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Core News Facts
Palantir Technologies, a data analytics specialist, is currently valued at $408 billion as of November 17, 2023, following significant growth fueled by the rising demand for artificial intelligence (AI). To reach a trillion-dollar valuation, the company’s stock would need to increase by 145%. Over the past two years, Palantir’s market cap has surged approximately 2,000%, spurred by the boom in the AI sector.
In Q3 2023, Palantir reported a year-over-year revenue growth of 63%, totaling $1.18 billion. This includes a 121% increase in US commercial revenue, amounting to $397 million, while US government revenue rose by 52% to $486 million. The company closed 204 deals valued at over $1 million, indicating strong demand for its AI-powered software solutions like Foundry, Gotham, and Apollo.
Currently, Palantir is among the growing number of tech firms benefiting from AI, joining the trillion-dollar club that includes companies like Nvidia ($4.6 trillion), Apple ($4.0 trillion), and Microsoft ($3.8 trillion). Despite its robust prospects, analysts caution that Palantir’s current valuation multiples are high, leading to concerns about whether it can sustain its growth trajectory.
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