Table of Contents
Key Points
- Palantir CEO Alex Karp’s net worth has hit $10 billion, making him the third-richest Black person in the U.S. after recent stock gains.
- Karp’s 2.63% stake in Palantir has benefited from a 55% stock rally this year, pushing the company’s market value past $260 billion.
- The AI firm’s net income more than doubled to $467.92 million, driven by strong U.S. sales and rising government contracts.
Alex Karp, the CEO of Palantir Technologies, has officially joined the ranks of U.S. Black billionaires worth over $10 billion.
His wealth surged past the milestone following last week’s gains, which pushed his net worth to $9.9 billion. Now, at the time of drafting this report, Karp’s fortune stands at $10 billion, making him the third-richest Black person in the United States.
His net worth has climbed by $3 billion since the start of the year, rising from $7 billion. According to Forbes, he now trails Robert F. Smith, founder of Vista Equity Partners, who is worth $10.8 billion, and David Steward, chairman of World Wide Technology, whose fortune stands at $11.4 billion.
Palantir’s stock gains boost Karp’s fortune
Karp’s growing wealth is tied to the strong performance of his 2.63 percent stake in Palantir. The AI and big data analytics firm has seen its stock price surge more than 55 percent this year, lifting its market capitalization above $260 billion. As a result, Karp now ranks as the world’s 256th richest person on the Forbes real-time billionaires list.
Palantir’s stock has been climbing steadily on the Nasdaq after delivering an earnings report that beat Wall Street expectations. The Denver-based 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. Demand for AI-powered solutions has fueled the company’s growth, strengthening investor confidence.
Palantir reports record $467.92 million profit
Under Karp, Palantir posted a record net income of $467.92 million—more than double the $217.38 million it reported a year earlier. Total assets rose 40.21 percent to $6.34 billion, while total equity increased from $3.56 billion to $5.1 billion, further reinforcing its financial position.
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 driver, with revenue from that segment rising 30 percent to $1.2 billion.
Palantir’s commercial business also delivered solid gains, with revenue up 54 percent to $702 million. The company 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, highlighting its growing presence in the AI market.
