Palantir Technologies (PLTR +1.10%) stock fell 4.6% through 10 a.m. ET Friday, putting the artificial intelligence and defense technology stock on course for a fourth straight down day this week.
And Anthropic may be the reason.
Image source: Getty Images.
Will Claude Mythos eat the defense industry?
Here's the basic story of what's happening, as retold by Wedbush analyst Dan Ives: On Tuesday, April 7, Anthropic finally unveiled its Claude Mythos general-purpose language model, frightening software investors with worries of its ability to run multiple AI "agents" simultaneously -- and with the terrifying rate it's growing.
Clocked at just $9 billion in annual recurring revenue (ARR) at the end of 2025, Anthropic has already accelerated to a $30 billion ARR in just the first four months of this year. And granted, Palantir is growing quickly, too -- commercial revenue up 137% in the most recent quarter, and government revenue up 66%. These numbers pale in comparison to what Anthropic's throwing up, however.
And the worry is that if Anthropic keeps growing like it's going, it's going to eat Palantir's market share.
NASDAQ: PLTR
Key Data Points
Will Anthropic kill Palantir stock?
Ives doesn't buy this story, however. "We acknowledge the growth from Anthropic is unprecedented, but we believe the take that Anthropic is eating PLTR's lunch ... is the wrong take and fictional." Far from hurting Palantir, the analyst believes the growth in demand for AI services and for Anthropic is actually accelerating Palantir's own growth.
He may even be right. Palantir grew revenue 24% in 2022, 17% in 2023, 26% in 2024, and 56% in 2025. Total revenue surged 70% in the most recent quarter, too, so it is still accelerating. Granted, at 235 times earnings, I still think Palantir stock is overpriced, but...
Anthropic doesn't seem to be the reason.
