Thiel Cashes Out $280M While the Palantir Faithful Do the Math
THE GIST
Peter Thiel, everyone's favorite big tech investor and casual scholar of the anti-Christ, is getting ready to offload an unholy amount of Palantir stock. According to a Form 144 SEC filing, Thiel is planning to sell about 2 million shares of PLTR for $280 million within three months, under a Rule 10b5-1 trading plan he adopted last November. One of Palantir's co-founders cashing out might read as an ominous sign for CEO Alex Karp's company, but with the U.S. now in open conflict with Iran and Palantir's fingerprints on half the Pentagon's data infrastructure, war might be the one catalyst that keeps the bulls from losing their religion entirely.
WHAT HAPPENED
If you've been watching Palantir's insider activity, Thiel moving stock isn't exactly breaking news. His last sale before this one was in October 2024, when he moved shares worth over $400 million through entities with names like Rivendell 7 LLC and STS Holdings II LLC, because of course. Total proceeds across multiple filings exceeded $590 million. He was a little early, given PLTR hit an all-time high of $207 shortly after, but nobody cries for Peter Thiel.
What's new this time is the company he's keeping. On February 20 alone, co-founder Stephen Cohen sold roughly $43.7 million worth of shares, co-founder Shyam Sankar moved more than $22 million, and CEO Alex Karp himself sold 493,025 shares worth about $66 million. CFO David Glazer and Chief Revenue Officer Ryan Taylor also joined the parade. This is a lot of people taking money off the table on the same day, which is either perfectly innocent or the most coordinated shrug in recent memory.
For the "Palantarians," Karp's name for his retail devotee base, this stings a little. As recently as the Q2 2025 earnings call, Karp was telling small shareholders he was "very happy to have you along for the journey" and crediting the stock's run to their backing. Whether that sentiment has an expiration date is now a live question.
WHY IT MATTERS
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The selling is happening against a backdrop that would otherwise look extremely good for Palantir. Q4 revenue came in at $1.4 billion, up roughly 70% year over year and ahead of Street estimates. Full-year 2025 revenue hit $4.48 billion, up 56% versus 2024. U.S. commercial revenue jumped 137% year over year in Q4. Government revenue hit $570 million, up 66%. Customer count is up 34%. By almost any measure, the business is performing, which makes the insider selling harder to wave away with the usual "diversification" explanation.
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