Palantir's £330 million NHS platform: 29 trusts say they are not using it before tonight's print
NHS England publicly credits trusts with "realizing benefits" from its £330 million Palantir platform; 29 of them told freedom of information requesters the system is not live or its apps unused. Palantir reports Q3 tonight into an AI sell-off, with the UK evidence officially unproven.
Vincent Jiang · 4 min read
The trust that said no
University Hospitals of North Midlands put it in eleven words: "FDP is not live. We do not intend to roll it out in the future." NHS England nonetheless records the trust as "live" on the platform, because the infrastructure to submit data is in place, and lists it among hospitals "realizing benefits" from the £330 million system Palantir+0.61% — Palantir, up 0.61 percent today built for the health service 1.
It is not alone. Twenty-eight more trusts answered freedom of information requests the same way this month: the system is not live, or they run none of its applications 1. The count was published today, November 2, 2026 1.
£330 million against a 13% earnings move
The platform, contracted in 2024, is Palantir's flagship civilian system in Britain: join up scattered medical files, speed discharges, schedule surgery 1. Tonight it becomes an investor story twice over. Palantir reports third-quarter results after the US market closes, and options traders price a 13% swing in either direction 2.
The stock closed Friday at $184.11, down 6.3%, with consensus at 41 cents of earnings on $2.18 billion of revenue, growth of roughly 85% 32.
The number nobody can prove
The buyer's ledger carries the headline: 117,539 more operations in a year at trusts using the platform 1. This summer NHS England conceded it could not prove cause and effect, and the Office for Statistics Regulation, the statistics watchdog, has now escalated the "realizing benefits" claim to casework 1.
The benefit list also counts trusts using the tools for back-office data submission rather than patient care 1. NHS England states on its website that 137 trusts are "live" 1.
The receipts, counted
More than 100 freedom of information requests, filed by the medical charity Medact, produced the answers 1. Chi Onwurah, who chairs the Commons science and technology committee, asks whether "the hype surrounding Palantir's products matches reality," wants the 2027 break clause triggered and an open competition for a UK-based supplier 1. The health select committee wants the deal pulled outright 1.
Palantir's answer is operational: trusts using the software recorded a 14.3% reduction in discharge delays and a 5.6% improvement in 28-day cancer detection 1. The money frames it: about £670 million of UK government contracts held, £2 million of UK corporation tax paid in 2024 5. The UK operation is real but thin, £247 million of declared UK revenue in 2024, against a company that booked $1.94 billion in the last quarter alone, up 92.8% year on year 45. France is dropping Palantir for a homegrown rival and Germany's military rejected it, which makes Britain the contested European showcase 5.
Consensus wants $2.18 billion tonight: revenue has grown from $0.73 billion in eight quarters
- Revenue
- Estimate
Data
| Revenue | |
|---|---|
| Q3 '24 | $0.73B |
| Q4 '24 | $0.83B |
| Q1 '25 | $0.88B |
| Q2 '25 | $1B |
| Q3 '25 | $1.18B |
| Q4 '25 | $1.41B |
| Q1 '26 | $1.63B |
| Q2 '26 | $1.94B |
| Q3 '26e (estimate) | $2.18B |
The buyer's defense, and the sell call
NHS England insists nearly 140 trusts "have now reported benefits from the wide range of tools available on the platform" 1. Torbay and South Devon, which says it is not operationally using the system, counts as live because the pipes for data submission exist 1.
Palantir's UK and Europe chief, Louis Mosley, calls ending the contract "putting politics above patients," and the company hired Labour's former deputy leader Tom Watson as a full-time senior lobbyist last month 1. The street mostly agrees the machine works: 21 of 32 analysts rate Palantir a buy and the average target of $212.50 sits 15% above Friday's close 6, with JP Morgan initiating at $262 last week 3.
What none of that settles is the buyer's own admission: the outcome numbers cannot show cause and effect, and the regulator is now reading them 1.
The spread the print must clear: a $90 sell call, a $212.50 street average, a $184 stock
Data
| Value | |
|---|---|
| RBC sell target | $90 |
| Friday close | $184.11 |
| Average target | $212.5 |
| Oppenheimer | $235 |
| Mizuho | $245 |
| Citigroup | $250 |
| JP Morgan | $262 |
Three clocks are running
The print and tonight's guidance land while three clocks run. The statistics regulator's casework will rule on what "realizing benefits" actually means 1. Health secretary Yvette Cooper faces MPs demanding ministers pull the 2027 break clause 1.
And the quarter arrives into a repricing of the AI trade, with retail sentiment on the stock already "bearish" and one trader's verdict circulating before the bell: "seems like a beat may not be enough anymore" 6. A beat is priced into $212.50 6. Proof is not, and the only body that can certify it has just opened a file.
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