Palantir just nearly doubled its business in a single quarter. Revenue hit $2.31 billion, up 96% from a year ago — beating the $2.18 billion Wall Street expected. Adjusted earnings came in at $0.44 a share, above the $0.41 forecast. The real shift is who pays now: US commercial revenue jumped 148% to $984 million, passing US government revenue ($953 million) for the first time ever. The company that started as a government contractor is now, on paper, a commercial AI company. But here is the catch: newly signed US commercial contracts grew just 11%. Revenue is today's work. Contracts are tomorrow's pipeline. If that gap does not close, the doubling gets harder to repeat. Palantir also raised its full-year outlook to $8.53 billion. The question now is not demand — it is whether the deal pipeline keeps up.