Palantir’s (NASDAQ: PLTR) customers spent 57% more with it over the past year than the year before, and almost none of them left.
Most investors think they already know the Palantir story. A secretive spy-software company with a Lord of the Rings name, a cult following on Reddit, a CEO who picks fights with short sellers, and a stock that seems to trade on vibes. File it under meme stock and move on.
That framing misses what actually happened inside the business. Palantir quietly became the layer that governments and Fortune 500 companies use to put AI to work, and its numbers now look less like a meme and more like a monopoly in the making.
Whether Palantir is a great business is no longer the question. The question is whether a great business is still a good investment at nearly 80 times sales.
After all, investors said Amazon, Apple, Nvidia were too expensive for years. But they kept growing.