Palantir CEO, Alex Karp, becomes America’s richest Black person

Key Points

• Alex Karp becomes America’s richest Black person with $11.5 billion, surpassing David Steward and Robert F. Smith, per Forbes.
• Palantir stock surged nearly 40% in a month, boosting Karp’s fortune by nearly $4 billion since mid-March.
• Palantir’s U.S. commercial revenue jumped 71% in Q1 2025, hitting a $1 billion annual run rate for the first time.

Just weeks after returning to the exclusive club of billionaires worth over $10 billion, Alex Karp, CEO of Palantir Technologies, has taken the spotlight as America’s richest Black person, overtaking fellow billionaires David Steward and Robert F. Smith to claim the top spot.

According to Forbes, Karp, 57, who made the billionaire list in 2016 with a net worth of $1.6 billion, now holds an estimated fortune of $11.5 billion. That puts him ahead of Vista Equity Partners founder Robert F. Smith, who is now worth $10.8 billion, and World Wide Technology chairman David Steward, whose net worth sits at $11.4 billion at the time of writing.

Karp tops U.S. Black billionaires ranking

With his 2.63 percent stake in Palantir, the Denver-based data analytics and AI firm he co-founded, Karp currently ranks as the 220th richest person in the world on Forbes’ real-time billionaires list. Steward follows closely at 224th, while Smith comes in at 248th.

On the Bloomberg Billionaires Index, the picture is slightly different, but Karp still leads among Black billionaires in the U.S. Bloomberg estimates his net worth at $11.3 billion, placing him 254th globally. Steward is ranked 339th at $9.25 billion, and Smith comes in at 272nd with $11.1 billion.

Palantir shares jump, Alex Karp gains

The recent surge in Karp’s net worth is closely tied to a strong rally in Palantir’s stock. Shares of the company have climbed nearly 40 percent over the past month alone, lifting his net worth from $7.7 billion in mid-March to the current $11.5 billion.

The rally has pushed Palantir’s market capitalization close to $300 billion, fueled by strong financial results as the company kicked off its 2025 fiscal year. In the first quarter, Palantir posted revenue of $883.86 million, a 39 percent increase from the same period last year, driven by growing demand for its AI-powered platforms across both public and private sectors.

Palantir grows stronger with U.S. clients

In its Q1 2025 report, Palantir highlighted a 71 percent jump in U.S. commercial revenue to $225 million, marking the first time that segment has crossed a $1 billion annual run rate. Total contract value rose 183 percent, while remaining deal value climbed 127 percent to $2.32 billion—clear signs that enterprise clients are deepening their commitment.

The U.S. government business also performed well, with revenue rising 45 percent to $373 million. The company closed 139 deals worth over $1 million, including 31 contracts exceeding $10 million. Its customer base grew by 39 percent year-over-year. Operationally, Palantir delivered $391 million in adjusted income and $370 million in adjusted free cash flow.