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There are three red flags with Palantir that analysts are concerned about. First, Palantir’s employee headcount expanded by just 5% in 2024 after declining by 3% in 2023. In the last two years, its net new hires totaled 98 employees. Second, CEO Alex Karp filed paperwork for prearranged share sale, spooking investors. Finally, last month, Palantir’s chief accounting officer, Heather Planishek, announced her resignation.
However, the good news is that Palantir just lifted one of its red flags. The company appointed Jeffrey Buckley as its new chief accounting officer, effective March 24, 2025. Buckley will replace David Glazer, who has served in the role on an interim basis since Feb. 25 following Planishek’s resignation.
According to a report from Street Insider, this marks a return for Buckley, who previously served as Palantir’s chief accounting officer from September 2020 to February 2023. Most recently, he was chief accounting officer at Human Interest, a private financial services company. Buckley also previously worked at Zynga, holding the same title from 2017 to 2020.
Glazer will continue serving as CFO and Treasurer after Buckley assumes his duties.
Palantir Stock Is Down 32% From All-Time Highs
Palantir was the top-performing stock in the S&P 500 Index ($SPX) in 2024, surging over 300% last year. However, the ongoing market volatility has dragged the tech stock down nearly 30% from its all-time highs, valuing the company at a market cap of $200 billion.
Palantir evolved from its 2003 origins as a software provider for U.S. intelligence agencies to become a comprehensive data integration powerhouse serving both the government and commercial sectors.
Its four principal software platforms — Gotham, Foundry, Apollo, and Artificial Intelligence Platform (AIP) — form a powerful ecosystem that enables organizations to harness their data for critical decision-making.
As of Dec. 31, 2024, Palantir had 711 customers across 90 industries worldwide. It generated $2.9 billion in revenue for the year, representing 29% growth from 2023. It achieved $310.4 million in operating income, or $1.1 billion in adjusted operating income, excluding stock-based compensation and related employer payroll taxes.
Palantir’s customer base is diverse, with 55% of revenue from government clients and 45% from commercial customers. U.S. customers account for 66% of revenue, generating $1.9 billion in 2024 — a 38% increase from the previous year. Palantir’s top 20 customers spent an average of $64.6 million each, up 18% from 2023.
A Widening Ecosystem
Palantir’s platforms address critical challenges in data integration and operation. Initially built for intelligence and defense agencies, Gotham enables users to identify patterns in complex datasets. Foundry is a central operating system for organizational data, allowing users to integrate and analyze information efficiently. Apollo ensures continuous delivery of software updates across various environments, while the newest offering, AIP, enables responsible AI implementation by integrating large language models with enterprise data and operations.
Palantir’s remaining deal value reached $5.4 billion by the end of 2024, a 40% increase from the previous year. Commercial contracts accounted for $3.1 billion, up 47%, while government contracts represented $2.3 billion, a 30% increase. This doesn’t include an additional $3.7 billion in potential government indefinite delivery, indefinite quantity (IDIQ) contracts.
Despite a challenging macroeconomic environment, Palantir continues to grow at a steady pace and is poised to benefit from AI-powered tailwinds, making it a top stock to own in 2025. Out of the 19 analysts covering PLTR stock, three recommend “Strong Buy,” 10 recommend “Hold,” one recommends “Moderate Sell,” and five recommend “Strong Sell.” The average target price for PLTR stock is $85.11, below its current trading price.
