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Palantir’s Market Cap Approaches SAP Level on AI and Defense Contract Wins

Following a 36% Q1 revenue surge paired with an upgraded full-year forecast, Palantir’s stock now rivals SAP’s pure-play software valuation

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Overview

  • Palantir reported Q1 revenue of $883.9 million, marking 36% year-over-year growth and prompting an upward revision of full-year guidance to $3.89–$3.90 billion.
  • U.S. commercial revenue jumped nearly 70% in the quarter as enterprises increasingly adopt its AI-driven data analytics platform beyond government use cases.
  • The Department of Defense awarded Palantir a $795 million Maven Smart System contract in May, reinforcing its role in military and intelligence operations.
  • Shares have pushed the company’s market value to $336 billion, bringing it within striking distance of SAP’s $360 billion pure-play software valuation.
  • Short interest has fallen to about 2% of float, generating roughly $7 billion in losses for short sellers, even as analysts remain split on whether its 115x price-to-sales ratio is sustainable.