NEW YORK, August 9, 2026, 11:12 EDT
- The stock climbed 39.8% over the past week and gained 10.3% on Friday, ending the day at $172.01.
- Preliminary estimate: Equity values rose by $117.6 billion for the week, topping Snowflake Inc.’s NYSE:SNOW market capitalization of $114.1 billion.
- Palantir increased its 2026 revenue midpoint by $498 million. The company’s projected market value is now 50.7 times its updated forecast.
Palantir Technologies Inc. NASDAQ:PLTR gained an estimated $117.6 billion in market capitalization last week, according to initial data. This figure exceeds Snowflake’s total market value as of Friday. U.S. cash markets are shut on Sunday and will open again on Monday at 9:30 a.m. ET.
The stock rose from $123.06 on July 31 to $172.01 on August 7, marking a 39.8% increase. Shares advanced 10.3% on Friday, their strongest single-day gain. This marked Palantir’s most robust weekly performance since November 2024.
The shift in valuation was much greater than the updated guidance. Palantir raised its 2026 revenue midpoint by $498 million to $8.154 billion. For every $1 of additional sales projected, the weekly rise in the stock equated to around $236. This is not intended as a valuation model, but rather reflects the shift in expectations priced in.
Market adjustment
| Measure | Value |
|---|---|
| Price at close July 31 | $123.06 |
| Price at close August 7 | $172.01 |
| One-week increase | 39.8% |
| Estimated market cap Friday | $413.35 billion |
| Estimated value added in week | $117.63 billion |
| Prior 2026 revenue projection midpoint | $7.656 billion |
| Updated 2026 revenue projection midpoint | $8.154 billion |
| Guidance raised by | $498 million |
| Value added compared to increase in guidance | 236 times |
| Market cap to new revenue midpoint | 50.7 times |
Preliminary. This estimate uses Friday’s Class A price, applied to all outstanding common shares listed as of July 27. It does not factor in any changes to the share count since then.
As of Friday’s close, the estimated market value stood at 50.7 times the updated annual revenue midpoint. The stock’s trailing price-to-earnings ratio was approximately 147. Continued outstanding growth and margin performance are now essential for the stock.
Second-quarter figures confirmed the trend. Revenue increased by 93% to $1.935 billion. U.S. commercial sales surged 149%, while U.S. government sales rose 90%.
Second-quarter growth analysis
| Q2 metric | Result | Y/Y change | Q/Q change |
|---|---|---|---|
| Total revenue | $1.935 billion | up 93% | up 19% |
| U.S. commercial revenue | $764 million | up 149% | up 28% |
| U.S. government revenue | $809 million | up 90% | up 18% |
| U.S. commercial contract value | $2.132 billion | up 153% | — |
| U.S. commercial remaining deal value | $6.238 billion | up 124% | up 27% |
| GAAP operating margin | 47% | increase of 20 points | rise of 1 point |
| Adjusted operating margin | 62% | increase of 16 points | up 2 points |
Palantir’s margin figures for the quarter are based on its reported results for the first quarter and the same period last year.
Chief Executive Alex Karp described the quarter as “otherworldly.” Palantir secured 220 agreements valued at $1 million or more, with 73 exceeding $10 million. The company’s third-quarter revenue midpoint reached $2.162 billion, coming in 8.1% above the $2 billion average estimate from analysts. SEC
The main endurance measure is reflected in the remaining deal value (RDV). U.S. commercial RDV climbed to $6.238 billion in Q2 from $4.92 billion in Q1. Revenue in the segment advanced to $764 million from $595 million.
Commercial demand hedging
| Measure | Q1 2026 | Q2 2026 | Q/Q change |
|---|---|---|---|
| U.S. commercial revenue | $595 million | $764 million | +28.4% |
| U.S. commercial RDV | $4.920 billion | $6.238 billion | +26.8% |
| RDV per quarterly revenue | 8.27 times | 8.16 times | -1.3% |
The ratios use data provided by the company in its reports. RDV refers to an operating metric as defined by the company.
RDV increased at nearly the same rate as revenue. However, the RDV-to-quarterly-revenue ratio declined from 8.27 times to 8.16 times. Contracted demand matched the pace. There was no expansion.
RDV does not constitute a guaranteed backlog. Palantir notes that numerous contracts include termination clauses. Clients are not obligated to renew, upgrade, or increase their contracts. Part of the disclosed value might not ultimately be recognized as revenue.
Palantir’s market capitalization on a basic-share basis is currently just $14.8 billion less than Oracle Corp. NYSE:ORCL. Both Salesforce Inc. NYSE:CRM and Snowflake have significantly smaller market values. The difference in earnings multiples is greater.
Enterprise software valuation overview
| Company | Market capitalization | Trailing P/E | Friday move |
|---|---|---|---|
| Palantir Technologies Inc. NASDAQ:PLTR* | $413.4 billion | 147.0 | rose 10.3% |
| Oracle Corp. NYSE:ORCL | $428.1 billion | 26.4 | gained 2.4% |
| Salesforce Inc. NYSE:CRM | $167.9 billion | 23.5 | added 3.2% |
| Snowflake Inc. NYSE:SNOW | $114.1 billion | N/M | advanced 3.9% |
Palantir’s market value is based on preliminary data, calculated with its basic share count as of July 27. N/M indicates not meaningful, as trailing earnings were negative.
Analysts are split in their outlook. The latest data indicate 20 Buy ratings, three Overweight, 10 Hold, and two Sell. The average price target of $197.71 suggests a 14.9% potential gain. Projections vary from $80 to $255.
Highlighted analyst ratings
| Firm | Latest action | Target | Implied move from $172.01 |
|---|---|---|---|
| Bank of America Corp. NYSE:BAC | Buy rating reaffirmed; target lifted | $255 | +48.2% |
| Deutsche Bank AG ETR:DBK | Rating changed to Buy from Hold | $200 | +16.3% |
| Piper Sandler Companies NYSE:PIPR | Maintains Overweight stance | $230 | +33.7% |
| Jefferies Financial Group Inc. NYSE:JEF | Underperform recommendation upheld | $80 | -53.5% |
Implied movements are updated based on Friday’s closing values. Bank of America made its move on Friday; all remaining actions occurred after August 4 earnings reports.
eMarketer analyst Jacob Bourne described Palantir as “the clearest counterexample to the claim that enterprise AI doesn’t scale past pilots.” The range of price targets highlights ongoing uncertainty over valuation. Bank of America projects a 48% increase, while Jefferies expects shares to fall by 54%. Reuters
Risks: The 50.7-times sales valuation offers limited tolerance for missteps. U.S. clients generated 80% of revenue in the first half. The largest three customers made up 16%. Stock-based compensation in Q2 climbed 66% to $265 million.
The upcoming test is set for Monday. Standard trading will restart at 9:30 a.m. ET. July consumer price figures will be released on Wednesday at 8:30 a.m. ET. A sudden change in rates could swiftly impact valuations of high-multiple software stocks.
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