Preview|PLTR 26Q3: FDE Capacity Becomes Key to Scaling Enterprise AI, Deployment Demand Picks Up

This report first examines the bottlenecks to scaling enterprise AI adoption, with a focus on FDE demand and the changing competitive landscape, before turning to our Palantir 26Q3 earnings preview.

Enterprise AI budgets continue to grow, but progress from pilots to scaled deployments remains uneven. Customers are increasingly focused on tangible business returns, with projects that improve costs, efficiency, or decision-making more likely to secure continued funding. FDEs play a central role in integrating AI into existing business workflows, but the limited supply of experienced engineers and the difficulty of replicating project expertise remain constraints on broader adoption. As more vendors build out their FDE teams, competition is extending beyond model capabilities to deployment expertise. Palantir has an advantage in executing complex projects and drawing on its accumulated deployment experience. For 26Q3, we expect U.S. commercial revenue to maintain strong growth, with a modest pickup in U.S. government revenue growth. We forecast total revenue of approximately $2.319bn, around 7% above the high end of company guidance.

The Bottleneck to Enterprise AI Budget Expansion

Unclear ROI Could Slow Enterprise AI Budget Growth

• Our enterprise survey: Enterprise AI spending growth may slow next year, with respondents citing unclear ROI or realized benefits falling short of expectations.
• McKinsey (August 2026): Only 37% of respondents report that AI contributes to enterprise EBIT, essentially flat y/y; roughly 20% say operating costs, including tokens, are already constraining AI usage.