Jason Lemkin with some interesting takeaways from Palantir’s performance over the recent years. A couple of highlights:

#2. Its Top 20 Customers pay an average a stunning $45m a year (!). And that’s 24% higher than a year ago!

#4. Yes, Palantir is Solidly a Software Company. Gross Margins remain well above 80%. It was perhaps fair to criticize Palantir as a services business in large part in the run up to the IPO — but no longer. With many quarters of 80%+ gross margins, that’s software.

The net retention they’ve demonstrated is bananas: 120%+ consistently since going public in 2020. And $2B ARR. Still an enigmatic and unique business, and the expanding diversification into commercial is something a lot of people thought wouldn’t happen.