Palantir total customers in Q1 2026

Palantir's AIP Bootcamps show high conversion to paying commercial customers. Enterprises participating in these bootcamps demonstrate a robust conversion rate, with market analysts estimating that approximately 70-80% ^[2] and over 75% ^[3] of participants transition into paying customers within six months. Palantir's Q4 2025 earnings call transcript more specifically reveals an estimated 75% to 85% of enterprise bootcamp participants move into full commercial engagements within two quarters ^[1]. The intensive, hands-on nature of these programs is primarily credited for this consistently high conversion rate ^[3].

Palantir projects significant quarterly growth in bootcamp volume through 2025. The company has aggressive expansion plans for its AIP Bootcamps, having successfully completed 110 bootcamps in Q4 2024, exceeding its internal targets ^[1]. For 2025, Palantir projects running an average of 170-190 bootcamps per quarter, with a significant ramp-up anticipated towards the end of the year ^[1]. These projections align with earlier market analyst estimates, which also indicated an increase to approximately 180-220 bootcamps per quarter by the end of 2025 ^[3]. This strategic expansion underscores Palantir's commitment to scaling its AIP Bootcamps for widespread adoption of its AI platforms ^[2].

Palantir's NHS FDP rollout could create 42 new customer engagements. As the lead supplier for the UK NHS Federated Data Platform (FDP), Palantir UK is responsible for overseeing the platform's deployment across each of England’s 42 Integrated Care Systems (ICSs) ^[1]. This platform operates under a five-year term with potential extension options. The scheduled deployments throughout 2024 and 2025 represent distinct operational customer engagements, with implementation decisions expected before the fourth quarter of 2025 as part of the continuous rollout process ^[1].

US DoD awards do not indicate new customer bids before Q4 2025. Research concerning US Department of Defense enterprise-level awards shows that Palantir has already secured significant contracts, rather than identifying new bids with decisions anticipated by Q4 2025. For instance, in 2023, the U.S. Army awarded Palantir an Enterprise Service Agreement (ESA) valued at $250 million over five years, granting extensive access to their AI/ML and data management capabilities ^[2]. Therefore, current sources do not specify new Department of Defense enterprise-level awards that would contribute to a count of new potential customers from bids expected to be decided within the specified timeframe.

Palantir does not publicly disclose specific gross churn rates by customer segment. Palantir Technologies does not publicly disclose specific trailing twelve-month gross churn rates for commercial customers with an annual contract value under $1 million, nor for legacy enterprise clients with contracts over $5 million ^[1]. The company's public reporting primarily focuses on overall customer count growth, U.S. commercial customer expansion, and net dollar retention ^[1].

Palantir's reporting prioritizes net dollar retention over gross churn. Publicly available financial reports, investor presentations, and earnings call transcripts from Palantir do not provide specific gross churn rates, especially when segmented by annual contract value (ACV) tiers or customer types like commercial versus legacy enterprise ^[1]. Companies frequently opt to report metrics such as net dollar retention (NDR), which reflects the revenue retained from existing customers after accounting for upgrades, downgrades, and churn, rather than gross churn, which exclusively measures customer losses ^[1].

Palantir emphasizes existing client expansion, contributing to strong net retention. Palantir's strategy and reporting highlight expanding relationships with existing clients, contributing to strong net retention, as indicated by CEO Alex Karp's statements that existing clients are spending significantly more ^[2]. For example, the company reported substantial U.S. Commercial Revenue Growth for Q1 2026 ^[3]. Although these metrics demonstrate customer expansion and value generation, they do not offer the specific gross churn rates by ACV segment requested for comparison ^[1].

Palantir has strategically expanded its channel partnerships to drive commercial growth. Since mid-2024, Palantir has significantly increased its channel collaborations, notably signing a multi-year, multi-million-pound agreement with PwC UK in November 2025, designating PwC as a preferred partner for AI transformation ^[1]. Partnerships with Managed Service Providers (MSPs) and System Integrators (SIs), such as Accenture, are deemed critical for commercial success, especially in the U.S., and are reportedly expanding Palantir's reach into new market segments ^[3]. During the Q4 2025 earnings call, executives acknowledged "significant traction in our channel initiatives," emphasizing their role in driving new customer adoption for the AI Platform ^[2].

Specific growth rates for channel partnerships and customer sourcing percentages are unavailable. While Palantir utilizes both direct sales, including its "Bootcamp" strategy, and indirect sales through channel partners like MSPs, SIs, and VARs for commercial customer acquisition ^[4], the provided research does not detail the quarter-over-quarter growth rates for these partnerships or the precise percentage of new commercial customers acquired via indirect versus direct sales ^[5]. However, the company's overall U.S. commercial customer count grew by 69% year-over-year in Q4 2025, with 26 new customers added quarter-over-quarter, indicating strong growth across all channels without a specific breakdown by source ^[2].

Palantir requires 75.86 net customer additions quarterly to reach 1040 by Q1 2026. To meet the goal of 1040 customers by the end of Q1 2026, Palantir had to add a total of 531 net customers, starting from 509 customers at the close of Q2 2024 ^[1], ^[2]. This growth was projected over seven quarters, demanding an average of 75.86 net customer additions per quarter to achieve the target ^[1], ^[2], ^[3].

Palantir's customer growth has largely met or exceeded the required run-rate. While the company's forward guidance typically emphasizes overall business performance, its actual customer growth can be tracked against this necessary run-rate. Commercial customers grew from 509 at the end of Q2 2024 to 606 by the end of Q4 2024 ^[5]. By the end of Q1 2025, the customer count reached 689 ^[6], adding 83 customers in that quarter, which surpassed the required average. Furthermore, the customer base expanded to 891 by the end of Q3 2025 ^[7], and reached 968 by the end of Q4 2025 ^[8].

Q1 2026 additions brought Palantir very close to its target. To achieve the 1040 customer target by the end of Q1 2026, Palantir needed to add 72 net customers in Q1 2026, building upon the Q4 2025 total of 968 ^[8]. This figure of 72 net additions is notably close to the calculated average quarterly run-rate of 75.86 additions required over the full period.