Palantir sells software that helps organizations connect data, AI models and operational workflows; NVIDIA sells accelerated-computing platforms that provide much of the hardware and software infrastructure used to develop and run AI. They can work together in one deployment, but they are not direct substitutes. Their latest reported quarters also differ in timing and scale: Palantir’s quarter ended June 30, 2026, while NVIDIA’s fiscal second quarter ended July 26, 2026.
What the latest results show
The figures below come from company filings and earnings materials available as of October 4, 2026. Palantir’s results are for calendar Q2 2026; NVIDIA’s are for Q2 of fiscal 2027, not a calendar quarter. Their growth rates are useful context, but the revenue categories measure different parts of each business.
| Measure | Palantir | NVIDIA |
|---|---|---|
| Latest reported quarter | Q2 2026, ended June 30, 2026 | Q2 fiscal 2027, ended July 26, 2026 |
| Total revenue | $1.935 billion, up 93% year over year | $96.2 billion, up 106% year over year |
| Relevant reported business evidence | U.S. commercial: $764 million, up 149%; U.S. government: $809 million, up 90% | Data Center: $89.0 billion, up 117% year over year |
| Near-term outlook | Management raised its 2026 revenue growth guidance to 82%; this is a forecast, not a reported result | The cited Q2 filing describes current-period demand and conditions; it does not establish a current full-year growth forecast in the figures above |
The scale difference is substantial: NVIDIA’s reported quarterly revenue was roughly 50 times Palantir’s in these latest reported quarters. That ratio is only a comparison of reported revenue amounts across different fiscal periods; it is not a valuation comparison or a like-for-like measure of AI sales.
What Palantir sells and how its software works
Palantir’s business is enterprise and government software, sold through customer contracts, generally lasting one to five years. Its 2025 Form 10-K describes four principal platforms: Gotham, Foundry, Apollo and the Artificial Intelligence Platform (AIP). Revenue is generally recognized over the contract term.
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Foundry, Gotham and Apollo
- Foundry supports data management, logic, modeling, analytics and workflow development. Its Ontology represents connected real-world entities and processes so organizations can use their data in operational settings.
- Gotham is one of Palantir’s principal platforms, included in its broader software offering for organizations and public-sector customers.
- Apollo coordinates software delivery and updates across cloud and other environments.
AIP connects models to organizational work
AIP provides secure connections to third-party large language models, along with tools for AI-enabled agents, automations, applications, evaluation and governance. In practical terms, Palantir’s pitch is about bringing models into an organization’s data and workflows—not manufacturing the underlying AI chips or necessarily owning the models that customers use.
Palantir does not report AIP as a standalone revenue segment in the cited materials. Its company-wide growth therefore should not be described as revenue generated exclusively by AIP.
Palantir’s growth evidence
In its Q2 2026 release, Palantir reported growth in both U.S. commercial and government revenue. The company and its management pointed to demand for AIP and sovereign AI as relevant context. Its Q2 2026 Form 10-Q also says revenue growth included expansion from existing customers as well as other changes in customer revenue. These filings support a picture of customer adoption and expansion, but do not isolate how much growth came from any single product or cause.
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Palantir reported fiscal 2025 revenue of $4.5 billion, up 56% from fiscal 2024, in its 2025 Form 10-K. For that year, it reported $1.4 billion in income from operations and $2.3 billion in adjusted income from operations after excluding stock-based compensation and related employer payroll taxes. The adjusted and reported figures are different measures; neither should be substituted for the other or confused with the later quarterly results.
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What NVIDIA sells and why Data Center matters
NVIDIA’s accelerated-computing business spans processors, complete systems, networking, software libraries and platforms, and developer tools. That broader platform supplies infrastructure for AI training and inference; NVIDIA also reports businesses in gaming, professional visualization and automotive.
Data Center is the main AI growth engine in the latest quarter
For Q2 fiscal 2027, NVIDIA attributed Data Center growth to the ramp of Blackwell Ultra infrastructure. It identified demand from hyperscalers, AI-native companies, enterprises and sovereign customers. The result is evidence of strong recent infrastructure demand as reported by NVIDIA; it is not by itself a forecast that the same growth rate will continue.
NVIDIA’s fiscal 2026 Form 10-K reported $215.9 billion in revenue, up 65% from fiscal 2025. It also reported fiscal 2026 growth in Gaming (41%), Professional Visualization (70%) and Automotive (39%). NVIDIA cited Blackwell demand and the launch of DGX Spark as contributors to Professional Visualization growth, and adoption of its self-driving platforms as a driver in Automotive. Those businesses help show why the company’s total revenue should not be treated as synonymous with AI chips or Data Center.
Product transitions and reporting details matter
NVIDIA’s fiscal 2026 annual filing said gross margin was affected by the transition from Hopper HGX systems to Blackwell full-scale data center solutions and by a $4.5 billion H20 excess-inventory and purchase-obligations charge. In its Q2 fiscal 2027 filing, NVIDIA said Hopper shipments to China were less than 1% of Data Center revenue for that quarter. These are period-specific disclosures, not a complete forecast of future margins, supply or sales.
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Why their growth rates are not an apples-to-apples contest
Palantir’s U.S. commercial and government figures describe revenue by customer category; NVIDIA’s Data Center figure describes a market platform. The categories do not have equivalent definitions. The companies also have very different total revenue bases and reported different quarter-end dates. So comparing the year-over-year percentages alone cannot establish which business is “better,” more profitable, or more durable.
- For Palantir, examine contract-based software adoption, expansion within existing customers, and whether management’s forward guidance is later achieved.
- For NVIDIA, examine demand for accelerated-computing infrastructure alongside product ramps, supply, component costs, export controls and competition.
- For both, separate company-reported explanations and forecasts from independently verified outcomes. One quarter’s growth does not establish future market share, customer economics or stock returns.
How the companies can complement one another
Their different layers make collaboration possible. Palantir’s Q3 2025 investor presentation said NVIDIA models would be available through AIP and described Palantir’s Ontology running with NVIDIA accelerated computing. Palantir’s Q1 2026 business update described a sovereign AI operating system pairing NVIDIA Blackwell Ultra hardware with Palantir software, aimed at needs such as data sovereignty, latency or geographic distribution.
These are company-reported partnership descriptions, not evidence that every customer deployment uses both companies’ products. A customer might use NVIDIA infrastructure with different software, or Palantir software in a deployment that does not use NVIDIA hardware. The partnership illustrates complementarity; it does not make the businesses identical.
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A practical framework for comparing the businesses
For a business-model comparison, start with what each company sells and how customers buy it: Palantir’s contracted software platforms versus NVIDIA’s computing platforms and related products. Then evaluate the growth evidence in each company’s own reporting categories, preserving the period and definition attached to every figure.
For an investment decision, the operating comparison is only one input. Consider valuation, financial statements, risk tolerance and time horizon separately; these revenue figures alone do not determine which stock is a better fit. Palantir’s filings emphasize customer and contract dynamics, while NVIDIA’s describe infrastructure demand, product transitions and exposure to supply and trade conditions. Neither company’s reported growth rate should be used as a stand-in for expected shareholder returns.
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