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17h ago

Palantir Stock Pulls Back From Record High on Profit-Taking and Defense Budget Concerns

After soaring 85% this year, investors are booking gains in response to a slight Pentagon budget cut prompting caution.

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Overview

  • Shares slipped about 4% Friday after reaching an all-time peak, reflecting profit-taking by retail investors after strong AI-driven gains.
  • Selling accelerated as the Department of Defense requested an $848.3 billion base budget for fiscal 2026, a small inflation-adjusted decrease from last year.
  • Palantir unveiled a $100 million contract with The Nuclear Company to co-develop an AI-powered operating system for nuclear construction.
  • The company’s market capitalization stands near $328 billion, valuing its shares at roughly 239 times projected earnings and 84 times expected sales.
  • Analysts remain optimistic, with Loop Capital boosting its price target to $155 and Wedbush forecasting a possible $1 trillion valuation within three years.