Palantir beat Wall Street's estimates for the third quarter, with US commercial revenue topping US government revenue for the first time, CNBC reports. The company reported results after the market closed on Monday.

US commercial revenue jumped 148% to $984 million, CNBC reports. US government revenue rose 96% to $953 million. SiliconANGLE reports that it was the first time in Palantir's history that commercial sales in the United States overtook government sales.

Total revenue nearly doubled from a year earlier and passed $2 billion for the first time, CNBC reports. SiliconANGLE puts quarterly revenue at $2.313 billion, up 96%, against analyst expectations of $2.18 billion.

Net income more than doubled to $1.13 billion, or 44 cents per share, from about $476 million a year earlier, CNBC reports.

Palantir raised its outlook. It now expects US commercial revenue "in excess of" $3.56 billion for the full year, CNBC reports. The company projects about $2.65 billion in revenue for the fourth quarter and about $8.53 billion for all of 2026, CNBC says. SiliconANGLE reports that it was the third time this year that Palantir raised its full-year revenue guidance.

Palantir closed 212 deals worth at least $1 million in the quarter, including 64 worth $10 million or more, SiliconANGLE reports.

"I don't believe anyone's had consistent results like this in the history of software AI, ever," Chief Executive Alex Karp said in an interview with CNBC. He also repeated recent calls to nationalize AI labs, calling it the "only realistic way" to manage liability, CNBC reports.

In the earnings release, Karp argued that what he called the "Sovereign AI movement" was splitting governments and companies into haves and have-nots, SiliconANGLE reports. He said that shift was "purpose-built for Palantir."

Shares rose more than 1% in late trading on Monday, SiliconANGLE reports.