Why Palantir Technologies Stock Keeps Going Down
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By Rich Smith – Apr 10, 2026 at 10:56AM ESTKey PointsAnthropic tripled its revenue in four months, while Palantir revenue grew only 70% last quarter.Investors are starting to worry that Anthropic will eat all software market share everywhere -- Palantir's included.Palantir Technologies (PLTR 2.05%) stock fell 4.6% through 10 a.m. ET Friday, putting the artificial intelligence and defense technology stock on course for a fourth straight down day this week. And Anthropic may be the reason. Image source: Getty Images.
Will Claude Mythos eat the defense industry? Here's the basic story of what's happening, as retold by Wedbush analyst Dan Ives: On Tuesday, April 7, Anthropic finally unveiled its Claude Mythos general-purpose language model, frightening software investors with worries of its ability to run multiple AI "agents" simultaneously -- and with the terrifying rate it's growing. Clocked at just $9 billion in annual recurring revenue (ARR) at the end of 2025, Anthropic has already accelerated to a $30 billion ARR in just the first four months of this year. And granted, Palantir is growing quickly, too -- commercial revenue up 137% in the most recent quarter, and government revenue up 66%. These numbers pale in comparison to what Anthropic's throwing up, however. And the worry is that if Anthropic keeps growing like it's going, it's going to eat Palantir's market share. ExpandNASDAQ: PLTRPalantir TechnologiesToday's Change(-2.05%) $-2.67Current Price$127.81Key Data PointsMarket Cap$312BDay's Range$122.68 - $129.2052wk Range$85.47 - $207.52Volume2.8MAvg Vol50MGross Margin82.37% Will Anthropic kill Palantir stock? Ives doesn't buy this story, however. "We acknowledge the growth from Anthropic is unprecedented, but we believe the take that Anthropic is eating PLTR's lunch ... is the wrong take and fictional." Far from hurting Palantir, the analyst believes the growth in demand for AI services and for Anthropic is actually accelerating Palantir's own growth. He may even be right. Palantir grew revenue 24% in 2022, 17% in 2023, 26% in 2024, and 56% in 2025. Total revenue surged 70% in the most recent quarter, too, so it is still accelerating. Granted, at 235 times earnings, I still think Palantir stock is overpriced, but... Anthropic doesn't seem to be the reason.Read NextApr 10, 2026 •By Keith NoonanIs It Too Late to Buy Palantir Stock?Apr 10, 2026 •By Adam SpataccoPalantir Is Trading at 106 Times Forward Earnings. Here's Why This Artificial Intelligence (AI) Stock Could Still Surprise You.Apr 9, 2026 •By Howard SmithStock Market Today, April 9: Palantir Drops After Michael Burry Warns of Rising Competition From AnthropicApr 9, 2026 •By John BallardC3.ai vs. Palantir Technologies: Diverging Paths in RevenueApr 9, 2026 •By Keith NoonanWhy Palantir Stock Is Plummeting TodayApr 9, 2026 •By Trevor JennewinePrediction: This Will Be Palantir's Stock Price in 1 YearAbout the AuthorRich Smith is a contributing Motley Fool defense and stock market analyst covering publicly traded and emerging companies in defense, space, aerospace, and other sectors. Prior to The Motley Fool, Rich practiced international corporate law for Clifford Chance in Russia, and for the Russian-Ukrainian Legal Group in Moscow, Kyiv, and Washington, D.C. He holds a bachelor’s degree in international relations from the College of William & Mary, a law degree from the University of Baltimore, and a language certification from the International Institute of Russian Language & Culture in Tver, Russian Federation. The Globe and Mail once featured him as “one of the best stock pickers since 2009.”TMFDittyX@RichSmithFoolStocks MentionedPalantir TechnologiesNASDAQ: PLTR$128.06(-1.86%)-$2.43*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.