Palantir has become a symbol of AI-driven transformation across government and enterprise. Its platforms — Gotham, Foundry, and AIP (Artificial Intelligence Platform) — are increasingly seen as strategic tools in defense, cybersecurity, and corporate data intelligence. That’s why Wall Street is watching this quarter closely: will the numbers justify the hype?

Citi’s recent upgrade hinges on Palantir’s growing commercial traction. While government contracts have long anchored its revenue, the narrative is shifting to commercial adoption. Enterprises are beginning to embrace Palantir’s AIP offering, as firms rush to operationalize AI without having to build from scratch.

This quarter, investors will be watching for a few key metrics:

Continued growth in commercial revenue (especially in the U.S.)

New customer additions

Expansion in margins as the business scales

Any updated full-year guidance that reflects confidence in AI-driven growth

A strong report could send the stock toward fresh 2024 highs. But a miss — or vague commentary — may trigger profit-taking, especially given the recent run-up in AI names.

For bulls, Palantir’s long-term edge lies in its differentiated software stack, sticky customer base, and head start in operational AI. For skeptics, valuation remains a concern — especially in a market where expectations are sky-high.

So as earnings loom, one question matters most: will Palantir deliver substance behind the story?