U.S. commercial revenue skyrocketed 93% year over year on phenomenal demand for the company's artificial intelligence (AI)-powered software platforms.

The company PLTR reported June-quarter revenue of $1 billion — up 48% from the previous year, and the first time Palantir’s quarterly revenue has surpassed that mark. That marked the eighth quarter in a row that overall revenue accelerated,

There has been a lot of focus on new Palantir contracts with the federal government, including a 10-year, $10 billion deal that consolidates 75 contracts Palantir had with the U.S. Army. U.S. government sales were up 53% year over year.