Black billionaire Alex Karp sells more than $50 million in Palantir stock

Key Points

• Palantir CEO Alex Karp sold over $50 million in stock this week; shares rose nearly 2% on Friday despite the sale.
• Top executives, including Shyam Sankar and Stephen Cohen, also sold millions as Palantir stock hit record highs.
• Driven by AI demand, Palantir reported $883.86M Q1 revenue and a $2.3B contract pipeline, boosting its market value near $300B.

Alex Karp, CEO of Palantir Technologies and recently recognized as America’s richest Black person, sold more than $50 million worth of shares in the artificial intelligence software company this week. Despite his sale, Palantir’s stock rose nearly 2.5 percent on the NASDAQ during Friday’s trading session.

Top Palantir leaders sell their shares

According to securities filings, Karp’s stock sales happened on Tuesday and Wednesday, with shares priced between $125.26 and $127.7 each. Since then, the stock price has pulled back slightly to $124.65 per share. The sale was part of automatic transactions to cover tax obligations related to vested restricted stock units.

Karp isn’t the only top executive selling shares. Other Palantir leaders have been offloading stock as the company’s shares recently reached new highs. Chief Technology Officer Shyam Sankar sold about $21 million, while co-founder and President Stephen Cohen sold around $43.5 million worth of shares. This activity comes as Palantir, based in Denver, climbed into the list of the 10 most valuable tech companies in the U.S.

Palantir thrives as AI demand grows

Palantir’s recent gains have been driven by increased interest in AI and a surge in government contracts. The company has benefited as businesses focus on streamlining operations and with government efforts led by figures like Elon Musk, who is involved in the Department of Government Efficiency.

So far this year, Palantir’s stock has outperformed many of its tech rivals, jumping more than 65 percent and pushing its market value closer to $300 billion. Strong financial results kicking off its 2025 fiscal year have also supported this growth.

In the first quarter, Palantir reported revenue of $883.86 million, a 39 percent increase compared to the same period last year. This reflects rising demand for its AI-powered platforms in both public and private sectors. Notably, U.S. commercial revenue jumped 71 percent to $225 million, marking the first time that segment has reached an annual run rate of over $1 billion.

Palantir sees $2.3 billion pipeline

The company also saw a 183 percent rise in total contract value, with remaining deal value up 127 percent to $2.32 billion, clear evidence that enterprise clients are increasing their business with Palantir. Revenue from U.S. government contracts rose 45 percent to $373 million.

During the quarter, Palantir closed 139 deals worth over $1 million each, including 31 contracts exceeding $10 million. Its customer base grew by 39 percent compared to last year. On the operational side, the company reported $391 million in adjusted income and $370 million in adjusted free cash flow.