Palantir Technologies (PLTR), a software company known for its data analytics platforms, has surged 107% in 2025, fueled by strong demand for its AI-powered platforms. In a new report today, William Blair analyst Louie DiPalma reiterated a Hold rating on the stock, reflecting both the company's impressive commercial growth and the risks tied to future competition.

DiPalma pointed to new customer announcements at Palantir's AIPCon 8 event, held on September 4, 2025. The event featured presentations from over 70 clients, showcasing how they use Palantir's platforms. He noted that PLTR's new wins have remained strong since AIPCon 7 in March, highlighting continued momentum in the U.S. commercial business.

The analyst said Palantir is on track for very strong growth in its U.S. commercial business, with revenue expected to rise 103% in the September quarter. He added that this pace of growth, combined with improving margins, could mark one of the company's strongest quarters to date.

On the defense side, DiPalma highlighted that Palantir has already secured several contracts in the September quarter.

While near-term growth looks strong, DiPalma noted that some investors worry about the longer term. He said rivals like OpenAI and other AI start-ups are raising large sums of money and hiring away talent. These companies are also copying Palantir's engineer model while moving aggressively into both enterprise and defense markets.

Overall, Wall Street has a Hold consensus rating on Palantir Technologies stock based on five Buys, 13 Holds, and two Sell ratings. The average PLTR stock price target of $155.39 indicates a possible downside of about 0.48% from current levels.