I applied to Palantir back in December through our campus job search engine. I was contacted shortly after by one of the members on the team for which I applied. We set up a phone interview for the following week and it went well. He told me that he wanted me to speak to another team member after the holiday season so to be on the lookout for an e-mail.
Was contacted again by the new team member to have another phone interview. I thought this phone interview went well but was concerned when the team member told me he wasn't sure if the position I was applying for would be challenging enough for me. He told me he would cycle my resume to other divisions to see if they wanted an intern. At this point I figured I messed something up and wouldn't get the job but lo and behold I was contacted again two days later with an unexpected phone call from both team members I had talked to. Apparently the first was upset the second was trying to pawn an awesome candidate off to another sector and promised me that if I worked with him he would find cool things for me to work on. He then told me they wanted to fly me out to Palo Alto.
While in Palo Alto I interviewed with 5 different team members including both of the team leaders. The last leader (who I believe was also the hiring manager) told me that normally in the end they would have me talk to a founder but both were out of the office so they would contact me that week if they decided they wanted me to talk to one. I had another Skype session with my initial interviewer a day or two after I got back from Palo Alto to clear up questions I had about what projects I would be able to work on since he was not at work the day I visited. At the end of our session he told me they wanted me to meet a founder.
Another week passed and I had a Skype session with one of the co-founders of the company. It only lasted about 3 minutes so I wasn't sure how it went. I remembered reading on this site that you hear within 48 hours if you get the job and a week and a half if you don't. When I didn't hear back after 2 days I was worried and sent a follow up e-mailing asking when I could expect to hear back. I was informed they would get back to me the following week. When I received a phone call a week and a half after my founder interview I figured it was with a rejection but it was not! They extended me an offer and I signed on shortly after.
Moral of this story: DO NOT freak out if you don't hear within 48 hours. It does not mean you are getting rejected. I spoke to some of my other friends who got full time offers after the fact and one of them told me he got his offer a week and a half later as well. Also just remember to be yourself throughout the whole process. I totally thought I had screwed up by talking about my interests in programming during my second phone interview, but just being me actually helped me get involved in something even better than I otherwise would have been. They want to see if you will be a good fit on their team and in their company and cannot do that unless you are the real you.