Palantir Stock Just Zoomed Past $150. My Prediction for What Comes Next
Palantir's revenue is accelerating as it wins more and more large software contracts.
It is working to expand into new industries like nuclear power.
The stock trades at an extreme valuation.
10 stocks we like better than Palantir Technologies ›
One of the best-performing stocks of the last 12 months is Palantir Technologies (NASDAQ: PLTR). It has gone on an incredible run for shareholders in that period with a 436% gain, adding to its whopping 2,300% return since the beginning of 2023. That is a more than 20x return in just two and a half years, making many shareholders rich in the process. The artificial intelligence (AI) company serves many large organizations like the Department of Defense, and it's seeing accelerating revenue growth and huge customer wins.
Investors are so bullish that Palantir stock recently zoomed past $150 per share, giving it a market cap of nearly $350 billion. Here's my prediction for what comes next for Palantir Technologies.
Fast revenue growth, big contracts
The first thing that jumps out about Palantir is the company's accelerating momentum at scale. Last quarter, its revenue grew 39% year over year to $884 million, driven by strong domestic sales. U.S. revenue was up 55%, while U.S. commercial revenue (coming from the private sector) growth accelerated to 71% year over year.
At the same time, Palantir is expanding its profitability. Operating margin was 20% last quarter and 13% over the last 12 months. With strong gross margins, Palantir has a clear path to keep expanding its profit margins as the business scales.
Forward indicators look bright for Palantir as well. Just in the first quarter, it closed 139 deals with customers worth over $1 million, plus an additional 31 deals worth at least $10 million. As the AI operating system for large enterprises, Palantir is proving its worth and seeing huge spending from these customers. The U.S. Department of Defense alone has contracts worth over $1 billion with Palantir, with room to expand over time.
Revenue and earnings should keep growing for Palantir as it shapes up to be one of the biggest software winners of the decade.
Image source: Getty Images.
A lot of announcements in exciting industries
Using its AI and software analytics, Palantir is aiming to move into more and more industries to help spur innovation. For example, it's working with a start-up called The Nuclear Company to install Palantir software as the operating system for its entire nuclear energy supply chain. The company is aiming to build gigawatt-scale nuclear energy plants in the U.S. to help with rising electricity demands.
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