Palantir CEO Alex Karp gains $1.5 billion in two weeks as net worth rises

Key Points

• Alex Karp’s net worth jumped $1.5 billion to $9.2 billion as Palantir’s stock gained over 15% in two weeks.
• The Palantir CEO trails only Robert F. Smith and David Steward, ranking as the world’s 304th richest person.
• Karp’s 2.63% stake benefited from the company’s recovery, with investors watching trade tensions and contract prospects.

After a $5 trillion selloff in U.S. stock markets, driven by fears of retaliatory tariffs and a possible recession, Alex Karp—America’s third-richest Black person—has seen his fortune grow by $1.5 billion in just two weeks, pushing his net worth to $9.2 billion.

Karp, the CEO of Denver-based Palantir Technologies, watched his wealth climb from $7.7 billion on Mar. 11 to $9.2 billion, according to Forbes. His gains stand out following the market turmoil, underscoring the strength of his Denver-based big data and AI firm.

Palantir gains boost Karp’s wealth

This latest surge reinforces his standing as the third-richest Black person in the U.S., behind Robert F. Smith, founder of Vista Equity Partners, and David Steward, chairman of World Wide Technology. On a global scale, Karp now ranks as the world’s 304th richest person.

His $1.5 billion gain is tied to the strong performance of his 2.63-percent stake in Palantir, which saw its share price jump more than 15 percent in the past 14 days, pushing the company’s market capitalization back above $220 billion.

With Palantir’s stock rebounding, Karp’s net worth is approaching the $10 billion mark—a level he last reached on Feb. 11. Investors are closely watching how ongoing trade tensions and recession fears impact the company’s ability to secure more government and private sector contracts.

Palantir’s AI demand fuels strong growth

Palantir reported a 28.8-percent increase in revenue for the 2024 fiscal year, reaching $2.87 billion, up from $2.23 billion in 2023. Demand for AI-driven solutions has been a key growth driver, bolstering investor confidence before the recent market downturn.

Under Karp’s leadership, the company posted a record net income of $467.92 million in 2024—more than double the $217.38 million reported the previous year. Total assets rose 40.2 percent to $6.34 billion, while equity jumped from $3.56 billion to $5.1 billion, further strengthening its financial position.

Revenue growth was particularly strong in the U.S., where sales surged 38 percent year-over-year to $1.9 billion. Government contracts remained a major revenue driver, contributing $1.2 billion, a 30-percent increase from the previous year. Palantir’s commercial segment also saw strong growth, 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, reflecting its growing presence in the AI market.