Alex Karp set to become first US Black billionaire worth $20 billion as Palantir shares surge

Alex Karp, the chief executive officer of Palantir Technologies, is closing in on a $20 billion fortune as a sharp rise in the company’s share price pushes the value of his holdings higher.

Karp’s estimated net worth has climbed above $19 billion, putting him within reach of becoming the first U.S. Black billionaire to surpass $20 billion and the second Black person to reach that level of wealth, trailing Nigerian billionaire Aliko Dangote.

The Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 richest people, estimates that Karp’s wealth has increased by $5.1 billion since Aug. 2, rising from about $14 billion to $19.1 billion.

Karp co-founded Palantir in 2003 with Peter Thiel, Stephen Cohen and Joe Lonsdale. His wealth is closely tied to his ownership of the company, whose shares have risen sharply in recent trading.

Karp owns about 2.5 percent of Palantir through a combination of Class A, Class B and Class F shares, according to a May 2026 Form 4 filing and the company’s 2026 proxy statement. His stake was worth about $10.3 billion at the time of writing.

Palantir shares rebound

Palantir shares have gained more than 39 percent over the past seven trading days, lifting the stock to $174.94 and pushing the company’s market value back to about $420.4 billion.

The rise has given Karp’s fortune a significant boost. If Palantir shares continue to climb, the value of his holdings could push his net worth above $20 billion, putting him in a small group of the world’s wealthiest Black people.

The rebound comes after concerns earlier this year that the artificial intelligence software boom could lose some of its strength as investors questioned how quickly companies in the sector could continue to grow. Palantir shares were among those affected by the broader pullback.

The company has since given investors a reason to reassess that view. Palantir beat Wall Street estimates in the second quarter, with revenue rising 93 percent to $1.94 billion from about $1 billion a year earlier. Net income increased to $1.07 billion, or 41 cents a share, from about $329 million, or 13 cents a share, in the year-ago period.

Commercial business gains ground

Palantir’s U.S. government revenue rose 90 percent from a year earlier to $809 million. The company has long been known for its work with the U.S. government and military, but its commercial business has become an increasingly important source of growth.

U.S. commercial revenue jumped 149 percent from a year earlier to $764 million. On a compounded basis, the business has grown 380 percent since 2024. The strong results have also prompted Palantir to raise its outlook.

The company now expects U.S. commercial revenue to exceed $3.42 billion in 2026, compared with its previous forecast of $3.22 billion. Palantir also raised its full-year revenue guidance to between $8.15 billion and $8.16 billion, from a previous range of $7.65 billion to $7.66 billion.

For Karp, the outlook and the sharp rise in Palantir’s stock have translated into a rapidly rising paper fortune. A further increase in the shares could take him across the $20 billion threshold.