Key Takeaways

• Palantir’s Q2 2026 growth is almost entirely a U.S. story: U.S. commercial revenue jumped 149% year over year while international commercial revenue grew just 26%, and U.S. government revenue rose 90% versus 42% internationally, leaving the U.S. at 81% of total revenue.
• The “AI sovereignty” pitch driving that U.S. surge, the idea that enterprises should own their data and model weights rather than route them through outside AI vendors, is the identical argument France’s Thales and Germany’s military are now using to keep Palantir’s Maven system out of Europe.
• Wall Street shows no sign of discounting that friction. Street analysts lifted their mean price target to a series high of $196.84 by September…