Palantir Technologies topped Wall Street estimates for third-quarter revenue on Monday, powered by strong demand for its AI-powered data-analytics software from the US government and commercial clients.

The company’s revenue rose about 96% to $2.31 billion in the quarter, exceeding analysts’ average estimate of $2.18 billion, according to data compiled by LSEG.

“We have now essentially doubled our entire business since the same quarter last year,” CEO Alex Karp said in a letter to shareholders.

Demand for Palantir’s software, which integrates and analyzes data from multiple sources, is growing as clients seek greater control over their data and AI models to safeguard sensitive information and maintain competitive advantage.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Sriraj Kalluvila)