Palantir closed Thursday at $179.01, up $7.97 or 4.66%. The close understates how the session opened and overstates what it settled into. The stock printed as high as $185.76 and was running 9.1% higher by 10:10 in the morning, then spent the balance of the day returning the gain. It eased again after the bell to $177.80. Volume came in at 22.23 million shares against a ten-day average near 30.8 million, so the bid that produced the best price of the week was thinner than an ordinary day’s trade.

Palantir reported second-quarter revenue of $1.94 billion against a $1.81 billion consensus, up 93 percent year over year, and every headline led with that growth rate. It is the wrong number to anchor on. The figure that determines whether this quarter is an inflection or a peak is the $6.24 billion in remaining U.S. commercial deal value, more than double the year-ago level and roughly eight times what the segment actually recognized in the three months just ended. Revenue growth tells you what already closed. Remaining deal value tells you what has been signed and not yet billed, and at that coverage ratio the 149 percent U.S. commercial growth rate is not a comp artifact waiting to unwind. It is a conversion schedule.