Michael Burry is once again targeting Palantir Technologies (NASDAQ:PLTR), and this round is all about the accounting.
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In a new post titled “Palantir: An Accounting,” published on X and his Substack, Burry disclosed he remains short Palantir stock and holds put options against it.
“Palantir is back in the stratosphere,” he wrote. “The facts have not changed. Yes, FOMO is pushing companies to hire Palantir for now, but its competitive position gets more dire almost by the day.”
Receivables Under the Microscope
The centerpiece of his latest argument is accounts receivable. Burry says AR has grown faster than revenue in nine of the last 12 quarters, a pattern he links to “nefarious tricks such as channel stuffing, aggressive revenue recognition, or extended payment terms used as sales concessions.”
Burry zeroes in on a single “Customer A” — which he believes is a large government client — whose share of Palantir’s AR climbed from under 10% before the IPO to 26% in 2024 and 25% in the most recent 10-K, all while never accounting for more than 10% of revenue.
He also points to days sales outstanding (DSO), noting the average “has almost doubled from 35 days in 2020 to 66 days in 2025.”
His conclusion: “Any way I slice it, Palantir is losing either bargaining power or it is channel stuffing, or both. The former is a weak business position, and the latter a crime.”
‘The Stock Price Is the Business Model’
Burry didn’t stop at receivables. He compared Palantir’s deferred-revenue pattern to consultancies like Accenture (NYSE:ACN) rather than true SaaS peers such as Salesforce (NYSE:CRM) or ServiceNow (NYSE:NOW), arguing this undercuts bulls who justify Palantir’s valuation using software multiples.
He also cited a Financial Times report on CEO Alex Karp‘s private jet expenses, which hit $17.2 million in 2025, and noted Palantir paid zero federal tax that year despite $1.6 billion in pre-tax income.
Summing up his view of the business model, Burry wrote: “With $PLTR, in so many ways, the stock price is the business model.”
PLTR Stock Price Activity: Palantir stock traded higher Thursday, undisturbed by Burry’s latest swipe. Shares were up 6.90% at $181.14 at the time of publication Thursday, according to Benzinga Pro.
Photo: Samuel Boivin / Shutterstock
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