Zeta Global Holdings Corp (ZETA.N): Athena Drives Platform Expansion, Palantir Goes Live, and Enterprise AI Adoption Deepens

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11 Aug 2026 06:29:03 ET │ 15 pages

Zeta Global Holdings Corp (ZETA.N)

Athena Drives Platform Expansion, Palantir Goes Live, and Enterprise

AI Adoption Deepens

CITI'S TAKE

We are updating our model post 2Q results whereby Zeta delivered betterthan-expected results as early Athena adoption and accelerating

momentum from Palantir reinforce our view that Zeta’s is entering a new

phase of platform expansion given its AI Infrastructure platform. With

40%+ of super-scaled customers becoming Athena MAUs within ~130 days

post launch and AI power users delivering 400bps higher net retention vs.

its broader customer base, Athena is clearly resonating, in our view. And

with Foundry’s integration now complete and two initial customer wins

signed, we believe its Palantir partnership is progressing faster than

expected. This as ZETA highlighted 60%+ Y/Y pipeline growth, 90% Y/Y

growth in multi-use-case customers, and 40%+ larger average contract

values underscoring our view that Zeta’s platform ramp remains early days.

We reiterate our Buy rating and raise our TP to $35 as growth momentum

and AI productivity gains should support continued margin expansion.

5 Key Takeaways from 2Q26 Earnings:

1) Palantir Partnership Live with 2 Initial Customer Wins—following the Foundry

integration on 07/31, Zeta signed two joint customer engagements with Palantir (a

$1M+ deal and a $10M+), and we believe additional large opportunities are in

process supporting our view on the potential of Zeta’s Palantir partnership; 2)

Athena Adoption Growing Across the Enterprise Base—and we point to 40%+ of

super-scaled customers became monthly active Athena users within ~130 days of

launch, while AI power users generate 400bps higher net retention than the

broader customer base as Gap selected Athena to be a core component of its nextgeneration marketing stack, supporting Zeta’s Business Intelligence strategy and

expansion; 3) Multi-Use-Case Adoption +90% Y/Y Resulting in Customer

Expansion—with customers using 5+ channels growing 50%+ Y/Y and crosssell/upsell wins +43% Y/Y highlighting continued wallet-share gains across the

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