Palantir Technologies Inc. achieved a significant milestone, with its valuation reaching $281 billion, placing it among the top 10 most valuable U.S. technology companies by market cap. This surpassed Salesforce, which previously held the tenth spot.
This ascent follows a dramatic rally in Palantir's stock price, which more than quintupled over the last year and jumped 58% in 2025. The company's success is attributed to its booming government business, which grew 45% to $373 million last quarter, including a $178 million contract for AI-enabled systems for the U.S. Army.
Despite this market cap achievement, the article notes that Palantir trades at significantly higher multiples than its large-cap tech peers, with 520 times trailing earnings, almost 200 times forward earnings, and 90 times revenue. This elevated valuation has led some analysts to express concerns about its sustainability.
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