Palantir Technologies (PLTR) delivered a standout Q3 2026 earnings report on November 2, posting revenue of $2.31 billion, up 96% year-over-year and ahead of consensus estimates near $2.18 billion, driven by 148% growth in U.S. commercial revenue to $984 million that surpassed U.S. government sales for the first time. The company raised full-year revenue guidance to $8.53 billion, implying 91% growth, alongside strong adjusted margins near 62% and free cash flow. This performance reflects accelerating AI platform adoption and expanding commercial deployments, though elevated valuation multiples above 160 times trailing earnings have tempered post-release price action amid questions about sustaining sequential growth. Traders are monitoring Q4 execution and any shifts in deal velocity for further clarity on near-term share price levels.