Palantir stock jumps nearly 30% after 'otherworldly' quarter as US commercial business booms

What happened: Palantir ( PLTR ) stock surged nearly 30% on Tuesday.

What's behind the move: The company reported fiscal second quarter results that beat analyst expectations and raised its full-year guidance.

The company sees full-year revenue of $8.16 billion versus prior estimates for $7.65 billion to $7.66 billion.

The company posted adjusted earnings of $0.41 per share in its Q2, versus Wall Street estimates of $0.35. Revenue came in at $1.94 billion, compared to expectations of $1.8 billion.

"This quarter was otherworldly: our U.S. commercial revenue grew 149% year-over-year, our overall revenue grew 93% year-over-year," Palantir's CEO Alex Karp said.

"The sovereign AI revolution makes us very optimistic about the future," he added.

US government revenue grew 90% year over year and 18% quarter over quarter.

The company said it closed 220 deals worth $1 million or more, of which 98 were worth $5 million or more and 73 were worth $10 million or more.