The stock price of Palantir has been a wild ride, which has more than 5 times in value over the last year. The shares have jumped 58% in 2025, positioning Palantir to be the top S&P 500 performer for a second year. The stock has been a major outlier in recent months, and continuing to soar while its tech peers have been weighed down by tariff uncertainty and fears of an economic slowdown.

Palantir, which was founded in 2003 has benefitted from a booming government business, which grew 45% to $373 million last quarter. That includes a $178 million contract to build artificial intelligence-enabled systems for the U.S. Army.

Although Palantir has joined the top tech ranks by market cap, it’s a far smaller company in terms of sales and profit. That means Palantir has multiples that are much higher than its large-cap tech peers. Palantir currently trades for 520 times trailing earnings, almost 200 times forward earnings, and 90 times revenue.

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