Report published September 28, 2026

Palantir Technologies: CFO Meeting - FDE Moat May Be Deeper Than We Thought | Goldman Sachs Research

Goldman Sachs · September 28, 2026

Following an investor meeting with Palantir CFO Dave Glazer, Goldman Sachs highlighted that Palantir's FDE advantage is deeply embedded into software productization and amplified by AI FDE and AIP Evolve. The firm reiterated a Neutral rating with a 12-month price target of $204.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Palantir's forward-deployed engineer (FDE) moat is reinforced by institutional workflow productization and scaled through AIP Evolve and AI FDEs rather than sheer human headcount.
2.Primary competition remains internal IT and system integrators rather than hyperscalers or data infrastructure providers like Snowflake and Databricks, which remain complementary.
3.Near-term growth relies on depth of expansion within existing accounts (~18 months after initial 3-year contracts), while verticalization into Financials, Semiconductors, and Neoclouds provides long-term TAM expansion.

Key takeaways
Key Data
GS Forecast
Ratios & Valuation
Growth & Margins (%)
Income Statement ($ mn)
Balance Sheet ($ mn)
Cash Flow ($ mn)

Report data

GS Forecast — as of September 25, 2026.

Metric	Estimate	Context
12-month Price Target	204.00 USD	Goldman Sachs 12-month target price based on 60x Q5-Q8 FCF estimates.
Share Price	189.67 USD	Closing share price as of September 25, 2026, offering 7.6% implied upside.
Market Capitalization	488.0 USD billion	Palantir market cap at the time of report publication.
AIP Evolve Adoption Rate	97%	Percentage of Palantir customers currently using AIP Evolve.
Total Revenue (FY26E)	8371.2 USD million	Goldman Sachs forecast for FY26 revenue.

Source: Goldman Sachs Research estimates; FactSet; Company data, Goldman Sachs Research; Company data. This is a dated model snapshot, not a live forecast.