Palantir's business is still growing fast, but the growth is shifting from new customers to squeezing more money out of the ones it already has — a mixed signal for investors betting on a 4x move.

• New customer growth is slowing sharply, roughly halving from earlier quarters.
• Existing customers are spending far more, and that spending growth is jumping hard.
• Commercial customers now pay an average in the mid six figures per year, so a handful of big accounts move the numbers.
• The 4x case rests on existing accounts keeping up that spending pace, not on signing many new logos.

Outlook: Palantir's stock likely hinges on whether spending per customer keeps climbing fast enough to offset the slowdown in new signups.