Stray Dog
EN中文
EN中文

Prices are Hyperliquid perpetual futures: contracts that track each stock and trade 24/7. They are not exchange prices and can differ from them, most of all while US markets are closed. Change is over 24 hours. For information only.

  • TSLA—
  • PLTR—
  • HIMS—
  • SPCX—
  • SOFI—
  • META—
  • BTC—
…Loading prices
PLTR

Palantir: Google joins Golden Dome, Salesforce buys Rune

Sources (3)
  • Good news: Google is in talks on the Golden Dome data and network layers, complementing Palantir's software layer; the member list is not final.
  • Bad news: Salesforce is buying Rune, a partner from Palantir's start-up programme, a sign the partner network is leaking.
  • Bad news: Three executives were granted about 987,000 shares (not purchases), which will lift stock-based compensation.

What we watchQ3 results on 2 Nov: stock-based compensation as a share of revenue, and net dollar retention.

Read the full notes

Palantir's position in the Golden Dome command-and-control layer looks secure, and Google supplying the underlying infrastructure is complementary. But enterprise software giants (AWS, Anthropic, Salesforce) keep pushing into the defence operations layer through acquisitions and by copying the forward-deployed engineer model.

Read more

Rune, a partner incubated in Palantir's ecosystem, has been bought by Salesforce, a sign that the partner network is leaking. Equity grants to three executives (not purchases) will lift stock-based compensation, so the 2 Nov results should show whether the ratio rebounds.

Key evidence

  • The $185 billion Golden Dome programme is forming an industry consortium. Google is in talks on the data storage, networking and cybersecurity layers. Palantir and Anduril are already building the software layer, and SpaceX, Scale AI and Aalyria are also in the consortium. Source: Bloomberg, 30 Oct
  • The Pentagon prefers several vendors working together to a single prime contractor. Defence Department officials said the consortium structure and member list are not final, and no contract value has been given
  • Salesforce announced officially on 29 Oct that it is buying Rune Technologies, at a reported price of about $375 million
  • Rune's TyrOS does frontline military logistics forecasting and runs with no network or a weak one. It has been deployed with the 25th Infantry Division, the 4th Infantry Division and the 18th Airborne Corps, under a $99 million US Army procurement contract. The founder comes from Anduril
  • Rune took part in Palantir's start-up partner programme in 2025 before Salesforce bought it, a sign that partners incubated in Palantir's ecosystem are leaving
  • Salesforce disclosed that its Missionforce defence business grew 80% year on year and covers all six US military services, with a 10-year Army contract worth up to $5.6 billion. The Rune deal gives it a full platform from the front line to headquarters
Show 2 more
  • SEC Form 4 filed on 30 Oct: on 28 Oct CTO Shyam Sankar was granted 564,830 Class A common shares, CRO and CLO Ryan Taylor 211,208 and CFO David Glazer 211,208, about 987,000 shares in total
  • Transaction code A means a grant or award from the company at a price of zero. These are not open-market purchases, and there were no sales, tax withholding or option exercises

Catalysts to watch

  • Q3 results after the close on 2 Nov: net dollar retention, net new customers, the gap between revenue growth and headcount growth, GAAP EPS, stock-based compensation as a share of revenue, and remaining performance obligations
  • Final structure and member list of the Golden Dome consortium, and whether contract values are disclosed
  • Whether Salesforce Missionforce discloses customers it has won from Palantir
  • How fast AWS, Anthropic and Salesforce expand their copies of the forward-deployed engineer model

Risks

  • Competitors are buying partners in Palantir's ecosystem (the Rune case), so the partner network is leaking
  • Enterprise software giants (AWS, Anthropic, Salesforce) are using acquisitions to enter defence operations logistics, which overlaps directly with the Foundry and Gotham military data foundation
  • Stock-based compensation could rebound as a share of revenue and weigh on GAAP profit
  • The Golden Dome consortium is not settled and has no contract value, so it cannot be counted in revenue estimates

Sources 3

  1. Bloomberg, 30 Oct: Google joins Golden Dome consortium
  2. Salesforce official announcement, 29 Oct: acquisition of Rune Technologies
  3. SEC EDGAR Form 4, 30 Oct: equity grants to three executives

A brief is a lead for our research, not a verified conclusion or advice.