Palantir Technologies (PLTR) is no longer just a defense contractor with a promising commercial story. It is also the operating system for some of the most complex organizations on the planet, and a fresh wave of contracts is making that case harder to ignore.
On April 28, Cleveland-Cliffs (CLF) — one of North America’s largest steel producers — announced a three-year strategic partnership with Palantir to embed artificial intelligence (AI) directly into its production planning, order entry, and operational workflows. The move puts Palantir’s platform at the center of one of the most logistically demanding industries in the country.
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“What we have seen so far has been nothing short of a gamechanger,” said Cleveland-Cliffs CEO Lourenco Goncalves about the deal. “Integrated steelmaking is extraordinarily complex and Palantir’s platform allows us to solve problems in ways humans simply cannot.”
Palantir’s Deal Flow Is Accelerating Fast
The Cleveland-Cliffs partnership is just the latest in a string of high-profile wins for Palantir.
For one, the company recently secured a $300 million Blanket Purchase Agreement with the U.S. Department of Agriculture (USDA) to modernize the agency’s service delivery to U.S. farmers. The USDA’s Landmark platform, powered by Palantir, already broke all prior agency records for online farmer sign-ups within 62 minutes of opening one program, delivering over $4.4 billion directly to farmers in just the first five days.
Back in March, Palantir also announced the renewal and expansion of its long-standing partnership with Stellantis (STLA), extending a collaboration that started in 2016. The new five-year agreement broadens the automaker’s use of Palantir Foundry and introduces the company’s Artificial Intelligence Platform (AIP) across “select business functions.”
The Numbers Behind the Palantir Story
Palantir’s fourth-quarter earnings report showcased its spectacular growth trajectory.
For the period, revenue rose 70% year-over-year (YOY) to $1.41 billion, the highest growth rate in Palantir’s history as a public company. U.S. revenue also crossed $1 billion in a single quarter for the first time. The U.S. commercial business, the segment most relevant to deals like Cleveland-Cliffs, grew 137% YOY to $507 million. That followed U.S. commercial revenue growth of 121% in Q3 2025 and 93% growth in Q2 2025.
