NEW YORK, July 12, 2026, 16:08 (EDT)
Palantir Technologies Inc. NASDAQ:PLTR closed Friday at $126.79, down 8.7% from Tuesday’s intraday high of $138.90. The stock is also 1.9% lower than where it finished on July 2 before the holiday. PLTR slid for three sessions in a row, giving up an early-week rally that at one point put shares up 7.4% compared to the level before the break.
Palantir’s market cap stood at $303.96 billion at the close Friday, with the slide from Tuesday cutting about $29 billion in equity value. The shares traded on 31.2 million volume, 68% of the 65-day average. Palantir’s P/E ratio was still at 142.85, calculated as price divided by 12 months’ earnings.
Palantir’s move stands out against the broader rally. The Nasdaq Composite climbed 1.79% last week, with the S&P 500 up 1.17% and information-technology names up 3.49%. Palantir trailed the Nasdaq by around 3.7 percentage points, pointing to selling pressure specific to the company or its valuation rather than a general tech pullback.
| Stock or index | July 10 close | Change from July 2 |
|---|---|---|
| Palantir Technologies NASDAQ:PLTR | $126.79 | -1.9% |
| Snowflake Inc. NYSE:SNOW | $261.45 | +0.5% |
| MongoDB Inc. NASDAQ:MDB | $342.08 | -3.6% |
| Nasdaq Composite | — | +1.79% |
July 2 is the last U.S. closing session ahead of the holiday. Snowflake finished with a narrow gain. MongoDB dropped 5.7% on Friday, which put it below Palantir’s weekly move.
Palantir’s valuation is still the big issue. Its trailing P/E runs at roughly 4.1 times where the iShares Expanded Tech-Software Sector ETF (BATS:IGV) trades. That ETF tracks a group of North American software and digital-services names.
| Trailing valuation | Palantir | IGV software ETF |
|---|---|---|
| P/E ratio | 142.85x | 35.10x |
| Relative multiple | 4.1 times IGV | 1.0x |
IGV ended Friday with a P/E of 35.10 and a 1.68% drop in net asset value.
Palantir and Rackspace Technology Inc. NASDAQ:RXT rolled out a new framework Thursday to use Palantir software in regulated and government-backed data settings. Rackspace said their first joint effort let a solar maker slash its quotation process by 94%. CEO Gajen Kandiah called it a “deploy and operate, not deploy and leave” model. Rackspace Technology
Earlier this week, Palantir brought on Mexico’s GNP Seguros as its first commercial customer in the country, signing a deal for the insurer to use its Foundry and Artificial Intelligence Platform for fraud detection and risk work, as well as underwriting. CEO Alex Karp again pushed the idea that customers should own their data and workflows, telling reporters about AI usage tokens, “I am paying for tokens that create no value.” Barron’s
Wall Street bulls are still out there. D.A. Davidson’s Gil Luria bumped his Palantir target up to $175 last week, saying its software works “on top of any model.” Citigroup Inc. NYSE:C also put Palantir on a shortlist with Snowflake and MongoDB as its top software names, calling for corporate AI spend to focus on data and cloud infrastructure. Benzinga
Palantir’s Q1 numbers give some backing to its outlook. Revenue jumped 85% to $1.63 billion. Adjusted free cash flow hit $925 million. The company now sees 2026 revenue between $7.650 billion and $7.662 billion and targets $4.2 billion to $4.4 billion in adjusted free cash flow. That cash number removes some standard items under Palantir’s definition. On Friday, shares traded at around 39.7 times the midpoint of the sales outlook and 70.7 times the midpoint for cash flow.
U.S. markets are closed Sunday, putting the focus on economic data. June consumer inflation comes out Tuesday at 8:30 a.m. EDT, with producer prices out Wednesday, and retail sales Thursday. If the numbers run hot, Treasury yields could go up. Higher yields often mean investors pay less for future profits, which typically hurts high-multiple stocks.
The bear case here isn’t just about rates. Palantir is fighting London’s block on a two-year, £50 million police deal, and the UK is looking again at a £330 million NHS contract. If Palantir stumbles in Europe or takes too long to turn the Rackspace and GNP efforts into sales, investors could end up paying a high price with no new earnings driver.
The first marker is Thursday’s low at $124.81. Palantir has to get back above Tuesday’s $138.90 high to reverse the failed breakout. For now, traders may be watching next week’s inflation numbers more than any new partnership news between those levels.
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