Palantir CEO back among Black billionaires worth over $10 billion

Key Points

• Palantir stock surge lifts Alex Karp’s net worth to $10.7 billion, rebounding sharply from $7.5 billion earlier this month.
• Karp narrows wealth gap with Robert F. Smith and David Steward after Palantir’s shares jump 37% in April.
• Palantir posts record $467.92 million net income in 2024, fueled by strong U.S. revenue growth and booming government contracts.

After a rough patch that saw his fortune dip during a sell-off in global stocks, Alex Karp, CEO of Palantir Technologies, is back among Black billionaires worth more than $10 billion. Fears of a recession and trade tensions had shaken investor confidence, leading to a steep slump in U.S. markets that hit Karp’s wealth hard. But now, he’s bounced back in a big way.

According to Forbes’ real-time billionaires list, Karp’s net worth has surged to $10.7 billion, climbing from $7.5 billion earlier this month when Palantir’s stock took a hit and his stake slipped below $5 billion. The rebound in Palantir shares has been fueled by growing interest from investors who see the company’s business closely aligned with the Trump administration’s priorities of moving speed and agility, particularly in the technology and defense sectors.

Palantir surge boosts Karp’s wealth

Fresh buying interest picked up after reports that officials were considering shifting funding from consulting firms to commercial software providers like Palantir. That optimism has sent Palantir’s stock soaring by more than 37 percent so far in April, lifting its market capitalization past $270 billion and pushing the value of Karp’s 2.63-percent stake back above $7.2 billion.

With his fortune now standing at $10.7 billion, Karp has narrowed the gap with the top Black billionaires in America. He trails just behind Robert F. Smith, founder of Vista Equity Partners, who is worth $10.8 billion according to Forbes, while David Steward, chairman of World Wide Technology, remains the richest Black American with a net worth of $11.4 billion.

Karp’s leadership powers Palantir

Karp’s comeback is also backed by strong numbers at Palantir. Under his leadership, the company posted a record net income of $467.92 million in 2024, more than double the $217.38 million it earned the year before. Palantir’s total assets grew by 40.2 percent to $6.34 billion, while shareholder equity rose to $5.1 billion, strengthening its balance sheet.

Revenue growth was especially strong in the U.S., where sales jumped 38 percent year-over-year to $1.9 billion. Government contracts remained a major driver, bringing in $1.2 billion, while Palantir’s commercial business also made impressive gains, with revenue up 54 percent to $702 million. The company locked down 129 deals worth at least $1 million, including 58 contracts valued at $5 million or more, and 32 deals topping $10 million. Its customer base grew by 43 percent, further cementing Palantir’s growing influence in the booming AI market.