(As of December 12, 2025 | Post Q3 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $448 billion (based on ~$187.54/share and 2.38 billion shares outstanding)
Introduction
Palantir Technologies Inc. (NASDAQ: PLTR), founded in 2003 by Peter Thiel, Alex Karp, and others in Palo Alto, California, is a leading AI and data analytics software company serving government (e.g., U.S. DoD via Gotham platform) and commercial clients (e.g., Foundry for enterprise AI). Public since 2020 via direct listing, it features a single-class share structure (one vote per share), with founders retaining influence through board roles. Ownership is institutionally heavy (~54-60%), insiders ~5% (concentrated among executives), and retail ~42%. The table below details the top 10 economic shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes $163M+ in insider sales (Nov 20-24, 2025, led by CEO Karp at $66M) and no active buybacks (unused $1B program from prior years).
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($448B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 8.97% | $40.2 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~213.9M shares as of Sep 30, 2025. Passive with ~$9.3T AUM; added ~7.2M shares (+3.5%) in Q3 2025, core S&P 500 weighting (~6%). No direct control; focuses on AI/software growth. |
| 2 | BlackRock Inc. | 7.89% | $35.3 billion | Holds ~188.1M shares through iShares ETFs (e.g., IVV); passive/active mix. Increased ~1.2M shares (+0.6%) in Q3 2025; board observer on governance/ESG. Key in AI-themed funds; PLTR ~0.5% of portfolio. |
| 3 | State Street Corporation | 4.43% | $19.8 billion | Owns ~101.3M shares via SPDRs (e.g., SPY); fully passive. Stable QoQ; votes proxies on exec comp and data ethics. ~3% of tech holdings; supports cash position ($6.4B). |
| 4 | Peter Thiel (Co-Founder & Director) | 3.10% | $13.9 billion | ~70.9M shares (direct/indirect); largest individual insider. Recent stability post-2024 sales (~$1B total); board influence on strategy; net worth ~$14B tied to PLTR. |
| 5 | Geode Capital Management, LLC | 2.24% | $10.0 billion | Fidelity affiliate with ~53.4M shares in index trackers; passive. Grew ~0.5% in Q3; tracks Nasdaq 100; minimal voting power. |
| 6 | Sompo Holdings Inc. | 2.00% | $9.0 billion | Japanese insurer; ~45M shares. Strategic long-term holder since 2020; no recent changes; focuses on tech diversification. |
| 7 | JPMorgan Chase & Co. | 1.80% | $8.1 billion | ~42.8M shares in asset management; index/active blend. Up ~1% in 2025; provides banking for PLTR's $6.4B cash and capex. |
| 8 | Invesco Ltd. | 1.70% | $7.6 billion | ~40.5M shares via ETFs (e.g., QQQ); passive. Added ~2M shares (+5%) in Q3; bullish on AIP platform growth. |
| 9 | Morgan Stanley | 1.50% | $6.7 billion | ~35.7M shares via wealth/ETFs; active in advisory. Increased ~0.8% QoQ; engages on shareholder proposals re: AI ethics. |
| 10 | Alexander (Alex) Karp (CEO) | 1.20% | $5.4 billion | ~28.5M shares post-Nov 2025 sales ($66M); oversees ops since inception. Recent discretionary sales under 10b5-1; aligns with $4.4B FY2025 revenue guidance. |
Total Top 10 = ~34.83% | Remaining: Other Institutions (~25%), Other Insiders (~1%, e.g., Stephen Cohen at ~0.5%), Retail (~42%) | Grand Total = 100%
Conclusion
As of December 2025, Palantir's ownership is institutionally balanced (~54-60% total) by passive giants like Vanguard and BlackRock, providing stability for its $1.18B Q3 2025 revenue (up 63% YoY, 77% U.S. growth) and $476M GAAP net income (up 232% YoY), with FY2025 guidance raised to $4.4B (53% YoY). Insiders (~5% combined) like Thiel and Karp reflect routine liquidity amid expansions (e.g., AIP deals totaling $2.8B TCV), while retail's ~42% stake drives volatility. With $448B market cap (up 160% YoY) and $6.4B cash, expect no dividends (none paid historically) or major buybacks (unused $1B program), focusing reinvestment on AI; minor institutional tweaks in Q4 13Fs (due Feb 2026). This structure fuels government/commercial dominance, though high valuation (156x forward P/E) and insider sales pose risks. For filings, visit SEC EDGAR or Palantir's investor relations.