Overview

• Shares fell about 9% on Tuesday to cap a five-session slide of roughly 15%, with losses continuing in early trading on Wednesday.
• Citron’s note applies an estimated 17x price-to-sales multiple from OpenAI’s latest valuation to Palantir’s 2026 consensus revenue of about $5.6 billion, implying a stock price near $40.
• Andrew Left has disclosed a short position and this week reiterated his call, now also citing Databricks’ $100 billion private valuation to reinforce the argument.
• The pullback follows a milestone quarter in which Palantir posted its first $1 billion in revenue and raised guidance, yet the shares still trade at a forward P/E above 245, according to CNBC.
• Citron highlighted nearly $2 billion in stock sales by CEO Alex Karp over two years, while cautious analyst stances and broader AI-stock weakness after Sam Altman’s bubble comments have weighed on sentiment.