and $124 million in the twelve months to June 2026. The Q2 2026 10-Q says the $124 million “grew 67% from an average of $75 million” a year earlier.
Palantir does not name those customers or split them by segment. Combined, by our arithmetic, the top 20 accounted for about $2.48 billion of $6.16 billion in trailing revenue, or 40.3%, down from 45.4% in the twelve months to September 2024. The gap to everyone else still widened: the other customers averaged about $2.4 million then and about $3.6 million in the latest period.
The filings attach the same reading to the figure each time: “demonstrating our expanding relationships with existing customers”. The same 10-Q lists among its risks that “a limited number of customers account for a substantial portion of our revenue”. Palantir has given the top-twenty figure in its 10-Q filings, and its Q3 10-Q had not been filed on EDGAR when we checked on 2 November.
Average trailing twelve-month revenue of Palantir’s top twenty customers, as stated in its 10-K and 10-Q filings, against the average of all its other customers, log scale. ‘The rest’ is our arithmetic: trailing revenue (summed from quarterly earnings releases) less 20 times the top-twenty average, divided by the customer count less 20. Palantir rounds its 2026 top-twenty averages to whole millions, so multiples are approximate.Animated: Palantir’s trailing twelve-month revenue per customer, September 2024 to September 2026, our arithmetic: TTM revenue summed from its earnings releases divided by the customer count in its 10-K and 10-Q filings and, for September 2026, slide 22 of its Q3 2026 Business Update. $4.21 million to $6.69 million.
Customers Up 20%, Revenue per Customer Up 56%
Palantir defines a customer as “an organization from which we have recognized revenue during the trailing twelve month period”, and counts each separately contracting government agency as its own customer. On that basis it had 629 customers at September 2024, 911 at September 2025 and 1,090 at September 2026, per its filings and slide 22 of the deck.
Year-on-year growth in the count has slowed in each of the last four quarters, by our arithmetic from the filed counts: from 44.8% at September 2025 to 34.2%, 30.9%, 23.6% and 19.6%. Net additions held between 41 and 53 a quarter over the last four quarters. Over the same stretch, quarterly revenuegrowth rose from 63% in Q3 2025 to 96% in Q3 2026, per the releases.
Divided out, trailing revenue per customer stayed between $4.03 million and $4.28 million from September 2024 to September 2025, then rose to $6.69 million, by our arithmetic. The deck’s appendix adds one retention figure: “Net dollar retention was 165% in Q3 2026.”
Where the New Customers Are
Slide 21 of the deck counts 686 US commercial customers at September 2026, up from 530 a year earlier, a 29% rise. Slide 22 counts 904 commercial customers in total, up from 742. By our arithmetic, 156 of the 162 commercial customers added in the year were in the US, and commercial customers outside the US went from 212 to 218.
Government customers, the total less commercial, went from 169 to 186 over the same year, by our arithmetic. US commercial net additions were 41, 44, 38 and 33 in the last four quarters, per the slide’s counts. Using the rounded quarterly figures in the releases, trailing US commercial revenue per US commercial customer rose from about $2.21 million to about $4.15 million, up 88%.
Bigger Deals, Not More of Them
The Q3 release says Palantir “Closed 212 deals of at least $1 million, 107 deals of at least $5 million, and 64 deals of at least $10 million”. Across the eight releases from Q4 2024, deals of at least $1 million went from 129 in Q4 2024 to 212 in Q3 2026, with a high of 220 in Q2 2026.
By our arithmetic, the 107 deals of at least $5 million were 50.5% of the deals of at least $1 million, the first time in those eight quarters that the share passed half; it was 44.5% in Q2 and 44.6% a year earlier. Deals of at least $10 million were 30.2% of the total, against 33.2% in Q2 and 33.9% in Q4 2025, on 64 deals against 73 in Q2.
Palantir counts a deal at its total contract value, which, per the deck, “includes existing contractual obligations and unexercised contract options”, so the counts measure contracts signed rather than revenue booked in the quarter.
Update, 3 Nov: the 10-Q confirms the top-20 figure. Palantir’s third-quarter 10-Q, filed on 3 November, states: “Our average revenue for the top twenty customers during the trailing twelve months ended September 30, 2026 was $146 million, which grew 76% from an average of $83 million in revenue from the top twenty customers during the trailing twelve months ended September 30, 2025”. That matches the figure given on the call.
With trailing twelve-month revenue of about $7.29 billion and 1,090 customers, the other 1,070 averaged about $4.1 million each, so the top twenty averaged about 36 times the rest, against about 35 times in the twelve months to June, by our arithmetic. The 10-Q also says the top three customers accounted for 16% of revenue in the first nine months of 2026 and have been with Palantir for an average of fifteen years.
Where Palantir Prints the Count
Each of Palantir’s five earnings releases from Q4 2024 to Q4 2025 carried a highlights bullet on customer count growth, from “Customer count grew 43% year-over-year and 13% quarter-over-quarter” in Q4 2024 to “Customer count grew 34% year-over-year and 5% quarter-over-quarter” in Q4 2025.
The phrase does not appear in the Q1, Q2 or Q3 2026 releases, by our full-text search of each. The count itself is still published: as a number in each 10-Q and the 2025 10-K, and on slides 21 and 22 of the Q3 deck, which also gives the commercial and US commercial counts.
As we read it, the business lever here is expansion inside existing accounts: by our arithmetic, revenue per customer rose 56% in a year while the count rose 20%, and the top 20 still made up about 40% of trailing revenue.
The Structural Read
As we read it, the two concentration measures moved in opposite directions: the top 20’s share of trailing revenue fell from 45.4% to 40.3%, while their average pulled further ahead of the other customers’ average, from about 25 times to about 35 times.
As we read it, the year’s commercial customer growth was almost all in the US: 156 of the 162 net commercial additions were US customers, by our arithmetic from the deck’s counts.
Palantir Form 10-Q, Q2 2026
“Our average revenue for the top twenty customers during the trailing twelve months ended June 30, 2026 was $124 million”
Three Implications
FOR READERS OF THE RELEASES The customer count is no longer in the release highlights; it is in the 10-Q and 10-K filings and on slides 21 and 22 of the Q3 deck, which give total, commercial and US commercial counts.
FOR THE DEAL MIX Q3’s 107 deals of at least $5 million were the most in the eight quarters of releases since Q4 2024, while deals of at least $10 million fell to 64 from 73 in Q2.
FOR CONCENTRATION By our arithmetic, Palantir’s top 20 customers made up about 40% of trailing revenue in the twelve months to June 2026; the 10-Q lists among its risks that a limited number of customers account for a substantial portion of revenue.
The framework puts it this way: “Your product stops being the thing companies buy and becomes the thing other systems assume exists.”
As we read it, Palantir’s filings measure that pattern in money: revenue per customer up 56% in a year on 20% more customers, by our arithmetic, and net dollar retention of 165% in Q3, as stated in the deck. The framework was published in December 2025 and does not discuss Palantir.
Palantir does not name its top twenty customers or say how many are government agencies. Its 2026 top-twenty averages are rounded to whole millions, so the 35-times multiple is approximate. Our figure for the other customers assumes the top-twenty average is exact and that revenue and customer counts cover the same twelve months, as Palantir’s definitions state.
The customer count is net: it does not show how many customers were added or lost. Net dollar retention is given for Q3 2026 only in the deck. Deal counts include unexercised options. The top-twenty figure for the twelve months to September 2026, $146 million, was published in the 10-Q on 3 November; see the update above. We did not contact Palantir.
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Palantir’s filings put its top twenty customers at an average of $124 million each over the twelve months to June 2026. By our arithmetic, that is about 35 times the average of its other 1,029 customers, up from about 25 times in the twelve months to September 2024. The Q3 deck counts 1,090 customers, up 20%, and trailing revenue per customer reached $6.69 million, up 56%.
Deals of at least $5 million were more than half of Q3’s $1 million-plus deals for the first time in eight quarters.
A note on sourcing. Customer counts and top-twenty averages come from Palantir’s 10-K and 10-Q filings and its Q3 2026 Business Update; revenue and deal counts from its eight earnings releases from Q4 2024 to Q3 2026, all read on SEC EDGAR and investors.palantir.com on 2 November 2026. Trailing revenue, per-customer averages, multiples and shares are our arithmetic. We did not contact Palantir.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
