$PLTR is mainly driven by 20 clients, which generate almost ~50% of Revenue.
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You can find my research at: https://palantirbullets.substack.com/
Jensen Butler's avatar
20 a lot or a little to you? ~50% of total rev. That breakdown looks like a stock portfolio lol
Arnaldo Trezzi's avatar
@jensen power law at its best!

The top 3 account for ~20% of the total revenues, or ~35% of the top 20
Arnaldo Trezzi's avatar
There is both a positive and negative side.

On the positive, this tells you that each acquired client can become really big over time. These top 20 are already bigger than the top clients of Salesforce from what I read - Salesforce is 10x pltr-.
The top 3 clients pay $115mn/y each!

On the negative, until the % doesn’t drop further there is actually a concentration risk!
Brett Schafer's avatar
Who are these clients, generally?
Arnaldo Trezzi's avatar
@ccm_brett Government agencies like Army, NHI and Commercial clients, especially in highly regulated environments like Energy (BP) and Utilities (PG&E), Insurance (Swiss RE), Banks (Morgan Stanley).

Airbus, Merck, BP should be the biggest commercial clients from what I know
Rihard Jarc's avatar
Damn. Do we have the full list of that 20 clients?
Joshua Simka's avatar
@rihardjarc @ccm_brett I doubt a list of those specific 20 is public, but this YouTuber Mark Farfan keeps a Google Doc up to date: so far he's figured out 111 $PLTR clients.

Rihard Jarc's avatar
@tomato Nice thx for sharing Joshua.
Arnaldo Trezzi's avatar
@tomato I actually didn't know this thank you so much Joshua.
Arnaldo Trezzi's avatar
@rihardjarc unfortunately we don't have a list Rihard. However I would consider:
  • Airbus
  • Merck
  • BP
  • Exxon
  • PG&E
  • Edison
  • Swiss Re
  • Stellantis
  • Army
  • NHI
Rihard Jarc's avatar
@arny_trezzi Thx Arnaldo. Still shows a lot of potential for having only 20 companies derive 50% of your revenue. At the same time I think $PLTR needs to figure out more how to be more "self serve" instead of "consultant" and needing to deploy a lot of engineers for each client to assist them. Your thoughts Arnaldo?
Arnaldo Trezzi's avatar
@rihardjarc that is true, yet you need that engineering part to actually help solving the problems and unlock value. By now the most they can do is minimising the time engineers can ingest data and users actually learn to use the platform.

The certification process (https://learn.palantir.com/) goes in that direction. Meanwhile you also have Apollo which is freemium to just help Palantir penetrate companies IT (https://palantirbullets.substack.com/p/palantirs-apollo-the-trojan-horse?utm_source=%2Fsearch%2Fapollo&utm_medium=reader2
Rihard Jarc's avatar
@arny_trezzi 100% agree you need the engineers but would rather make them go full focus on R&D and have a self serve model for the mid cap companies which contracts can then be much less than +$10M in value and still be business wise savy.
Nathan Worden's avatar
Going to hazard a guess that some of those top clients are Morgan Stanley, Merck KGaA, Airbus, Wejo, Lilium, and Fiat Chrysler Automobiles.
Arnaldo Trezzi's avatar
@nathanworden I agree on Airbus, Merk, Morgan Stanley, Stellantis.

The others are actually too small (Wejo,Lilium barely alive). I bet there there are BP, Exxon, Army, Department of Health, SOMPO
Nathan Worden's avatar
@arny_trezzi that’s a good point— what do you think is the smallest market cap that Palantir would take? A couple hundred million?
Arnaldo Trezzi's avatar
@nathanworden with Foundry they are just entering the mass market. So far the smallest client is Integrity which is a $100mn Revenue company.

Meanwhile they are also testing Foundry for Builders which is dedicated to early startups, now deployed by a dozen of startups.
Maverick Equity Research's avatar
will be nice to see this going forward



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