What Palantir's FY2025 10-K says: 12 signals
Palantir filed its latest 10-K with the SEC on Feb 17, 2026. It discusses market expansion, AI investment and backlog growth.
Public (PLTR)Software Development1,001 to 5,000 employeespalantir.comLinkedIn
- Filed
- Feb 17, 2026
- Period
- FY2025
- Fiscal year end
- 12/31
- Filings
- 1
10-K · latest 10
What Palantir's 10-K filings say
- SEC EDGAR
10-K · FY2025
Filed · Fiscal year ends 12/31 · 12 signals
Average revenue from top 20 customers surged 45% YoY to $93.9M in 2025
This indicates a healthy land-and-expand motion and validates the value proposition for large enterprises.
$93.9M
Average revenue from top 20 customers in 2025
45%
Year-over-year growth in average revenue from top 20 customers
Launched new Artificial Intelligence Platform (AIP) in 2023 to integrate LLMs
Palantir is aggressively pushing its new AIP platform, which connects large language models (LLMs) to customer data.
AIgenerative AILLMagents
Reports $11.2 billion in total remaining deal value for its data platforms
The company has $11.2 billion in future contracted revenue ($6.8B commercial, $4.4B government), signaling massive, committed budgets for its data integration and operations platforms.
$11.2B
Total remaining deal value as of Dec 31, 2025
data platform
Average revenue from top 20 customers grew 45% to $93.9M in 2025, showing deep account expansion.
Palantir's average revenue from its top 20 customers surged from $64.6M in 2024 to $93.9M in 2025.
$93.9M
Average revenue from top 20 customers in 2025
45%
Year-over-year growth in average revenue from top 20 customers
Palantir targets customers with failed multi-million dollar digital transformation projects.
Palantir's sales strategy explicitly targets large institutions that have invested millions or billions in digital transformation, ERP, or data warehouse projects that failed to deliver.
$1B
Example of a failed ERP project by a U.S. military department
$11.2B in total remaining deal value is at risk due to termination clauses
The company discloses that many customer contracts can be terminated for convenience and that it historically has not realized the full deal value.
$11.2B
Total remaining deal value at risk of non-realization or termination
Company identifies potential for reputational harm or liability from its AI platforms
The use of AI, machine learning, and LLMs in its core platforms (AIP, Foundry, Gotham) introduces new risks related to errors, ethics, and security.
AImachine learninglarge language modelsgenerative AI
Developing 'Industry Operating Systems' for airline, healthcare, automotive and more
Palantir is creating templated 'operating systems' for entire industries to accelerate adoption and scale distribution.
operating systems
Palantir is moving beyond individual customer solutions to create 'central operating systems for entire industries'.
The company is actively building out its direct sales force, which has already resulted in acquiring multiple new customers.
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Questions about Palantir 10-K
When did Palantir file its latest 10-K?
What does Palantir's latest 10-K say about backlog growth?
Where can I find Palantir's annual report?
Source. Annual reports (Form 10-K) filed with the SEC. Every card links to the filing on EDGAR.
Method. Insights are extracted from the filing text and grouped by category. Numbers are quoted from the filing.
Data as of .