Palantir (PLTR) beat estimates in Q1 again as it posted $884 million in revenue vs. $863 million expected. Adjusted EPS came in at $0.13. On top of that, the company raised its guidance figures.

PLTR stock ended up reaching a new all-time high on June 2 and is continuing to climb. And given its large-cap status and inclusion in key benchmark indexes, institutional investors own large stakes in Palantir. Vanguard, BlackRock (BLK), State Street, Geode Capital, and Morgan Stanley (MS) collectively own 561.8 million PLTR shares. This constitutes 24.98% of Palantir.

#1: Vanguard

Vanguard is Palantir’s biggest shareholder and has 198.5 million shares. It is equal to 8.83% of Palantir, though Vanguard trimmed its positions here by 10.36% quarter-over-quarter. That trim is mostly due to rebalancing across the firm’s broad equity index funds rather than a vote of no confidence. Vanguard’s index-tracking funds added Palantir when the software maker won S&P 500 Index ($SPX) inclusion in September 2024, and they still own the bulk of those shares today.

Index investors care most about market-cap weight, so Vanguard’s exposure will ebb and flow with Palantir’s valuation. Still, a near-9% stake gives Vanguard significant influence in governance matters such as executive pay and share issuance.

#2: BlackRock

BlackRock owns iShares, so it owns large amounts of PLTR. It reported 188.2 million shares as of Q1, up 9.2% from year-end. That position equals 8.37% of Palantir and likely sits mostly inside passive vehicles. This includes the iShares Core S&P 500 ETF (IVV) and the iShares Expanded Tech-Software ETF (IGV).

BlackRock also runs actively managed equity funds that can overweight AI leaders. As Palantir’s Artificial Intelligence Platform (AIP) converts pilot projects into multi-year contracts, its shares are likely gaining the attention of such funds.

As PLTR goes up, so should BlackRock’s ownership here.

#3: State Street

State Street Global Advisors manages the SPDR ETFs. It owns roughly 88.4 million shares, and these holdings grew 1.2% in Q1. State Street has the SPDR S&P 500 ETF Trust (SPY) and other sector SPDRs. Because Palantir only joined the index last autumn, SPY had to purchase the stock in bulk and now rebalances it quarterly.

Q1 shows that Palantir’s weight in the benchmark is creeping higher as its market value grows. As such, State Street’s buying action is correlating with that. It holds 3.93% of PLTR.

#4: Geode Capital

It is the fourth-largest holder of Palantir and owns 55.4 million shares, or 2.46% of shares outstanding. Geode sub-advises the Fidelity 500 Index Fund and many Fidelity target-date products. It boosted its position by 6.44% last quarter after earlier increases last year.

Again, this is mainly due to PLTR’s weight ballooning inside the S&P 500.

#5: Morgan Stanley

Morgan Stanley’s wealth-management and mutual-fund arms reported 31.2 million shares, 8.3% more than in Q4. It holds Palantir inside both index-replication accounts and several actively managed growth funds.

The brokerage’s research desk also upgraded Palantir earlier this year. Morgan Stanley cited accelerating government wins and expanding commercial pipelines. That endorsement likely encouraged discretionary managers inside the firm to add exposure ahead of earnings. It now holds 1.39% of Palantir.