New York, June 25, 2026, 12:01 (EDT)
- Palantir Technologies Inc. (NASDAQ:PLTR) set a new 52-week low as the stock fell for the seventh session in a row.
- The stock dropped about $15 billion in paper value for the day, or nearly double what Palantir says it aims to bring in from sales across all of 2026.
- ETF holders in QQQ and SPY take a modest hit from the drop, but it’s real.
Palantir Technologies Inc. (NASDAQ:PLTR) tumbled again Thursday. The valuation sent the clearer warning for investors, not just the drop in share price.
Shares dropped 5.3% to $107.50 as of 11:46 a.m. ET, hitting an intraday low of $106.40 and valuing the company at about $276.5 billion, based on live market data. Investor’s Business Daily reported Palantir has now logged seven consecutive losing sessions and is down 36% so far for 2026.
At that quote, Palantir lost about $15.4 billion in equity value as shares fell $6.00 from Wednesday’s close. The company’s May guidance saw 2026 revenue in a range of $7.650 billion to $7.662 billion. That means Thursday’s slide wiped out close to twice what Palantir expects to sell in the year.
Palantir’s 52-week high was $207.52, and MarketWatch said its price-to-earnings ratio was about 121 in the morning. Using today’s implied share count, the high would mean equity value around $534 billion—$257 billion more than Thursday’s close.
Palantir’s implied value-to-2026-sales multiple is now around 36, down from almost 70 when the stock hit its 52-week high. The figure remains high for a big S&P 500 name.
Palantir’s first-quarter numbers were strong. The company reported revenue of $1.633 billion, up 85% from last year, with adjusted operating margin at 60% and adjusted free cash flow of $925 million. Palantir also raised its full-year sales outlook in the same report.
CEO Alex Karp said in May that Palantir was “in a category of our own.” Shares have faced more questions about that label this month as the stock has moved with rates and software valuations. Palantir
Wolfe Research’s Alex Zukin says Palantir has “the best product market fit of any enterprise software company in the market today,” but the analyst didn’t upgrade the stock, sticking with a Peer Perform. Zukin flagged the valuation, with Palantir at 30 times 2027 revenue and 65 times earnings when the note came out. Investing.com UK
Palantir’s slide is now showing up for passive ETF holders. TradingView data puts Palantir at 1.17% of Invesco QQQ Trust (NASDAQ:QQQ), a $5.61 billion stake, and 0.41% in SPDR S&P 500 ETF Trust (NYSEARCA:SPY), worth $3.18 billion. A 5.3% drop in Palantir would erase about $466 million from those ETF positions without shifts in other stocks.
Palantir shares are staring at their sharpest monthly fall in five years, Barron’s said Wednesday, after slipping under a key support level. The index drop starts out minor in a day but builds when losses keep coming for weeks.
Broader market action didn’t account for the full drop. Reuters said software stocks slid 1.6% earlier Thursday with tech names hit on spending and rate fears. “There is still a risk that the Federal Reserve delivers a rate hike later this year,” Michele Morganti, senior equity strategist at Generali Investments, told Reuters. reuters.com
