New York, June 29, 2026, 17:04 (EDT)
- Palantir rose 2.4% to $115.70 after Nvidia rolled out a new AI push targeting U.S. government and infrastructure clients.
- Palantir saw about $5.1 billion in shares trade. The stock’s price jump tacked on around $7.0 billion in market value for the day.
- The stock was still at around 38.9 times the midpoint of Palantir’s 2026 revenue target.
Palantir Technologies Inc. NASDAQ:PLTR gained 2.4% to $115.70 late Monday after partnering with NVIDIA Corporation NASDAQ:NVDA on an AI engine for U.S. government and critical infrastructure clients. Investors bought in: some $5.1 billion worth of Palantir shares traded, and the $2.74 gain tacked on around $7.0 billion in market cap. That’s close to 92% of Palantir’s 2026 revenue guidance midpoint.
Palantir shares held close to the big tech ETF in recent trading. The stock outperformed SPDR S&P 500 ETF Trust (NYSEARCA:SPY) but stayed in line with Invesco QQQ Trust Series 1 NASDAQ:QQQ. Nvidia posted a smaller gain.
| Instrument | Last price | Day move | Volume |
|---|---|---|---|
| Palantir NASDAQ:PLTR | $115.70 | up $2.74, or 2.4% | 43.8 mln |
| NVIDIA NASDAQ:NVDA | $194.97 | added $2.36, up 1.2% | 146.8 mln |
| Invesco QQQ Trust NASDAQ:QQQ | $724.08 | up $17.60, or 2.5% | 44.3 mln |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $741.00 | $12.22 higher, up 1.7% | 56.7 mln |
U.S. stocks pushed higher. The S&P 500 added 1.16%, the Nasdaq Composite jumped 2.04%, and the Dow ended at a record close, according to Reuters.
Palantir and Nvidia said their new system will run Nvidia AI and Nemotron open models inside what they called “sovereign environments,” aimed at U.S. government agencies and infrastructure groups. Palantir said agencies will be able to use these models in classified and air-gapped situations, and can update model weights with their own data and goals. Palantir CEO Alex Karp said this setup cuts “security risks” tied to closed models, adding that “many of our US clients are already using these models.” Nvidia CEO Jensen Huang called “open source AI” a foundation for national security. Business Wire
This is key because Palantir’s U.S. unit is now the main story for the stock. U.S. revenue in Q1 jumped 104% to $1.28 billion. Government sales were $687 million, commercial $595 million. Total top line climbed 85% to $1.63 billion. Adjusted operating income landed at $984 million for a 60% margin.
Valuations stayed stretched even with the tough June.
| Check | Number | Investor read-through |
|---|---|---|
| Market value | $297.5 bln | Still sits in mega-cap software territory |
| 2026 revenue guide | $7.650 bln-$7.662 bln | Midpoint is $7.656 bln |
| Market value / 2026 sales guide midpoint | 38.9x | Not much cushion for a miss |
| 2026 adjusted operating income guide | $4.440 bln-$4.452 bln | Valuation runs 66.9x the midpoint |
| Monday dollar turnover | $5.1 bln | That’s 1.18x the 2026 adjusted free cash flow midpoint |
The table lists Palantir’s current market cap along with its May outlook for 2026 revenue, adjusted operating income and adjusted free cash flow.
Palantir is still digging out after dropping 26% in June, Barron’s said Monday. That slide happened before the Nvidia headline. Shares remain below the 50-day and 200-day moving averages—near $136 and $159. Monday’s pop trimmed some of the loss but Palantir hasn’t closed the gap.
Cathie Wood’s ARK Invest picked up 30,500 Palantir shares Thursday across three ETFs, according to Investopedia. That represented just 0.07% of Palantir’s Monday volume, making ARK a minor player in the day’s action.
Next up is execution. Palantir is targeting second-quarter revenue between $1.797 billion and $1.801 billion, with adjusted operating income of $1.063 billion to $1.067 billion. The company also sees U.S. commercial revenue topping $3.224 billion in 2026, planning for growth of at least 120%.
