pltr came under renewed scrutiny Wednesday after Michael Burry used fresh enterprise AI spending data to press his bearish case. In a post on X, Burry said Anthropic is “eating $PLTR Palantir’s lunch, ” arguing that the company is losing ground in corporate AI even as business adoption accelerates. The comments centered on pltr, Palantir’s mix of government and enterprise work, and the speed at which Anthropic has expanded its annual recurring revenue.
Burry points to enterprise spending shifts
Burry said Anthropic’s move from $9 billion to $30 billion in ARR came because it offers “the easier, cheaper, intuitive solution for businesses. ” He added that “PLTR can have government, which is low margin and small, ” while Anthropic went from $9 billion to $30 billion “in months, ” and said it took pltr 20 years to reach $5 billion.
He also pointed to Ramp’s March AI Index, saying Anthropic is taking 73% of all new enterprise spending per Ramp. That same data set showed business AI adoption at a record 47. 6%, with nearly one in four Ramp customers now paying for Anthropic, up from roughly one in 25 a year earlier. Ramp said Anthropic’s adoption grew 4. 9 percentage points month over month, its fastest pace yet.
pltr remains at the center of Burry’s bear case
The latest comments extend a longer critique from Burry, who previously disclosed a sizeable short in pltr through long-dated $50 strike put options expiring in 2027, giving him downside exposure to roughly 5 million shares. He has described pltr as a low-margin consulting shop dressed up as a high-growth AI and software story, pointing to accounts receivable rising faster than revenue and heavy stock-based compensation as warning signs.
Burry has also criticized what he calls Palantir’s overpromising on AI, saying the company relies on external model providers such as Anthropic and “has no real AI software of its own. ” In his view, that leaves pltr vulnerable if the businesses controlling the foundational models keep winning direct enterprise relationships on their own.
What the AI data is signaling
Ramp’s data adds a new layer to the argument. The firm said Anthropic now wins about 70% of first-time, head-to-head enterprise purchasing decisions versus OpenAI, and described the shift as a “complete reversal” from 2025, when OpenAI was gaining share faster than rivals. That reversal underscores how quickly buyer preferences can move in enterprise AI, especially when procurement teams are focused on simplicity and cost.
For pltr, the implication is straightforward: the company must prove that its higher-touch platforms can capture comparable economics even as customers increasingly choose direct model providers for new spending.
What happens next for pltr
For now, the debate around pltr is being driven less by product slogans and more by where enterprise dollars are going. Burry’s latest post gives his bearish case fresh fuel, but the next test will come from whether pltr can show stronger traction in enterprise AI spending while preserving the economics it says underpin the business. Until then, pltr remains under the spotlight as the market weighs whether Anthropic’s momentum is a temporary shift or a lasting change in corporate buying behavior.
