Palantir shares jumped nearly 30% after the company reported stronger-than-expected second-quarter earnings and raised its full-year revenue forecast.

The company posted adjusted earnings of $0.41 per share on $1.94 billion in revenue, beating Wall Street expectations.

CEO Alex Karp highlighted rapid growth, including a 149% increase in U.S. commercial revenue and 93% overall revenue growth year over year.

Palantir also reported strong government business, major contract wins, and record adjusted free cash flow of $1.22 billion, Yahoo Finance has reported.

The company’s optimistic outlook for artificial intelligence and its “sovereign AI revolution” helped drive investor enthusiasm.