Palantir S-1 shows the company has 125 total customers

Average revenue per customer of $5.6 million per year. Previous articles mention that 91% of revenue growth comes from existing customers, and this is probably a large reason why. With such enormous contract values, their sales cycle is probably hugely long, complex, and expensive.

Also very interesting that 60% of revenue is generated internationally, which seems counter to the narrative that they're simply a glorified Federal systems integrator. That's undoubtedly a huge part of their business, but clearly they've been able to expand beyond that.

My take after reading all this is there's probably not a huge amount of upside remaining in Palantir. They'll probably be hard to displace in their existing accounts, but given how slowly they're acquiring new customers, my guess is that their product is not very competitive in the market anymore.