Palantir Technologies Inc. (PLTR) 2026 Q3 法說會逐字稿

Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our third-quarter 2026 earnings call. We'll be discussing the results announced in our press release issued after the market closed and posted on our Investor Relations website.

下午好。我是 Palantir 財務團隊的 Ana Soro，歡迎各位參加我們 2026 年第三季財報電話會議。我們將討論在美股收盤後發布、並已張貼於我們投資人關係網站的新聞稿中所公告的業績結果。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our fourth-quarter and fiscal 2026 results, management's expectations for our future financial and operational performance, which does not constitute formal guidance unless indicated as such in the accompanying written materials and other statements regarding our plans, prospects, expectations, goals and aspirations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results.

在本次電話會議中，我們將就公司業務發表若干陳述；依適用之證券法規，這些陳述可能被視為前瞻性陳述，包括關於我們 2026 年第四季及 2026 會計年度業績、管理層對未來財務與營運表現之預期（除非在隨附書面資料中明確標示，否則不構成正式指引），以及其他關於我們的計畫、前景、預期、目標與願景之陳述。這些陳述並非承諾或保證，且受風險與不確定性影響，可能導致其與實際結果出現重大差異。

Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

有關上述風險的資訊，載於我們今日美股收盤後發布的財報新聞稿以及我們向美國證券交易委員會（SEC）提交的文件中。除法律要求外，我們不承擔更新任何前瞻性陳述之義務。

Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures is included in our press release and investor presentation provided today. Our press release, investor presentation and other earnings materials are available on our Investor Relations website at investors.palantir.com.

此外，在今日電話會議過程中，我們將提及若干經調整的財務衡量指標。這些非 GAAP 財務衡量指標應作為 GAAP 指標之補充，而非替代，亦不應單獨使用。關於這些非 GAAP 指標的更多資訊（包括非 GAAP 與可比 GAAP 指標之調節表）已包含於我們今日提供的新聞稿與投資人簡報中。我們的新聞稿、投資人簡報及其他財報資料可於 investors.palantir.com 的投資人關係網站取得。

Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. Joining me on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Technology Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer.

在本次電話會議中，當我們討論業務時將提及各種成長率。除非另有說明，這些成長率均為年對年比較。今日與會者包括：執行長 Alex Karp；技術長 Shyam Sankar；財務長 Dave Glazer；以及營收長兼法務長 Ryan Taylor。

I'll now turn it over to Ryan to start the call.

接下來我把時間交給 Ryan 來開始本次會議。

Humanity is facing world historic crossroads in how it chooses to deal with AI, and through it all, our genre defining technology has led the way redefining the industry. We've been shaping the AI revolution from its start. And despite being only at the very beginning of the Sovereign AI revolution, we already see how it is transforming the size of the market.

人類正站在如何選擇應對 AI 的世界歷史性十字路口；在這一切之中，我們這項定義世代的技術一直引領方向，重新定義產業。我們自 AI 革命伊始便持續塑造其發展。儘管主權 AI 革命仍處於非常早期的階段，我們已經看到它正在如何改變市場規模。

We achieved revenue growth of 96% year over year and 20% sequentially, the highest growth rates we've ever delivered as a public company. These results are the continued financial expression of the transformational impact we're delivering for our customers, which is also evident in the depth of our customer relationships.

我們實現營收年增 96%、季增 20%，這是我們成為上市公司以來交出的最高成長率。這些結果持續反映出我們為客戶帶來的變革性影響；而這一點也體現在我們與客戶關係的深度上。

The third quarter average trailing 12-month revenue from our top 20 customers increased 76% year over year to $146 million per customer. Our US business is in overdrive. We brought in $1.9 billion in US revenue, which grew 119% year over year and 23% sequentially, representing 84% of our total revenue.

第三季，我們前 20 大客戶的過去 12 個月平均營收年增 76%，達到每位客戶 1.46 億美元。我們的美國業務正全速運轉。我們取得 19 億美元的美國營收，年增 119%、季增 23%，占我們總營收的 84%。

This is led by our US Commercial business, which grew 148% year over year and 29% sequentially, and surpassed our US Government business revenue in the quarter for the first time. In US Commercial, the average trailing 12-month revenue per customer grew 88% year over year and 20% sequentially. The US continues to be the epicenter of the AI revolution.

其中由我們的美國商業業務領軍，該業務年增 148%、季增 29%，並在本季首次超越我們的美國政府業務營收。在美國商業業務中，每位客戶的過去 12 個月平均營收年增 88%、季增 20%。美國仍是 AI 革命的核心地帶。

I won't repeat what I said last quarter because it has become self-evident in our unparalleled results. Two years ago, we led the way with our commoditized cognition thesis. And today, the market is only beginning to recognize the full force of Sovereign AI. It's pervasive in the conversations I'm having with customers and undeniable in the results they've shared.

我不會重複我上季說過的話，因為從我們無與倫比的成果中，這一點已不言自明。兩年前，我們以「認知商品化」的論點引領潮流。而今天，市場才剛開始認識主權 AI 的全部力量。在我與客戶的對話中它無所不在，而客戶分享的成果也讓人無可否認。

The COO of Optum Serve highlighted, quote, sovereignty doesn't mean that we have to build everything ourselves. What it does mean, though, is protecting what differentiates us while retaining the ability to evolve, to adapt and to scale our solutions as our customers' needs change, and they change often. It means knowing where the right partner can help us move faster.

Optum Serve 的營運長強調說：「主權並不代表我們必須自己打造所有東西。但它確實代表要保護使我們與眾不同的部分，同時保有演進、調整與擴展解決方案的能力，以因應客戶需求的變化，而這些需求經常改變。這也意味著要知道在何處由合適的合作夥伴協助我們更快前進。」

L3Harris noted that by fine-tuning open-source models on its own data, a sovereign model outperformed the frontier model that had been using in less than 48 hours and cut costs by 95% in preliminary results. NVIDIA reported that by evaluating and post training its open models, it was able to get its smallest, most efficient model to outperform its largest model by a large gap, and can now retrain that model on just a single GPU in a couple of hours, enabling them to retrain anytime they have data to improve the decision intelligence. They stated, quote, we captured our alpha and we trained it into a model. We couldn't have started this process until we built the workflows in Palantir.

L3Harris 指出，透過在自有資料上微調開源模型，一個主權模型在不到 48 小時內就超越了先前使用的前沿模型，且在初步結果中將成本降低了 95%。NVIDIA 報告稱，透過評估並進行後訓練其開放模型，他們讓最小、最高效率的模型以顯著差距超越其最大模型；而且現在只需在單一 GPU 上花幾個小時就能重新訓練該模型，使他們在任何有資料可用以提升決策智慧時都能隨時再訓練。他們表示：「我們捕捉到了我們的 alpha，並把它訓練進模型裡。在我們於 Palantir 中建立工作流程之前，我們無法開始這個流程。」

And our customers are choosing Palantir and our Sovereign AI to transform their organizations at a furious pace. An industrial materials company piloted a nearly $3 million engagement in Q2 2026 before converting to a $29 million ACV deal last quarter.

我們的客戶正以驚人的速度選擇 Palantir 與我們的主權 AI 來改造其組織。一家工業材料公司在 2026 年第二季先試點了一項近 300 萬美元的合作，並在上季轉換為一筆年約合約價值（ACV）2,900 萬美元的交易。

A global athletic company converted a $1.6 million pilot that began in Q1 2026 into an approximately $21 million ACV deal last quarter.

一家全球運動用品公司將於 2026 年第一季開始的 160 萬美元試點專案，在上季轉換為約 2,100 萬美元的年約合約價值（ACV）交易。

A global home appliance company converted a $1 million pilot that began in Q2 2026 into a $3 million ACV deal within the same quarter then expanded nearly fivefold to a $15 million ACV deal in Q3 across commercial, finance and supply chain workflows.

一家全球家電公司將於 2026 年第二季開始的 100 萬美元試點專案，在同一季內轉換為 300 萬美元的年約合約價值（ACV）交易，隨後在第三季於商業、財務與供應鏈工作流程中擴大近五倍，達到 1,500 萬美元的年約合約價值（ACV）交易。

After an AgentCamp in Q2 2026, an apparel company signed a $2.5 million pilot, then last quarter, they converted to an $11.5 million ACV deal. These commitments are downstream of the measurable impact we're delivering with our customers.

在 2026 年第二季舉辦 AgentCamp 之後，一家服飾公司簽下 250 萬美元的試點專案，並在上季轉換為 1,150 萬美元的年約合約價值（ACV）交易。這些承諾源自我們與客戶共同交付的、可衡量的影響。

With Palantir Sovereign AI, McCarthy Building Companies will save 30,000 hours annually by using post train Nemotron to help turn complex project requirements into contract language that allocates risk and clearly define subcontractor obligations. Tampa General is deploying Sovereign AI to keep sensitive data and model processing local while enforcing its own risk and privacy standards for LLM traffic, and supporting the granular controls Tampa General wants to define for itself. Using fine-tuned and post trained Nemotron to achieve this outcome, together, we also improved model performance by 7% and reduce latency by 22x.

透過 Palantir 主權 AI，McCarthy Building Companies 將藉由後訓練 Nemotron，把複雜的專案需求轉化為可分配風險並清楚界定分包商義務的合約條款，從而每年節省 30,000 小時。Tampa General 正在部署主權 AI，以在本地保留敏感資料與模型處理，同時對 LLM 流量執行其自有的風險與隱私標準，並支援 Tampa General 希望自行定義的細緻化控管。我們共同使用經微調與後訓練的 Nemotron 來達成此成果，同時也將模型效能提升 7%，並將延遲降低 22 倍。

Turning to our US Government business. Revenue grew 96% year over year and 18% sequentially, demonstrating continued extraordinary impact across Civil and Defense, with Maven as our foundational work. In Q3, the Army awarded Palantir Prime Agreement to produce eight TITAN systems.

接著談我們的美國政府業務。營收年增 96%、季增 18%，顯示我們在民用與國防領域持續帶來非凡影響，而 Maven 是我們的基礎性工作。在第三季，美國陸軍授予 Palantir 主承包協議（Prime Agreement），用以生產 8 套 TITAN 系統。

And last quarter, FAA highlighted the impact of our work together, stating quote, that shift from scattered data to an embedded ontology is what changes the game. This is a modernization and operational form changing how safety work gets done. And noted that the work they can do now would require hundreds of analysts without Palantir.

而在上季，FAA 強調了我們合作成果的影響，並表示：「從分散的資料轉向嵌入式本體（ontology）的轉變，才是真正改變遊戲規則的關鍵。這是一種現代化與營運形態的變革，正在改變安全工作如何被完成。」並指出若沒有 Palantir，他們現在能做的工作將需要數百名分析師才能完成。

As I reflect on our results, I see the furious pace continuing unabated. I'm invigorated unlike ever before by the ambition I'm hearing from our customers and their demand for Sovereign AI. A revolution we remember is barely one quarter old. As extraordinary as these results are, they are only the opening chapter of Sovereign AI.

當我回顧我們的成果時，我看到這股狂飆的節奏仍在毫不減弱地持續。我從未像現在這樣因為聽到客戶的雄心，以及他們對主權 AI 的需求而感到振奮。一場我們仍記憶猶新的革命，至今也才剛滿四分之一個世紀。儘管這些成果非同凡響，但它們只是主權 AI 的開篇章節。

I'll now turn it over to Shyam.

接下來我把時間交給 Shyam。

Thanks, Ryan. Palantir is obsessed with turning tokens into economic value. It's clear that the vast majority of economically valuable problems that LLMs can solve can be solved with intelligence at or below the frontier. So what's preventing this from happening?

謝謝你，Ryan。Palantir 痴迷於把 token 轉化為經濟價值。很明顯，LLM 能解決的、絕大多數具有經濟價值的問題，都可以用達到或低於前沿水準的智慧來解決。那麼，是什麼在阻止這件事發生？

On one end, you have the model makers who can't conceive of solving any problem except through model improvement. So they aren't even trying. And on the other end, you have the hard work of diffusion, which sounds passive, but is anything but all the value comes from the elegant integration of AI, software, and humans. And this requires not a harness for the model, but something closer to a harness for the enterprise, which is exactly what AIP is.

一端是模型製造者，他們無法想像除了提升模型之外還能用什麼方式解決任何問題。所以他們甚至沒有嘗試。另一端則是艱難的擴散工作（diffusion），聽起來很被動，但其實完全不是——所有價值都來自 AI、軟體與人類的優雅整合。而這需要的不是給模型的「安全帶」，而更像是給企業的「安全帶」——這正是 AIP。

Most profoundly that concede that the labs have wrong is the belief that the atomic unit of the enterprise is the individual knowledge worker. It is not. The fundamental unit of the enterprise is the workflow. You can make any set of workers more productive and generate no actual ROI.

最根本、也最需要承認實驗室判斷錯誤的一點，是他們相信企業的原子單位是個別知識工作者。事實並非如此。企業的基本單位是工作流程（workflow）。你可以讓任何一群員工更有效率，卻不一定產生任何實際的投資報酬率（ROI）。

For some things like coding, the knowledge worker is the workflow. So there's perfect product-market fit. But for the vast majority of the enterprise, it is not. Given this, it is incredibly valuable that AIP implements enterprise workflows and is able to bring AI to it in a way that generates objective, quantifiable value.

對於某些事情，例如寫程式，知識工作者本身就是工作流程。因此產品與市場完全契合。但對於絕大多數企業而言，並非如此。基於此，AIP 能夠實作企業工作流程，並以能產生客觀、可量化價值的方式把 AI 帶入其中，這點極其有價值。

For example, Page 209 of Anthropic's S-1 talks about AIG's automation of insurance underwriting processes for complex commercial lines of business. That entire workflow and the elegant application of AI, software, and humans runs in AIP, and was implemented by Palantir and AIG.

例如，Anthropic 的 S-1 文件第 209 頁談到 AIG 對複雜商業保險業務承保流程的自動化。整個工作流程，以及 AI、軟體與人類的優雅應用，都在 AIP 中運行，並由 Palantir 與 AIG 共同實作。

We are the diffusion layer, not just of choice, but of necessity. There's a clear pattern emerging amongst our customers who are most successful at getting value from AI. They have enormous ambition. Their goal is not something lame like OpEx reduction, it's market domination.

我們是擴散層（diffusion layer），不只是可選項，而是必需品。在那些最成功從 AI 取得價值的客戶之中，正浮現出一個清晰的模式：他們有巨大的雄心。他們的目標不是什麼乏味的營運費用（OpEx）削減，而是市場主導。

And the opposite is true. Customers that struggle the most are narrowly focused on reducing costs. AI is a new type of intelligence, simply trying to shoehorn it to replacing the human misses the moment completely. The error of conflating human and machine intelligence locks you into a poorly chosen goal, one that limits your ambition and still remains out of reach.

反過來也成立。最掙扎的客戶往往只把焦點放在降低成本。AI 是一種新型態的智慧，只是硬把它塞進「取代人類」的框架，完全錯失了這個時刻。把人類智慧與機器智慧混為一談的錯誤，會把你鎖進一個選錯的目標：它限制你的雄心，而且仍然遙不可及。

Instead, we're attacking all the work the enterprise knows it should be doing, but historically, lack the economic resources or capabilities to take on. An agent swarm watching each patient in the ICU ward to help clinicians avoid potential signs of sepsis earlier and improved patient outcomes. An agent swarm per well ahead in the Permian Basin to maximize production. An agent swarm for every customer of our customer to drive growth.

相反地，我們正在攻克企業明知應該做、但歷史上因缺乏經濟資源或能力而無法承擔的所有工作。一個代理群（agent swarm）監看 ICU 病房中的每位病患，協助臨床人員更早避免敗血症的潛在徵兆並改善病患預後。在二疊紀盆地（Permian Basin），每口井配置一個代理群以最大化產量。為我們客戶的每一位客戶配置代理群，以驅動成長。

This is not about doing the same thing cheaper. It's about defining the productive work that goes beyond yesterday's frontier in capturing and compounding the new economic value it creates and doing so with Sovereign AI. The examples are everywhere now. It's clear that post-training on your specific operational data in Ontology enables better than frontier performance on weights you control, protecting your alpha.

這不是把同樣的事情做得更便宜。這是在定義超越昨日前沿的生產性工作，捕捉並複利化它所創造的新經濟價值，並以主權 AI 來完成。現在到處都是例子。很明顯，在 Ontology 中用你特定的營運資料進行後訓練（post-training），能在你可控的權重上達到優於前沿的表現，保護你的 alpha。

Yes, it's cheaper. But the dominant variable is that more use cases can actually get to the threshold of viability for machine intelligence to generate economic value when elegantly integrated into enterprise. And our product investments in AIP to create a closed loop model factory are making this easy and fast.

是的，成本更低。但主導變數在於：當機器智慧被優雅地整合進企業後，更多使用案例實際上能跨過可行性門檻，進而產生經濟價值。而我們在 AIP 上的產品投資，用以打造閉環的模型工廠，正讓這件事變得既容易又快速。

The specific post-trained model is a commodity item. The compounding value is in the post training pipeline that is constantly fed from your operational exhaust, captured in the Ontology, that drives automated post-training runs, model checkpoints, evaluations and deployment across yesterday's, today's and tomorrow's open-weight ecosystem. Our new feature of auto research and continued investment in AIP Evolve, push us closer and closer to an automated loop to build, deploy and evaluate intelligence continuously against ROI.

特定的後訓練模型本身是商品化項目。複利式的價值在於後訓練管線：它持續由你的營運排放（operational exhaust）餵養，並被 Ontology 捕捉，進而驅動自動化的後訓練執行、模型檢查點、評估，以及在昨日、今日與明日的開放權重生態系中進行部署。我們新增的自動研究（auto research）功能，以及對 AIP Evolve 的持續投資，正把我們一步步推向一個自動化閉環：持續建置、部署並以 ROI 為準繩評估智慧。

In AIP and Sovereign AI, the Pareto optimal frontier is no longer an unachievable academic aspiration, it is a simple function call. And one we can invoke automatically on your behalf.

在 AIP 與主權 AI 中，帕累托最優前沿不再是難以企及的學術願景，而是一個簡單的函式呼叫。而且我們可以代表你自動呼叫它。

At a recent Paycom exercise, we deployed a $30 billion parameter post train model into space, weight, power, cooling constrained compute, ready for the disconnected fight, with superior task-specific performance than GPT 5.6 sold a 3 trillion parameter model. L3Harris realized 95% cost reduction with Sovereign AI.

在最近一次 Paycom 演練中，我們把一個 300 億參數的後訓練模型部署到受限於空間、重量、功耗與散熱的運算環境中，為斷線作戰做好準備，其特定任務表現優於 GPT 5.6 所販售的 3 兆參數模型。L3Harris 透過主權 AI 實現了 95% 的成本降低。

McCarthy will save 30,000 hours a year on subcontractor drafting, achieving better than frontier performance or RFI classification and subcontractor drafting on a post-train Nemotron 4 billion parameter model, where, again, the real value is the substantially greater number of demand events they can process now.

McCarthy 每年將在分包商圖面起草上節省 30,000 小時；他們在一個後訓練的 Nemotron 40 億參數模型上，於 RFI 分類與分包商起草方面達到優於前沿的表現——而且再次強調，真正的價值在於他們現在能處理的需求事件數量大幅增加。

Maven continues to deliver for the joint force, exceeding 100,000 users. Maven is now available to all of the services beyond just the combatant commands and many combat support agencies. We just concluded a Maven Hackathon, 46 teams across the joint force participated.

Maven 持續為聯合作戰部隊交付成果，使用者已超過 100,000 人。Maven 現在已不僅限於作戰司令部，而是向所有軍種以及許多作戰支援機構開放。我們剛結束一場 Maven 黑客松（Hackathon），聯合作戰部隊共有 46 支隊伍參與。

Many amazing projects were built by our 25,000 strong builder community. The winning two teams were both Army teams: one building an edge planning and simulation capability for force protection, and a second place, an incredible platform to analyze drone incursions to drive force protection insights. And we continue to feel demand for Maven down to the tactical edge and disconnected environments, assure and afloat.

我們由 25,000 名建置者組成的社群打造了許多令人驚嘆的專案。奪冠的兩支隊伍都是陸軍隊伍：一支打造用於部隊防護的邊緣端規劃與模擬能力；另一支獲得第二名，打造了一個用於分析無人機入侵、以產出部隊防護洞見的卓越平台。我們也持續感受到對 Maven 的需求一路延伸到戰術邊緣與斷線環境，包括岸上與海上。

We have seen incredible success with DORA, Disconnected ontology, Resilient Architecture, including in the Army's Jailbreak effort. DORA is an embedded compute device that brings Maven's capabilities to disconnected operations. Using AI FDE, service members can build read-right integrations with legacy sensors and effectors and bring them online in hours entirely unassisted.

我們在 DORA（Disconnected ontology, Resilient Architecture，斷線本體論、韌性架構）方面看到了驚人的成功，包括在陸軍的 Jailbreak 行動中。DORA 是一種嵌入式運算裝置，能把 Maven 的能力帶到斷線作業中。透過 AI FDE，官兵可以用 read-right 的方式與既有感測器與效應器建立整合，並在完全無需協助的情況下於數小時內上線。

With that, I'll turn it over to Dave.

接下來我把時間交給 Dave。

Thanks, Shyam. We had an outstanding third quarter. We delivered our highest ever reported year-over-year revenue growth rate of 96% and our highest ever reported sequential revenue growth rate of 20%. Quarterly revenue crossed the $2 billion mark for the first time, and we surpassed additional $1 billion milestones in Commercial revenue, Government revenue and GAAP operating income.

謝謝你，Shyam。我們第三季表現非常出色。我們交出了史上最高的年增營收成長率 96%，以及史上最高的季增營收成長率 20%。單季營收首次突破 20 億美元大關，並且在商業營收、政府營收與 GAAP 營業利益方面，額外跨越了 10 億美元的里程碑。

Revenue in our US business accelerated yet again, growing 119% year over year and 23% sequentially. Our US Commercial business grew 148% year over year and accelerated to 29% growth sequentially, and our US Government business grew 96% year over year and 18% sequentially.

我們美國業務營收再次加速，年增 119%、季增 23%。我們的美國商業業務年增 148%，季增加速至 29%；而我們的美國政府業務年增 96%、季增 18%。

Demand for our Sovereign AI offering is accelerating our US Commercial momentum, helping to make this our first ever quarter that US Commercial revenue eclipsed US Government revenue, a critical milestone in the history of our company. On top of this, we are raising our full year US Commercial revenue guidance to in excess of $3.559 billion, representing a growth rate of at least 143%.

我們的 Sovereign AI 產品需求正在加速推動我們在美國商業市場的動能，並協助我們在公司歷史上首次達成：美國商業營收超越美國政府營收，這是公司發展史上的一項關鍵里程碑。此外，我們將全年美國商業營收指引上調至超過 35.59 億美元，代表至少 143% 的成長率。

We are also raising our full-year 2026 revenue guidance midpoint to $8.53 billion, representing 91% growth year over year, a nine-point increase over our full-year 2026 revenue guidance from last quarter.

我們也將 2026 全年營收指引的中位數上調至 85.3 億美元，代表年增 91%，較上一季提供的 2026 全年營收指引提高 9 個百分點。

Turning to our global top line results. Third quarter revenue grew 96% year over year and 20% sequentially to $2.313 billion. Third quarter US revenue grew 119% year over year and 23% sequentially to $1.937 billion. Revenue from our largest customers continues to expand. Third quarter trailing 12-month revenue from our top 20 customers increased 76% year over year to $146 million per customer.

接著看我們的全球營收表現。第三季營收年增 96%、季增 20%，達 23.13 億美元。第三季美國營收年增 119%、季增 23%，達 19.37 億美元。來自我們最大客戶的營收持續擴大。第三季來自前 20 大客戶的過去 12 個月（TTM）營收年增 76%，提升至每位客戶 1.46 億美元。

Now moving to our Commercial segment. Third quarter Commercial revenue grew 113% year over year and 24% sequentially to $1.168 billion, crossing the $1 billion mark for the first time. We closed $1.652 billion in Commercial TCV bookings in the third quarter, representing 17% growth year over year.

現在轉到我們的商業（Commercial）部門。第三季商業營收年增 113%、季增 24%，達 11.68 億美元，首次突破 10 億美元大關。第三季我們完成 16.52 億美元的商業 TCV 訂單（bookings），年增 17%。

Our AI platform continues to dominate the US markets as the only real choice for operationalizing LLMs while still giving customers full control over the data, logic, actions and security of their enterprise. Third quarter US Commercial revenue grew 148% year over year and accelerated sequentially to 29% quarter over quarter, totaling $984 million. US Commercial revenue was $397 million in the third quarter of 2025, meaning it increased by $587 million in just one year.

我們的 AI 平台持續主導美國市場，作為唯一真正可用於將 LLM 落地營運（operationalizing）的選擇，同時仍讓客戶能完全掌控其企業的資料、邏輯、行動與安全性。第三季美國商業營收年增 148%，且季對季增速加快至 29%，合計 9.84 億美元。2025 年第三季美國商業營收為 3.97 億美元，意味著僅一年內增加了 5.87 億美元。

We closed $1.463 billion of US Commercial TCV bookings, representing growth of 11% year over year. Over the past 12 months, we closed $6.114 billion of US Commercial TCV bookings, a 62% increase from the prior 12 months, highlighting the accelerating demand for AI that creates real operational value while also moving power away from the labs and back into your enterprise.

我們完成 14.63 億美元的美國商業 TCV 訂單，年增 11%。過去 12 個月，我們完成 61.14 億美元的美國商業 TCV 訂單，較前 12 個月增加 62%，凸顯市場對能創造真實營運價值的 AI 需求正在加速，同時也將權力從實驗室移回到你的企業之中。

Total remaining deal value in our US Commercial business grew 79% year over year and 4% sequentially. We believe Sovereign AI is the latest and largest tech revolution of our generation. We signed multiple eight-figure deals in the quarter that were shorter in duration than usual, as customers rapidly adopted initial Sovereign AI capabilities in their enterprise.

我們美國商業業務的未履約交易總價值（total remaining deal value）年增 79%、季增 4%。我們相信 Sovereign AI 是我們這一代最新且規模最大的科技革命。本季我們簽下多筆八位數美元的合約，合約期間比以往更短，因為客戶正快速在其企業內採用初期的 Sovereign AI 能力。

It is important to remember that the Sovereign AI revolution is only one quarter old. As we continue to deliver value with Sovereign AI, over time, we expect both the duration and size of these contracts to increase.

重要的是要記得，Sovereign AI 革命才剛開始一個季度。隨著我們持續透過 Sovereign AI 交付價值，隨時間推進，我們預期這些合約的期間與規模都將增加。

Our US Commercial customer count grew to 686 customers, reflecting growth of 29% year over year and 5% sequentially. Third quarter International Commercial revenue grew 21% year over year and 1% sequentially to $184 million.

我們的美國商業客戶數成長至 686 家，年增 29%、季增 5%。第三季國際商業營收年增 21%、季增 1%，達 1.84 億美元。

Revenue from strategic commercial contracts was approximately $400,000 for the quarter, representing less than 0.02% of overall revenue. We continue to expect revenue from these contracts to be less than $500,000 in the fourth quarter, and we anticipate no further revenue from these contracts beyond the fourth quarter of this year.

本季來自策略性商業合約的營收約為 40 萬美元，占總營收不到 0.02%。我們仍預期第四季來自這些合約的營收將低於 50 萬美元，並預期在今年第四季之後不再有來自這些合約的進一步營收。

Shifting to our Government segment. Third quarter Government revenue grew 81% year over year and 16% sequentially to $1.146 billion, crossing the $1 billion mark for the first time. Third quarter US Government revenue grew 96% year over year and 18% sequentially to $953 million. This growth was driven by continued execution in existing programs and new awards, reflecting growing demand for our AI platform in Government.

接著看我們的政府（Government）部門。第三季政府營收年增 81%、季增 16%，達 11.46 億美元，首次突破 10 億美元大關。第三季美國政府營收年增 96%、季增 18%，達 9.53 億美元。此成長主要由既有專案的持續執行與新得標案所帶動，反映政府對我們 AI 平台的需求正在增加。

Third quarter International Government revenue grew 31% year over year and 6% sequentially to $192 million. We closed $2.98 billion of TCV bookings, up 6% year over year. Net dollar retention was 165%, an increase of 800 basis points from last quarter.

第三季國際政府營收年增 31%、季增 6%，達 1.92 億美元。我們完成 29.8 億美元的 TCV 訂單，年增 6%。淨美元留存率（Net dollar retention）為 165%，較上一季提高 800 個基點。

We ended the third quarter with $13.4 billion in total remaining deal value, an increase of 55% year over year and 2% sequentially, and $4.9 billion in Remaining Performance Obligations, an increase of 88% year over year and flat sequentially. As a reminder, RPO is primarily comprised of our Commercial business, as it does not take into account contracts with an initial term of less than 12 months and contractual obligations that fall beyond termination for convenience clauses, both of which are common in most of our Government business.

第三季末，我們的未履約交易總價值合計為 134 億美元，年增 55%、季增 2%；剩餘履約義務（RPO）為 49 億美元，年增 88%、季比持平。提醒一下，RPO 主要由我們的商業業務構成，因其不納入初始合約期間少於 12 個月的合約，以及落在「便利終止條款」（termination for convenience clauses）之外的契約義務；這兩者在我們多數政府業務中都很常見。

Turning to margin expense. Adjusted gross margin, which excludes stock-based compensation expense, was 85% for the quarter. Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes, was $1.427 billion in the third quarter, representing adjusted operating margin of 62%.

接著看毛利與費用。本季調整後毛利率（排除以股份為基礎的薪酬費用）為 85%。第三季調整後營業利益（排除以股份為基礎的薪酬費用及相關雇主薪資稅）為 14.27 億美元，對應調整後營業利益率為 62%。

Q3 adjusted expense was $887 million, up 20% sequentially and 53% year over year, primarily driven by the continued investment in our AI platform and technical hiring, as we welcomed our latest class of new grad hires. We remain committed to investing in the most elite technical talent as well as R&D for our product pipeline and Sovereign AI efforts, all while delivering on our goals of sustained GAAP profitability.

第三季調整後費用為 8.87 億美元，季增 20%、年增 53%，主要因我們持續投資 AI 平台與技術人才招募，並迎來最新一批應屆畢業新進員工。我們仍致力於投資最頂尖的技術人才，以及投入研發以支援我們的產品管線與 Sovereign AI 計畫，同時也持續達成我們維持 GAAP 獲利能力的目標。

Third quarter GAAP operating income was $1.085 billion, representing a 47% margin and surpassing the $1 billion mark for the first time. Third quarter GAAP net income was $1.128 billion, representing a 49% margin. Net income has increased nearly eightfold over the last 24 months, from $144 million in the third quarter of 2024.

第三季 GAAP 營業利益為 10.85 億美元，對應 47% 的利益率，並首次突破 10 億美元大關。第三季 GAAP 淨利為 11.28 億美元，對應 49% 的利益率。過去 24 個月，淨利幾乎成長了八倍，從 2024 年第三季的 1.44 億美元提升至今。

Third quarter stock-based compensation expense was $319 million and equity-related employer payroll tax expense was $23 million. Third quarter GAAP earnings per share was $0.44. Third quarter adjusted earnings per share was $0.44. Additionally, our combined revenue growth and adjusted operating margin accelerated to 158% in the third quarter, a three-point increase to our Rule of 40 score from the prior quarter and our 13th consecutive quarter of an expanding a Rule of 40 score.

第三季以股份為基礎的薪酬費用為 3.19 億美元，與股權相關的雇主薪資稅費用為 2,300 萬美元。第三季 GAAP 每股盈餘為 0.44 美元；第三季調整後每股盈餘亦為 0.44 美元。此外，我們的營收成長與調整後營業利益率的合計加速至第三季的 158%，較前一季的 Rule of 40 分數提高 3 個百分點，並且是我們連續第 13 個季度 Rule of 40 分數擴張。

Turning to our cash flow. In the third quarter, we generated $1.205 billion in cash from operations and $1.216 billion in adjusted free cash flow, representing margins of 52% and 53%, respectively. We ended the quarter with $10.4 billion in cash, cash equivalents and US treasury securities.

接著看現金流。第三季我們產生 12.05 億美元的營運現金流，以及 12.16 億美元的調整後自由現金流，分別對應 52% 與 53% 的利潤率。本季末我們持有 104 億美元的現金、約當現金與美國國庫券。

Now turning to our outlook. For Q4 2026, we expect revenue of between $2.649 billion and $2.653 billion, and adjusted income from operations of between $1.640 and $1.644 billion. For full year 2026, we are raising our revenue guidance to between $8.530 billion and $8.534 billion.

現在談我們的展望。針對 2026 年第四季，我們預期營收介於 26.49 億至 26.53 億美元之間，調整後營業利益介於 16.40 億至 16.44 億美元之間。針對 2026 全年，我們將營收指引上調至 85.30 億至 85.34 億美元之間。

We're raising our US Commercial revenue guidance to in excess of $3.559 billion, representing a growth rate of at least 143%. We are raising our adjusted income from operations guidance to between $5.245 billion and $5.249 billion. We're raising our adjusted free cash flow guidance to between $4.8 billion and $5 billion, and we continue to expect GAAP operating income and income in each quarter of this year.

我們將美國商業營收指引上調至超過35.59億美元，代表至少143%的成長率。我們將調整後營業利益指引上調至52.45億至52.49億美元之間。我們將調整後自由現金流指引上調至48億至50億美元之間，並且我們仍預期今年每一季都將實現GAAP營業利益與淨利。

With that, I'll turn it over to Alex for a few remarks, and then Ana will kick off the Q&A.

接下來，我把時間交給Alex做幾點補充，然後Ana將開始問答環節。

Welcome to our earnings call. And I think for many, many years, our earnings calls were really about our earnings. Now it is the focal point of tech society and general trends. And I think many, if not most people who are watching this, and it is, by far, the most watched earnings call in the world. It's the one where people come to figure out what's going on, on the ground floor.

歡迎參加我們的財報電話會議。我想在很多很多年裡，我們的財報電話會議真的就是在談我們的財報。現在它成了科技社會與整體趨勢的焦點。而我想，許多、甚至大多數正在收看的人——這無疑是全球收視率最高的財報電話會議。人們來到這裡，是為了弄清楚第一線到底發生了什麼。

And given that AI and Sovereign AI is changing the universe in our case, for tremendous good and is showing up in our numbers, people really want to have a sense of, well, what is actually happening in the world, politically, sociologically anthropologically and of course, financially. So given that demand and interest in Palantir, and the reality at this moment has become a real focal point of understanding.

鑑於AI與主權AI在我們的情境下正在改變整個宇宙，帶來巨大的正向影響，並且反映在我們的數字上，人們確實想了解：那麼，世界上實際正在發生什麼——在政治、社會學、人類學，當然還有財務層面。因此，基於對Palantir的需求與興趣，以及此刻的現實，我們已成為理解現況的一個真正焦點。

And quite frankly, many investors watching this are watching it to figure out what's going on with their investments, and not even primarily Palantir. And so there's this larger question of what does it mean to have a business that was built around what we believed and believe now is the most important mission of the world. Supporting our war fighters, bringing them home.

坦白說，許多正在收看的投資人，是為了搞清楚他們投資組合發生了什麼，甚至不一定主要是Palantir。因此就出現了一個更大的問題：建立在我們過去相信、現在仍相信是世界上最重要使命之上的企業，究竟意味著什麼。支持我們的作戰人員，讓他們平安回家。

Where even as much even a year ago, two years ago, that people even involved inside Palantir viewed the core value of our business economically as Glazer would look at it. And quite frankly, in a very helpful way. He's the force of greed. Glazer's view of our business was, could you talk a little more about Commercial over the past year -- the past couple of years.

甚至就在一年前、兩年前，連Palantir內部的人也會把我們業務的核心經濟價值，視為Glazer會用的那種角度來看。而坦白說，那在某種程度上也很有幫助。他是貪婪的力量。Glazer對我們業務的看法是：你能不能多談談過去一年——過去幾年——商業業務的情況。

And in this quarter, our Commercial business eclipsed our Government business. And in fact, the market value of that is probably -- justifies our current valuation, given we're growing at -- aggregate business growing at 96%, the juggernaut of US Commercial. I mean these numbers are so far outside the bounds of what you could -- I mean, outside the bounds of what even the most optimistic people could think a business like ours could do, while maintaining a way of going to market that is completely sui generis.

而在本季，我們的商業業務已超越政府業務。事實上，從市場價值來看，考量我們整體業務以96%的速度成長、以及美國商業業務這台巨型引擎，這大概——足以支撐我們目前的估值。我的意思是，這些數字遠遠超出你所能想像的範圍——甚至超出最樂觀的人所能想像像我們這樣的企業能做到的程度，同時還維持一種完全獨一無二（sui generis）的市場進入方式。

We have products that are unique. We have ways of going to the market are unique. We were the leader of a revolution that was in front of us but none of us really were able to put our name on the sovereign revolution. Meaning, people need to understand how AI can create value, how you can create value out of tokens, how you can keep the value of your own alpha, how is it not transferred to anyone else, and how can you expand it?

我們有獨特的產品。我們進入市場的方式也很獨特。我們引領了一場走在我們前面的革命，但我們之中沒有人真正能把「主權革命」這個名字貼上去。也就是說，人們需要理解AI如何創造價值、你如何從token中創造價值、你如何保留屬於你自己的alpha價值、如何不把它轉移給任何其他人，以及你如何擴大它。

That revolution, of course, is happening in America. And then these out-of-bound results, of which we're a metaphor, really show you the future is becoming the present, the present is now. You see it in Europe, which I spent half my life. And at this point, we should kind of avoid talking about it because of what's going on, and it doesn't help to just stamp on them.

那場革命，當然正在美國發生。而這些超出常規的成果——我們是其中的一個隱喻——真的在告訴你：未來正在變成現在，現在就是此刻。你在歐洲也看得到——我有半輩子都在那裡。而在這個時間點，我們或許應該避免談太多，因為那裡正在發生的事情；一味踩他們一腳也沒有幫助。

But you see it across America. You see a reaction to AI. You see the polarization politically. It's because all the value in the market is actually moving to the vehicles in this case, Palantir and really very few others: Anthropic, Open AI, us, others, that where you can actually make a claim that there is some value creation.

但你在全美各地都看得到。你看到對AI的反應，也看到政治上的兩極化。這是因為市場中的所有價值，實際上正在移轉到這些載體上——在這個案例中是Palantir，以及其實非常少數的其他公司：Anthropic、OpenAI、我們、以及其他少數——在這些地方，你才能真正主張存在某種價值創造。

Again, it's so extreme that a business that was viewed as a nice to have part of our business, as late as three years ago, is now the dominant part of our business. That business grew 29% quarter-on-quarter. It's almost at 150% growth and it's dragging our US growth number over 100%.

再次強調，情況極端到：一項在三年前還被視為我們業務中「可有可無」的部分，如今已成為我們業務的主導部分。該業務季對季成長29%。它幾乎接近150%的成長，並把我們美國成長率拉到100%以上。

These are just -- and we did this while attacking the market the way we attack it, very few salespeople. Very impossible way to understand how we are capturing this juggernaut unless you view it as a completely new and different moment.

這些都只是——而且我們是在以我們一貫的方式進攻市場的同時做到的：銷售人員非常少。除非你把它視為一個完全嶄新、不同的時刻，否則幾乎不可能理解我們是如何抓住這台巨型引擎的。

And so when people are watching this, what is happening in the market? What is happening in our society? It really is the case that the playbook, the products, the way of going to market do not work in most cases. But the things that do, just spring alive.

因此，當人們在收看這場會議時，市場正在發生什麼？我們的社會正在發生什麼？事實確實是：在多數情況下，傳統的作戰手冊、產品、以及進入市場的方式都行不通。但那些行得通的東西，會突然間活起來。

And our somewhat crazy aspiration to take the whole market doesn't look that crazy right now. And we believe, at this company, and many of the people watching it, we do not only have a financial reason for taking the whole market, which Glazer is salivating at. We, on the mission side, we believe we have a mission reason for taking the market.

而我們那個有點瘋狂、想拿下整個市場的抱負，現在看起來也沒那麼瘋了。我們在這家公司相信——而且許多正在收看的人也相信——我們想拿下整個市場，不只是出於財務理由（Glazer正為此垂涎）。在使命層面，我們相信我們也有一個使命上的理由去拿下市場。

And that mission reason is we support your alpha. We support your sovereignty. We've done this for over 20 years. We support the warfighter.

而那個使命理由就是：我們支持你的alpha。我們支持你的主權。我們已經這麼做超過20年。我們支持作戰人員。

We are delighted that we can support the warfighter even more because we're making so much money. But we believe we have a moral imperative to be the dominant player in our industry, broadly defined, including all AI applications and the use of model, open and close, especially training open weight models. And that moral imperative drives every part of our business.

我們很高興能更進一步支持作戰人員，因為我們賺了這麼多錢。但我們相信，我們有一項道德上的必要性，必須成為我們產業（廣義定義下）的主導者——包括所有AI應用，以及模型的使用（開放與封閉），尤其是訓練開放權重模型。而這項道德必要性驅動著我們業務的每一個部分。

The interesting thing about the internal dynamic of our business, it's not only that the sum of the parts in our business is stronger. That's obvious. 96% growth.

我們業務內部動態有趣之處在於：不只是我們業務各部分加總後更強。那很明顯。96%的成長。

Look at our Rule of 40, it's 158%. It's almost like jaw dropping. But we -- the parts of our business, the individual parts, the parts that the people at this company are running. Those parts are stronger than they were before, every part; and that's what you're seeing in these numbers.

看看我們的Rule of 40，是158%。幾乎令人瞠目結舌。但我們——我們業務的各個部分、各個單元，也就是公司裡各團隊在運作的那些部分。那些部分比以前更強了——每一個部分都是；而這正是你在這些數字中看到的。

And arguably for most people watching that, that's what you're seeing in broader society. And this move from the future to the present is the reason why many of the classical approaches to business, there was an idea there we're going to fail in five years. That doesn't work. You have to execute now and in the present.

而可以說，對大多數正在收看的人而言，你在更廣泛的社會中看到的也是同樣的事情。而這種從未來走向現在的轉變，是為什麼許多經典的商業方法——曾經有一種想法——在五年內將會失敗。那行不通。你必須在此刻、在當下執行。

And this company, Palantir and everyone involved, and all of the people watching this who are on our side, of which there are many, many people, are part of that movement. And that's why we're so really happy and honestly, quite optimistic about the future, especially in the US.

而這家公司——Palantir 以及所有參與其中的人，還有所有正在觀看、站在我們這一邊的人（而且有非常非常多的人）——都是那場運動的一部分。這也是為什麼我們真的非常開心，而且坦白說，對未來相當樂觀，尤其是在美國。

Thanks, Alex. Our first question is from Dan with Yorkville Ives. (Event Instructions)

謝謝你，Alex。我們的第一個問題來自 Yorkville Ives 的 Dan。（活動說明）

Yeah, thanks. And obviously, just another phenomenal quarter. So my question is, with the Sovereign AI boot camps, I mean I've been to -- it seems like they're really becoming huge for converting customers.

好的，謝謝。而且很明顯，又是一個非常出色的季度。所以我的問題是，關於 Sovereign AI 訓練營，我是說我去過——看起來它們真的正在成為轉換客戶的巨大推動力。

Can you just walk through -- Alex, you talked to so many of these customers. Do they come into a boot camp? They're trying to understand their AI path and then they leave and they're actually a customer? Can you just walk through just from your perspective?

你能不能帶我們走一遍——Alex，你跟這麼多客戶聊過。他們是走進訓練營嗎？他們想了解自己的 AI 路徑，然後離開時就真的成為客戶了？你能不能從你的角度說明一下整個流程？

Well, I mean what's really shifted on the front line is there used to be this long walk up to people talking to us and then you do a pilot, and then you try to get a long pilot and then you kind of lock that in. Because the same way you lock in hire all these salespeople so that the market believes you're going to have sales kind of thing. Now it's much more -- people are -- it's super heterogeneous. So some people -- everybody basically comes in on the spectrum of what I have doesn't work now, and I've heard what you have does work. That's usually where it starts.

嗯，我的意思是，前線真正改變的是：以前人們要走很長一段路才會開始跟我們談，然後你做一個試點，接著你試著把試點拉長，最後再把它鎖定下來。因為就像你要鎖定一樣，你會雇很多業務，讓市場相信你會有銷售——類似那種做法。但現在更像是——人們——情況非常異質化。所以有些人——基本上每個人進來時都落在一個光譜上：我現在手上的東西不管用，而我聽說你們的東西是管用的。通常就是從這裡開始。

They also strongly believe and are quite tired of what they believe the reality is. My IP is in danger, and I'm getting no value. It's like, and this is -- when we started talking about sovereignty, this was kind of a -- this was something that was being expressed. They felt but they didn't know how to articulate. Now it's something they articulated, and they've gone from anger to action.

他們也非常堅信、而且對他們認為的現實感到相當厭倦。我的智慧財產正處於風險之中，而我卻得不到任何價值。就像——而這也是——當我們開始談主權（sovereignty）時，這其實就是——人們在表達的一件事。他們有這種感受，但不知道怎麼說清楚。現在他們能把它說清楚了，而且他們已經從憤怒走向行動。

It's like they've gone from thinking, hey, I'm not in a great marriage to I met the divorce, and like they come. And then what's very special now is they're surrounded by people who've had the same journey. And the timeline from interaction to them buying pilots or going into production is completely shifted.

就像他們從覺得「嘿，我的婚姻不太好」變成「我已經見到離婚律師了」，然後他們就來了。而現在非常特別的是，他們周圍都是走過同樣旅程的人。從互動到他們購買試點或進入正式上線（production）的時間線，已經完全改變了。

And so, what like Ryan and I are seeing on the front line in Commercial is this much quicker interaction, much quicker to deployment, shorter duration of the contract, but then an ability to expand that contract dramatically. Because as soon as you go in there and you show them that you can, for example, train open weight models in our Ontology, those models are valuable, and you have beyond frontier capacity without losing the alpha, you just are hooked.

所以，Ryan 和我在商業端前線看到的是：互動快很多、部署快很多、合約期限更短，但接著又能把那份合約大幅擴張。因為你一旦進去，向他們展示你可以——例如——在我們的 Ontology 裡訓練開放權重模型，那些模型是有價值的，而且你能在不損失 alpha（超額報酬/優勢）的情況下擁有超越前沿（frontier）的能力，他們就會被牢牢吸住。

What we have to do internally is figure out how to re-resource our company to focus exclusively on those people because we don't have even the bandwidth to do that. So -- but that's because like every single time we go into the conference, like in the past, you would be -- we go into a conference, and people are like warm leads turn into hot leads. This is like first date into bed kind of thing.

我們內部必須做的是，想辦法重新配置公司資源，專注在那些人身上，因為我們甚至沒有足夠的帶寬去全部承接。所以——但這是因為像是每一次我們去參加會議——過去你會是——我們去參加會議，大家是溫熱的線索變成火熱的線索。現在這就像第一次約會就上床那種感覺。

Maybe it's not the right metaphor for this, but it's a very different jam. It's like we've got this way; we've gone from being the most attractive person in the physics department to being the captain of the football team kind of thing. I mean, not that I did that. But this is like a completely different jam of like what's going on.

也許這不是最恰當的比喻，但節奏真的完全不同。就像我們已經從「物理系裡最有魅力的人」變成「美式足球隊隊長」那種感覺。我是說，不是說我真的做過那種事。但這就是——正在發生的事情完全是另一種節奏。

And then it's also different on our end because we know we can deliver on use cases no one else can deliver on. So like even today, we're going over a use case after use case with like a super made with like one of the most important companies, and I'm going to go see them.

而且對我們來說也不一樣，因為我們知道我們能交付別人交付不了的使用案例。所以像今天，我們正在跟——算是——某家最重要的公司之一，把一個又一個使用案例過一遍，我也要去見他們。

And basically, it's like I'm going into saying, hey, which is like let's just get started. You have this crucial problem for your business. We know we can deliver on this in weeks. This will change the trajectory of your business. And in a weird way, it's much, much closer to what we were doing in the beginning in the US Government where we were like, hey, we're just going to get started, we knew we could prove it with PG and then we -- but it's like at a much more massive scale.

基本上，就像我走進去說：嘿——我們就直接開始吧。你們有一個對業務至關重要的問題。我們知道我們可以在幾週內把它做出來。這會改變你們業務的軌跡。而且某種奇妙的方式上，這更接近我們一開始在美國政府做的事：我們會說，嘿，我們就先開始，我們知道可以用 PG 證明，然後我們——但現在規模大得多。

So instead of being like $250,000, it's like $25 million to start. And honestly, the general vibe is if this actually works, it's worth of infinite value; and it will work. And quite frankly, I do not see how other offerings are going to work, because this is both product and artistry. It's not -- that's why these numbers are so bombastic.

所以不再是 25 萬美元，而是一開始就是 2,500 萬美元。而且老實說，整體氛圍是：如果這真的有效，它就具有無限的價值；而且它會有效。坦白講，我看不出其他方案要怎麼奏效，因為這同時是產品也是技藝（artistry）。它不是——這也是為什麼這些數字會如此驚人。

It's not like some static like when Shyam's on the frontline doing implementations or Ryan is structuring these, I mean, Ryan was open in the last couple of days of last quarter, he couldn't get out of his car. We were like I was about to send over a bottle so he could take care of nature. It's like that on the front line.

這不是某種靜態的——像 Shyam 在前線做導入，或 Ryan 在架構這些方案時——我是說，Ryan 在上個季度最後幾天非常坦白，他甚至下不了車。我們當時想說我要不要送一個瓶子過去，好讓他解決生理需求。前線就是這麼誇張。

I'm not exaggerating. It's like, Ryan was on his way to work, and he had to pull over. He drives a fancy car. I mean look at that.

我不是在誇張。就像，Ryan 在去上班的路上，他不得不把車靠邊停下來。他開的是一台很高級的車。我是說，看看那個。

But he literally had to pull over. And that's just what's going on. But again, I know the primary focus of your interest here is financial, but there's the flip side.

但他真的必須靠邊停車。而這就是正在發生的事。不過再說一次，我知道你們這裡主要關注的是財務，但還有另一面。

The other stuff is not working. That's part of -- it's not just that our thing is unique. There's a very strong sense in the market that these other approaches, fake deploy codes, token, raw usage, lightweight companies reselling tokens, software companies that are reselling tokens and accounts as revenue. People are just tired of it.

其他那些東西不管用。這也是其中一部分——不只是我們的東西很獨特。市場上有一種非常強烈的感受：那些其他做法——假部署代碼、token、按原始用量計費、輕量公司轉售 token、軟體公司把轉售 token 和帳號當成營收——大家真的受夠了。

And I'll tell you, last not least, the taste of the market is shifting. Like, people really do grow to like what works.

而我告訴你，最後但同樣重要的是，市場的口味正在改變。就像，人們真的會越來越喜歡有效的東西。

I mean, look at the success in the Department of War. It's like -- that was a -- we shifted the taste. That's what's happening in US Com. That's what's explaining the numbers.

我是說，看看在戰爭部（Department of War）的成功。就像——那曾經是——我們改變了口味。這正是正在美國商業端（US Com）發生的事。這也解釋了這些數字。

And that's what -- if you -- like people watching this, you should come to one of our AIP Sovereign, it's a little bit like a rock concert.

而且如果你——像正在看這個的人——你應該來參加我們的一場 AIP Sovereign，它有點像一場搖滾演唱會。

Thank you. Our next question is from Gil with D.A. Davidson. (Event Instructions)

謝謝。我們的下一個問題來自 D.A. Davidson 的 Gil。（活動說明）

Thank you. Good afternoon. I want to build on that conversation you had with Dan. You talked to them about one type of CEO, the one that comes to you with an urgency around sovereignty. But as reading the Anthropic S1 will tell us about half of their customers work directly with Anthropic.

謝謝。下午好。我想延續你剛才和 Dan 的那段對話。你談到一種類型的執行長，也就是帶著對主權的急迫感來找你的那種。但從閱讀 Anthropic S1 來看，我們會知道他們大約有一半的客戶是直接與 Anthropic 合作。

So when you have a -- which means there's a lot of CEOs that haven't gotten the message. To your point, you're in the first inning of this conversation. When you get a CEO that's still unconvinced, what kind of analogies and metaphors can you use to help them understand the importance of this diffusion layer?

所以當你有一個——這表示還有很多執行長還沒有接收到這個訊息。如你所說，你們才剛進入這場對話的第一局。當你遇到一位仍未被說服的執行長時，你會用什麼類比或隱喻，來幫助他們理解這個擴散層的重要性？

Orchestration harness is coming from you and not directly from the lab. What kind of examples you have to provide and to understand the risk?

也就是協調編排（orchestration）工具是由你們提供，而不是由實驗室直接提供。你有哪些例子可以用來說明並讓他們理解其中的風險？

There's two parts to your question, which is like the person who's not convinced or not yet convinced and then what do we do? The weird thing here, though, is we really cannot satiate demand. So this is a market that is growing so rapidly. We don't need the people who aren't convinced. We really don't.

你的問題有兩個部分：一是那個尚未被說服、或還沒完全被說服的人；二是接下來我們怎麼做。不過這裡奇怪的是，我們其實根本無法滿足需求。這個市場成長得非常快。我們不需要那些還沒被說服的人。真的不需要。

And by the way, and again, I say this every time, Dario is someone I get along very well with. I think he's one of the most important business people of my generation, if not multiple generations. They are also selling our product because people interact with them. And again, some people want that approach.

順帶一提，而且我每次都會說，Dario 是我相處得非常好的人。我認為他是我這一代、甚至跨好幾代最重要的商業人士之一。他們也在銷售我們的產品，因為人們會與他們互動。而且再說一次，有些人就是想要那種方式。

But a lot of people are super concerned about their alpha being transferred to them. And the results -- even the results they talk about are often already in our application, I think. We work very effectively within Anthropic and the Department of War, and at AIG, and all over the place.

但也有很多人非常擔心他們的 alpha（超額報酬/競爭優勢）會被轉移給對方。而且他們談到的成果——甚至那些成果——我認為往往在我們的應用中早就已經具備了。我們在 Anthropic、在戰爭部（Department of War）、在 AIG，以及各個地方都合作得非常有效。

But again, the primary -- what they are doing is increasing the size of the market. What we're doing is servicing the market that's gotten real. And we are actually in the symbiotic relationship with them commercially because they're growing the market is probably much, much bigger than it will be than it is today. And we're taking advantage of the market where you really need delivery, where delivery also includes.

但再說一次，他們主要做的——是在擴大市場規模。我們在做的，是服務那個已經變得「真實落地」的市場。而且在商業上，我們其實與他們形成共生關係，因為他們把市場做大，而這個市場很可能會比今天大得多、非常非常多。而我們則在利用那個你真正需要交付（delivery）的市場，而交付也包括。

Now if there is somebody -- we don't -- we really do convincing in the government space. Like, we've been on the front line, like, certain agencies didn't want to adopt, and we knew that warfighters would die if they didn't enough, so we went to convince them. In Commercial, our real approach is hey, enjoy the one year with until you just find out it's not the one you want.

現在如果有人——我們不——我們真正需要去「說服」的其實是在政府領域。例如我們一直在第一線，有些機構不想採用，而我們知道如果他們不採用，作戰人員就會因此喪命，所以我們就去說服他們。在商業領域，我們真正的做法是：嘿，你就先享受用一年的時間，直到你發現那不是你想要的那個。

There are very, very, very few times where we're trying to go and compete and take their customer away. It really is not happening. And conversely, once you go Palantir, you don't go back. And that's just -- that's how it is.

我們極少、極少、極少會去競爭並把對方的客戶搶過來。這真的沒有在發生。反過來說，一旦你用了 Palantir，你就不會回頭。就是——事情就是這樣。

And you can see it in our numbers, which is -- so it's -- this is a very different thing. I don't know at what point we become competitive with each other. But at this point in the US, the market for us is insatiable. It's insatiable and growing and growing and growing.

你可以從我們的數字看出來——所以——這是一件非常不同的事。我不知道我們在什麼時點會彼此變成競爭對手。但就目前在美國而言，我們面對的市場需求是無法被滿足的。它無法被滿足，而且還在不斷成長、不斷成長、不斷成長。

There's two ways to look at our numbers. One is to say we are just supplying at what we do. Another way is to say we're very unique in the market is exploding around us. I'm much more in the latter camp. Like I don't -- we are a creative colony.

看待我們數字有兩種方式。一種是說，我們只是在供應我們所擅長的事情。另一種是說，我們在市場上非常獨特，而市場正在我們周圍爆炸式成長。我更偏向後者。比如我不——我們是一個創意群落（creative colony）。

We're not perfect. But the market is exploding around us, and they are helping it explode. And the only area where we do anything that looks competitive is we are spending a lot of time educating clients, partners that may -- that are nonpartners around the risks of using closed models without an application layer. That's the one thing we do actively.

我們並不完美。但市場正在我們周圍爆炸式成長，而他們也在幫助市場爆發。而我們唯一看起來有點像在競爭的領域，是我們花了很多時間去教育客戶、合作夥伴，以及可能——那些不是合作夥伴的人——關於在沒有應用層的情況下使用封閉模型的風險。這是我們唯一會主動做的事情。

So -- but we're not really saying, hey, you're going to -- the value creation people know we own. Certainly, an industry. I think less on Wall Street.

所以——但我們其實不是在說，嘿，你會——價值創造的人知道我們擁有什麼。當然，在產業界是這樣。我認為在華爾街就比較不是。

Actually, honestly, I think on Wall Street, I don't mean you, but I think really what happened on Wall Street is everybody invested in these firms early. Plus you guys, it's hard to see the reality when you're getting rich on something that's not actually working the way you think it is. And the reality is though, an industry, people realize when it gets real, you need us. And that market is much larger than we can service.

其實老實說，我覺得在華爾街——我不是指你——但我認為華爾街真正發生的是，大家很早就投資了這些公司。再加上你們，當你因為某個其實沒有如你所想那樣運作的東西而變得富有時，就很難看清現實。但現實是，在產業界，人們會意識到一旦事情要真正落地，你就需要我們。而那個市場遠比我們能服務的規模還要大。

Thank you. Our last question is from Brad with Deutsche Bank. (Event Instructions)

謝謝。我們最後一個問題來自德意志銀行（Deutsche Bank）的 Brad。（活動指示）

Great. Thanks so much for including me. Congrats on another rocket ship quarter. Alex, in your shareholder letter, you said that you see Palantir as the pioneers of a genuine and viable anti-war movement. Can you expand on what that means and what it might mean for your Government business?

太好了。非常感謝讓我參與。恭喜又一個火箭般成長的季度。Alex，在你的致股東信中，你說你把 Palantir 視為一場真正且可行的反戰運動的先驅。你能否進一步說明這代表什麼，以及這對你們的政府業務可能意味著什麼？

Well, one of -- and I'll let Shyam talk about this. I'll go back to the beginning of our Palantir, PG. And we build products that would protect civil liberties and stop terrorism for the very simple reason that you don't want to do one or the other. If you don't stop terrorism, you're going to get a radical fringe on the right.

嗯，其中一點——我會讓 Shyam 來談這個。我先回到 Palantir、PG 的起點。我們打造能夠保護公民自由並阻止恐怖主義的產品，原因很簡單：你不該只做其中一個而不做另一個。如果你不阻止恐怖主義，右派就會出現激進邊緣勢力。

If you stop terrorism without rights, none of us want that, okay? You could say it's an anti-terror product or you could say it's a product for social cohesion. It's this product -- our products are built to avoid war, meaning the adversary knows that they will have such pain inflicted upon them, that in fact, it's not worth going to war. And also, to create social cohesion because we're going to bring back our troops healthier, safer, non-damaged and that makes our society much more effective.

如果你在沒有權利保障的情況下阻止恐怖主義，我們誰都不想要那樣，好嗎？你可以說這是一個反恐產品，也可以說這是一個促進社會凝聚力的產品。這個產品——我們的產品是為了避免戰爭而打造的，意思是讓對手知道他們將承受極大的痛苦，因此事實上不值得發動戰爭。同時，也為了創造社會凝聚力，因為我們會讓部隊更健康、更安全、免於受創地回來，這會讓我們的社會更有效率。

And I would say as a person, not as like Palantir, I grew up as a lefty. I don't actually like war. I want to avoid war. I do not support wars.

而且我會說，就我個人而言，不是以 Palantir 的身分，我從小就是偏左派。我其實不喜歡戰爭。我想避免戰爭。我不支持戰爭。

Sometimes they are necessary. And when they are necessary, America and its allies need the very, very, very best tools. And we have competitors, adversaries, and enemies out there. They need to know our stuff works. The way to stop a war is for them to know these things work.

有時候戰爭是必要的。而當它必要時，美國及其盟友就需要最最最好的工具。我們外面有競爭者、對手與敵人。他們需要知道我們的東西是有效的。阻止戰爭的方法，就是讓他們知道這些東西有效。

And also, part of the problem that we've had in the AI discussion in this country is we do have a rival and adversary on the battlefield. I happen to respect their culture quite a bit, China. But it is us or them. And they have a dynamic, interesting, super high IQ, scaled culture that is doing exceedingly well at AI.

而且，我們在這個國家的 AI 討論中遇到的部分問題是：我們在戰場上確實有一個競爭對手與敵手。我碰巧相當尊重他們的文化——中國。但這是我們或他們的問題。而他們擁有一種充滿活力、有趣、超高智商、可規模化的文化，在 AI 方面表現得極其出色。

And we've got to make sure we're the leaders. And somehow, we have to drag our European and other allies with us, which is going to be hard because they're going to have to also learn how these things work, and that probably means a real interaction with the leader of the sovereign movement, not some fake bureaucratic thing made up by people who have no idea what they're talking about and think you can regulate these things like a telecom industry when, in fact, this is galvanizing a new transformative technology that is transforming every part of society and transforming our numbers and everything it touches.

而我們必須確保自己是領導者。而且不知怎地，我們得把歐洲以及其他盟友一起拉上來，這會很難，因為他們也必須學會這些東西如何運作，而那可能意味著要與主權運動的領導者進行真正的互動，而不是由一些根本不知道自己在說什麼的人編造出來的官僚式假把戲；他們以為你可以像監管電信產業那樣監管這些東西，但事實上，這正在點燃一項全新的、具變革性的技術，它正在改變社會的每一個部分，改變我們的數字，以及它所觸及的一切。

Thank you. Alex, as always, we have a lot of individual investors.

謝謝。Alex，一如既往，我們有很多個人投資人。

Somebody else has got to talk.

得換別人來講了。

Is there anything -- anyone would like to say before I end the call?

在我結束這通電話之前，有沒有什麼——有人想說的？

Maybe you guys can say a couple of words. Shyam, would you like to say --?

也許你們可以說幾句。Shyam，你想說——？

Well, I mean, you spoke about deterrence really well. I guess I would just add that, of course, the objective is to deter conflict. Deterrence is not something you accomplish by hope. You actually have to build it brick by brick. And so on one end, in the fox hole, that's about having a capability that's 10 times or 100 times better than your adversary, should they choose to fight, they're going to lose, and therefore, they should not choose to fight.

嗯，我是說，你把「嚇阻」講得非常好。我想我只想補充一點：當然，目標是嚇阻衝突。嚇阻不是靠希望就能達成的。你必須一磚一瓦把它建立起來。所以在其中一端，在戰壕裡，那關乎於擁有一種能力——比你的對手強 10 倍或 100 倍；如果他們選擇開打，他們會輸，因此他們就不應該選擇開打。

And on the other end, it comes out of the factory floor. Deterrent conflict, as we've seen with Russia and Ukraine, is really about your ability to produce the material. And we are in a period where we need to reinvent how we do production. We've gone through 30, 40 years of essentially deindustrialization in the nation, beyond just their defense industrial base.

而在另一端，它來自工廠產線。如同我們在俄羅斯與烏克蘭身上所看到的，嚇阻衝突其實關鍵在於你生產物資的能力。而我們正處於一個需要重新發明生產方式的時期。過去 30、40 年，我們國家基本上經歷了去工業化，不僅僅是國防工業基礎層面。

And the work that we're doing with war machine and working with commercial and private and public sector companies in order to enable production using a modern American manufacturing stack. These are two parts of the same coin here. And I think it comes down to, yes, freedom driven through the fox hole, but also prosperity, the growth of the American economy on the back of that.

而我們與 war machine 所做的工作，以及與商業、民間與公共部門公司合作，以便用現代化的美國製造技術堆疊來促成生產。這兩者其實是一體兩面的同一枚硬幣。我認為歸根結底，是的，自由是從戰壕裡推動出來的，但同時也是繁榮——美國經濟在此基礎上的成長。

You want to say something? Would you like to talk about your greed afterwards?

你想說點什麼嗎？你想之後談談你的貪婪嗎？

I'll just add the Sovereign AI revolution we launched this last quarter and the FELP version on the ground is -- and what we're seeing at Sovereign AI boot camps when we actually show and don't tell is the momentum and the urgency of customers that get it and see it, adopting quickly, moving quickly, moving with urgency because they realize how much it matters. And we're feeling that on the ground and we're at the very beginning of this, and we only see that continuing and expanding from here.

我只想補充：我們在上一季推出的「主權 AI 革命」，以及落地的 FELP 版本——我們在主權 AI 訓練營看到的是：當我們真正展示、而不是只用說的時，那些理解並看見它的客戶所展現出的動能與急迫感；他們快速採用、快速推進、帶著急迫感行動，因為他們意識到這有多重要。我們在第一線能感受到這點，而我們才剛開始，我們只看到它會從這裡持續並擴大。

And because I can't help myself, I'll say one more thing, going back to Gil's question. I mentioned this earlier in my comments, but it really is the case. And I think one of the concedes that the labs don't have right, and that perhaps the customers who don't quite yet realize that the return is not there, is that the atomic unit of the enterprise is not the knowledge worker.

而且因為我忍不住，我再補充一句，回到 Gil 的問題。我先前在評論中提過，但確實如此。我認為實驗室沒有把這點搞對，而一些客戶也還沒完全意識到投資報酬其實不在那裡：企業的原子單位不是知識工作者。

You can make people more productive and generate no actual return on investment. If you're measuring the inputs, it can feel really good to see that productivity of the person. You actually -- the atomic unit is the workflow. And having a platform like AIP, where you're already managing your supply chain or your S&OP or your key enterprise processes, the exhaust of those processes then enable you to go through the post-training loop to have a model that's better than Frontier at that.

你可以讓人更有生產力，但不一定產生任何實際的投資報酬。如果你衡量的是投入端，看到個人生產力提升會讓人感覺很好。但其實——原子單位是工作流程。而像 AIP 這樣的平台，當你已經在管理你的供應鏈、你的 S&OP 或你的關鍵企業流程時，這些流程所產生的「排放」（exhaust）就能讓你進入後訓練迴圈（post-training loop），打造出一個在該領域比 Frontier 更好的模型。

We give you the tools to elegantly integrate your people, your AI, and the software to actually drive objective, quantifiable value against the workflow. This is the compounding loop that the customers who are coming to us in the Sovereign boot camps really understand.

我們提供工具，讓你能優雅地整合你的人員、你的 AI 與軟體，真正針對工作流程驅動客觀、可量化的價值。這就是那些來參加主權訓練營、並找上我們的客戶真正理解的複利迴圈。

Just at our most recent DevCon down in Miami, we had a customer who on their stack in production as a hackweek project, built a production-ready model that's better than Frontier for their use case in the 48 hours. Single person in the 48 hours, that was DevCon. So the proof is everywhere on this.

就在我們最近一次在邁阿密舉辦的 DevCon 上，有位客戶在他們的技術堆疊上、在正式生產環境中，作為 hackweek 專案，在 48 小時內就做出了一個可投入生產的模型，對他們的使用情境而言比 Frontier 還好。單人、48 小時，那就是 DevCon。所以這方面的證據到處都是。

And I guess two financial metrics to leave you with, I'd say, two years ago, on net income and to today, we've 8x-ed our net income over the last two years, which I am incredibly proud of as well as everything else that was said. And also, as we look at sort of this year, to basically guide to almost $5 billion in cash flow for the full year is, I think, something we all can be excited about.

我想留給各位兩個財務指標：我會說，從兩年前的淨利到今天，我們在過去兩年把淨利放大了 8 倍，除了前面提到的一切之外，這點也讓我感到無比自豪。另外，當我們看今年的情況，基本上指引全年接近 50 億美元的現金流，我認為這是大家都可以感到振奮的事。

And to close, I just -- the people who invested in us early, many of them were investing their own money and would otherwise be called retail, and many now and recently have reinvested in us. The Sovereign revolution is a metaphor for your interaction with Palantir. And the fact that we've been able to help you, and you've been able to help us in your own wealth creation in our journey, and that you've defended us against what obviously now look like ridiculously stupid and malicious, incredibly hard to understand attacks, is something that we will never forget.

最後作個收尾，我想說——早期投資我們的人，很多人投的是自己的錢，否則一般會被稱為散戶，而其中許多人現在以及最近又再度投資我們。「主權革命」是一個隱喻，象徵你與 Palantir 的互動。而我們能夠幫助你、你也在我們的旅程中透過自身的財富創造來幫助我們；以及你曾為我們辯護、抵禦那些如今看起來顯然是荒謬愚蠢且惡意、令人極難理解的攻擊——這些都是我們永遠不會忘記的。

And part of the delivery here, part of what motivates me, is helping to make sure we are fighting for you and quite frankly, making sure that the people that made fun of you and made fun of us are suffering. And I'm very proud of that, and I'm very proud to have all of you along with us and thank you for that support.

而這裡交付的一部分、也就是驅動我的一部分動力，是要確保我們在為你而戰；坦白說，也要確保那些嘲笑你、嘲笑我們的人正在受苦。我對此感到非常自豪，也非常自豪能與各位一路同行，並感謝你們的支持。

Thank you. That concludes today's call.

謝謝。今天的電話會議到此結束。