Palantir Technologies said Monday that revenue for the third quarter rose 96% year over year to $2.3 billion, surpassing the 63% growth and $1.2 billion in revenue it reported in the year-earlier quarter. Chief financial officer David Glazer described the figure as the company's "highest-ever" reported year-over-year growth rate, and said the quarter also delivered the highest-ever sequential revenue growth rate at 20%. Quarterly revenue crossed the $2 billion milestone for the first time.

The company raised its full-year revenue forecast to between $8.53 billion and $8.534 billion, roughly 91% growth, up from guidance of as high as $8.2 billion a quarter earlier.

Investors did not appear immediately swayed. In after-hours trading, shares rose about 1.5% immediately after the figures were published before dropping 3.6%.

For the quarter, Palantir reported adjusted EPS of 44 cents and GAAP EPS of 44 cents. That compares with the third quarter of 2025, when adjusted EPS was 21 cents and GAAP EPS was 18 cents. Analysts had expected revenue of $2.18 billion and adjusted earnings of 41 cents per share. Palantir had guided revenue to roughly $2.16 billion to $2.164 billion.

In his quarterly letter to investors, released alongside the results, CEO Alex Karp wrote that "it would be an understatement" to say Palantir's third-quarter results "were extraordinary," and called the company's 96% growth rate "absolutely striking." Karp, who helped found the company in 2003 with investor Peter Thiel and others, made no bones about the change he sees on the horizon: "Every industry in the world—from banks to insurers to hospitals and even once-storied law firms—will either be remade or set briskly aside."

His remarks came as the quarterly call with analysts got underway, and he continued his aggressive optimism throughout. Karp said Palantir's earnings calls have grown beyond the company's financial results to serve as "the focal point of tech, society, and general trends." The calls, which are streamed on YouTube, are "by far the most-watched earnings calls in the world," he said.

The results came after a punishing stretch for certain technology stocks and served as something of a temperature read on the AI trade. Palantir, a software maker, has become a bellwether for public-market confidence in AI software converting into revenue growth.

Its latest financials arrived days after Alphabet, Google's parent company, suffered its worst one-day drop on record in its 22-year history as a public company. Alphabet has lost $505 billion in market value since it published third-quarter figures last week. A disappointing reception to results from Amazon and Intel last week deepened concerns that relentless spending on AI—approaching $2 trillion over two years, according to S&P Global research—is sprinting well ahead of returns for investors. Intel's stock dropped about 29% last week. The Nasdaq Composite fell more than 1% on Monday and is down 4% over the past five days.

Investors keep close watch on Palantir's U.S. commercial business as evidence that companies, as well as governments, are willing to pay up for AI software. That revenue grew 148% to $984 million, from $397 million a year earlier. For the first time, U.S. commercial revenue overtook U.S. government revenue, which rose to $953 million, up 96% from $486 million a year ago. Total contract value rose 6% to $2.9 billion, and U.S. commercial contract value grew 11% to $1.5 billion.

For the current quarter, Palantir forecast revenue of roughly $2.64 billion to $2.65 billion, which works out to about 88% growth at the midpoint, above the approximately $2.46 billion analysts had expected. Fiscal-year 2026 revenue guidance rose to 91% year-over-year growth, and U.S. commercial revenue guidance was raised to 143%.

The backdrop for the quarter differed markedly from Palantir's second-quarter results in August, even as Karp's tone remained just as ebullient as it was three months ago. As it did last quarter, the $430 billion software company said in its quarterly release to investors that its results were "crushing consensus expectations."

Karp maintained that tone throughout the call. In response to a question from tech bull Dan Ives, he said potential clients seek out Palantir because they are concerned about their intellectual property and about getting value from it, and he drew comparisons to romantic relationships. "Warm leads" now turn more quickly into "hot leads," he said, the way a first date can progress further romantically.

"It's a very different jam," said Karp. "We've gone from being the most attractive person in the physics department to being the captain of the football team kind of thing," he continued. "I mean, not that I did that."

This story was originally featured on Fortune.com.