Overview
- Shares trade near record levels at extreme multiples, with reports citing roughly 45x 2026 revenue, 38x 2027 sales, and 64x 2027 free cash flow.
- Q4 2025 revenue grew about 70% year over year as U.S. commercial sales surged 137%, total contract value reached roughly $4.3 billion, and management guided to about 61% growth for 2026.
- Morgan Stanley kept an equal-weight rating and a $205 target, crediting Palantir’s Ontology-driven lock-in and growing platform conviction while warning the stock already assumes flawless execution.
- Historical data from WisdomTree shows that very few companies with similar price-to-sales extremes have outperformed over one-, three-, or twenty-year horizons.
- Coverage highlights private enterprise-AI leaders such as Databricks as alternative ways to play the theme, and a bearish Substack analysis flags heavy stock-based compensation and models a far lower DCF fair value.