Palantir Technologies Inc. (PLTR) closed the November 10 session at $168.82, roughly 19% below its record closing high of $209.05 set on October 9, according to historical price data. The pullback stands in contrast to the company's record third-quarter revenue and increased 2026 sales guidance, as investors scrutinized a marked slowdown in newly signed contract values.

The company's November 2 earnings release reported third-quarter revenue up 96% year over year to $2.313 billion. Newly closed contract values, however, grew just 6% annually, a sharp deceleration from 49% growth in the preceding quarter.

Contract Values Fall as Revenue Advances

Third-quarter total contract value reached $2.918 billion, down from $3.373 billion in the second quarter — a sequential decline of approximately 13.5%. U.S. commercial contract value fell from $2.132 billion to $1.463 billion over the same span.

Despite the cooling pace of signings, U.S. commercial revenue rose 29% sequentially to $984 million, exceeding U.S. government revenue of $953 million for the first time. U.S. commercial revenue also climbed 148% year over year.

The two sets of figures reflect different measures rather than an immediate contradiction. Contract value captures agreements signed during the quarter, including certain unexercised customer options, while revenue reflects services already delivered and recognized under accounting rules. That timing gap explains the market's focus on the bookings slowdown: agreements signed in one quarter become the revenue recognized in later ones, making the pace of new signings a common early gauge of demand.

Prior Blockonomi coverage documented the initial slowdown following the November 2 earnings report. The November 10 closing price provides a subsequent measure of investor reaction.

Existing Accounts Drive Much of the Growth

Palantir's quarterly SEC filing offers another perspective on revenue momentum. Government revenue increased $513 million year over year, including $484 million from customers already present at year-end 2025. Commercial revenue increased $619 million, including $407 million from that same existing customer group.

Those figures show that established relationships contributed heavily to the sales increase. They do not establish whether contract signings will recover in future quarters.

Palantir also reported $4.9 billion in remaining performance obligations at the end of September. According to the filing, 44% of that amount should become revenue within twelve months. The measure excludes cancelable contracts and certain shorter agreements, meaning remaining obligations and headline contract values cannot be treated as interchangeable forecasts of future revenue.

Guidance Remains Strong Amid Valuation Debate

Palantir raised its 2026 revenue outlook to between $8.530 billion and $8.534 billion — a range spanning just $4 million. Management also forecast fourth-quarter sales between $2.649 billion and $2.653 billion, the period that will supply the next quarterly reading on contract value trends. The company reported $1.216 billion in adjusted free cash flow during the third quarter, and its cash, equivalents, and Treasury securities totaled $10.4 billion.

Analysts remain divided over the valuation attached to Palantir's expansion. Jefferies maintained an $80 price target, roughly 53% below the November 10 close, while Citigroup raised its target to $265 after the earnings report — about 57% above it.

This article was originally published on Blockonomi.