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Key Points
- Alex Karp’s net worth jumped to $9.9 billion after a 40% stock surge, cementing his status as the U.S.’s third-richest Black billionaire.
- Palantir posted $2.87 billion in 2024 revenue, driven by a 38% U.S. sales surge and strong AI demand, boosting investor confidence.
- Palantir’s net income soared to $467.92 million, doubling from last year, while total assets grew 40% under Karp’s leadership.
U.S. third-richest Black person, Alex Karp, the chief executive officer of Palantir Technologies, has seen his fortune swell to $9.9 billion after a strong week for the AI and big data analytics firm. Shares of Palantir surged more than 40 percent on the Nasdaq, pushing Karp closer to the $10 billion mark and solidifying his position as one of the richest Black billionaires in the U.S.
The Black billionaire, who owns a 2.63 percent stake in Palantir, added $2.1 billion to his net worth in just a few days, according to Forbes’ estimates. His fortune jumped from $7.8 billion on Feb. 4 to $9.9 billion, keeping him as the third-richest Black individual in the U.S., behind Vista Equity Partners’ Robert F. Smith and World Wide Technology chairman David Steward.
Palantir stock soars after earnings beat
Palantir’s stock surged after delivering a strong earnings report that exceeded Wall Street’s expectations. The Denver-based AI firm reported a 28.79 percent jump in revenue for the 2024 fiscal year, reaching $2.87 billion, up from $2.23 billion in 2023. Growing demand for AI-powered solutions has reinforced Palantir’s spot in the industry, driving investor confidence.
Revenue growth was particularly strong in the U.S., where sales jumped 38 percent year-over-year to $1.9 billion. Government contracts remained a key pillar, with revenue from that segment rising 30 percent to $1.2 billion.
The company’s commercial business also posted solid gains, with revenue up 54 percent to $702 million. Palantir secured 129 deals worth at least $1 million, including 58 contracts valued at $5 million or more, and 32 exceeding $10 million. Its customer base expanded by 43 percent, underscoring its widening market presence.
Net income more than doubles under Karp
Under Karp’s leadership, Palantir reported a record net income of $467.92 million, more than doubling the previous year’s $217.38 million. Total assets jumped 40.21 percent to $6.34 billion, while total equity increased from $3.56 billion to $5.1 billion, reinforcing its financial strength.
Karp, who ranks 260th on Forbes’ list of the world’s richest people, has been instrumental in steering Palantir’s growth amid a wave of AI adoption. As enterprises and governments accelerate their investment in AI-driven analytics, Palantir remains at the forefront of the industry, delivering both financial success and investor confidence.
