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Palantir Technologies Inc (NYSE:PLTR) has witnessed a big surge in market value, adding over $23 billion since Donald Trump’s victory in the 2024 Presidential election.
Investors anticipate increased federal spending on national security, immigration, and space exploration. The company’s shares have nearly tripled over the past year, reaching $61 per share and pushing its market capitalization to approximately $140 billion, surpassing principal defense contractor Lockheed Martin (NYSE:LMT).
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This growth is fueled by Palantir’s deep ties to government agencies and its reputation for delivering cutting-edge data analysis tools.
According to the Financial Times, the company’s technology has proven valuable, from supporting military operations to streamlining pandemic vaccine distribution.
With heightened demand for AI-driven intelligence systems, Palantir’s trajectory under Trump’s presidency positions it as a potential beneficiary of increased defense and space budgets.
Earlier this year, Palantir secured a $480 million Pentagon contract to enhance Project Maven, a key AI battlefield intelligence initiative.
This aligns with expectations of broader defense allocations under the Trump administration. Palantir’s participation in projects like the Starlab commercial space station further underscores its growing influence in space exploration alongside NASA and private enterprises.
FT report says, Palantir’s shares trade at one of the highest multiples in the software sector, reflecting optimism around AI advancements and commercial expansion.
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Launching its AI platform has bolstered private sector revenue, contributing 35% of the company’s total. Notable contracts with corporations like CVS Health and BP have fueled this growth, helping Palantir achieve its first profitable year in 2023 with a net income of $144 million in the third quarter. Palantir Technologies stock surged 280% year-to-date.
Despite its successes, analysts express concern over Palantir’s high valuation. Top hedge funds, including Renaissance Technologies and ARK Investment Management, trimmed their Palantir stakes in the third quarter, offloading over 3 million shares while maintaining significant holdings.
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