Anduril vs Palantir: Revenue, Profit and Business Model
Anduril reported $2.2B of revenue in FY2025 and — of net income. Palantir reported $4.5B of revenue in FY2025 and $1.6B of net income.
Latest financial snapshot
Financial summary
Anduril
Anduril is private and publishes no audited accounts, so its figures come from company statements and reporting. Revenue was reported at about $500 million for 2023, roughly $1 billion for 2024 and $2.2 billion for 2025, with annual contract value of about $1.5 billion at the start of 2025. The company has raised more than $11 billion across eight rounds, including $200 million at a $1.9 billion valuation in July 2020, $1.5 billion at $14 billion in August 2024, $2.5 billion at $30.5 billion in June 2025 and $5 billion at $61 billion in May 2026, the last led by Thrive Capital and Andreessen Horowitz. That capital pays for factories and for research Anduril funds itself, which is why its own balance sheet, rather than a cost-plus contract, carries development risk.
Palantir
Palantir lost money for most of its history: it reported a $1.17 billion net loss in 2020, the year it listed. It first reached GAAP profitability in Q4 2022 and has been profitable every year since: $209.8 million net income in 2023, $462.2 million in 2024 and $1.625 billion in 2025. In Q2 2026, revenue of $1.935 billion produced a 62% adjusted operating margin and $1.22 billion of adjusted free cash flow, and the company held $9.2 billion of cash and short-term Treasuries. Full-year 2026 guidance calls for $4.5-$4.7 billion of adjusted free cash flow.
Revenue and profit by year
Anduril
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2.2B | — | 0.0% | +120.0% | Source |
| FY2024 | $1B | — | 0.0% | +100.0% | Source |
| FY2023 | $500M | — | 0.0% | — | Source |
Palantir
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $4.5B | $1.6B | 36.3% | +56.2% | Source |
| FY2024 | $2.9B | $462.2M | 16.1% | +28.8% | Source |
| FY2023 | $2.2B | $209.8M | 9.4% | +16.7% | Source |
| FY2022 | $1.9B | -$373.7M | -19.6% | +23.6% | Source |
| FY2021 | $1.5B | -$520.4M | -33.7% | +41.1% | Source |
| FY2020 | $1.1B | -$1.2B | -106.7% | +47.2% | Source |
| FY2019 | $742.6M | -$579.6M | -78.1% | +24.7% | Source |
| FY2018 | $595.4M | -$580M | -97.4% | — | Source |
Where the revenue comes from
Anduril
- Autonomous air and counter-drone systems
Hardware deliveries and sustainment for Roadrunner, Anvil, Pulsar electronic warfare and sentry towers, including the US Special Operations Command counter-drone integration contract and a US Marine Corps interceptor production contract awarded in March 2025.
- Collaborative combat aircraft and tactical drones
Development and production work on the YFQ-44A Fury for US Air Force CCA Increment 1, plus Ghost and ALTIUS air vehicles and Barracuda munitions.
- Lattice software and integration
Recurring licenses and integration work for Lattice across US services and allied ministries, including the March 2026 US Army ordering vehicle with a $20 billion ceiling for Anduril commercial products.
- Maritime autonomy, propulsion and space
Ghost Shark and Dive-LD undersea vehicles, solid rocket motors from the former Adranos plant in Mississippi, and space domain awareness work expanded by the ExoAnalytic Solutions purchase in 2026.
Palantir
- Government
51% (Q2 2026: $990M)
Software for U.S. and allied defense, intelligence and civil agencies. U.S. government revenue was $809 million in Q2 2026, up 90%.
- Commercial
49% (Q2 2026: $945M)
Foundry and AIP for enterprises. U.S. commercial revenue was $764 million in Q2 2026, up 149%.
Business model and strategy
Anduril
How it makes money
Anduril funds development with private capital and then sells finished systems at firm fixed prices, the reverse of the cost-plus contracts that pay the established primes for research hours. Lattice is the tie that binds the catalog: sentry towers, drones, interceptors and undersea vehicles feed sensor data into it, the software is licensed on recurring agreements, and fielded systems keep receiving updates.
Growth strategy
Anduril's strategy is to hold prime positions on programs of record rather than supply subsystems to other primes, and to buy specialist teams when it needs a capability: Area-I for air-launched effects, Dive Technologies for undersea vehicles, Adranos for solid rocket motors, Blue Force Technologies for the Fury airframe, Numerica's radar and command-and-control business, and ExoAnalytic Solutions for space tracking…
Competitive advantage
Anduril's advantage is cycle time plus ownership of its own designs. Because it pays for development up front, it can show a working system instead of a proposal: the YFQ-44A Fury flew on 31 October 2025, about 18 months after the Air Force picked its design, and fired a live AIM-120 in July 2026, the first air-to-air missile shot by a US collaborative combat aircraft.
Palantir
How it makes money
Palantir earns money by licensing and hosting four software platforms under multi-year contracts. Gotham serves defense and intelligence agencies; Foundry integrates operational data for companies; Apollo deploys and updates software across cloud, on-premise and classified environments; and AIP connects large language models to customer data through Palantir's Ontology.
Growth strategy
Palantir's growth plan rests on three things: AIP bootcamps that turn pilots into production contracts in days, larger defense programs (Maven Smart System, TITAN, Army enterprise agreements), and expansion within existing customers. U.S. commercial customer count rose to 653 in Q2 2026, up 35% year over year, and total customers reached 1,049.
Competitive advantage
Palantir's edge combines security accreditation, entrenched deployments and the Ontology data model. Its software is accredited for classified U.S. government work, which new entrants spend years trying to earn. Programs such as the Army's TITAN ground station ($178.4 million award in 2024) and the Maven Smart System put Palantir deep inside military workflows, which raises switching costs.
Questions about Anduril vs Palantir
Which company has higher revenue — Anduril Industries, Inc. or Palantir Technologies Inc.?
Anduril Industries, Inc. reported $2.2B (FY2025), while Palantir Technologies Inc. reported $4.5B (FY2025). By last reported revenue, Palantir Technologies Inc. is the larger business, with Anduril Industries, Inc. reporting a smaller revenue base.
What is the market cap of Anduril Industries, Inc. vs Palantir Technologies Inc.?
Palantir Technologies Inc. has a market capitalisation of $447.0B. A public market cap figure for Anduril Industries, Inc. was not available (it may be privately held).
Which is more financially efficient — Anduril Industries, Inc. or Palantir Technologies Inc.?
Anduril Industries, Inc. generates $275k / employee in revenue per employee, while Palantir Technologies Inc. generates $1.01M / employee. Palantir Technologies Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Anduril Industries, Inc. and Palantir Technologies Inc. make money?
Anduril Industries, Inc. and Palantir Technologies Inc. generate revenue in fundamentally different ways. Anduril Industries, Inc.: Anduril funds development with private capital and then sells finished systems at firm fixed prices, the reverse of the cost-plus contracts that pay the established primes for research hours. Palantir Technologies Inc.: Palantir earns money by licensing and hosting four software platforms under multi-year contracts.
Is Anduril Industries, Inc. bigger than Palantir Technologies Inc.?
By last reported revenue, Palantir Technologies Inc. ($4.5B (FY2025)) is the larger company compared to Anduril Industries, Inc. ($2.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Anduril vs Palantir overview