Palantir Is Worth $413 Billion. The $500 Billion Line Sits Almost Exactly at Its Record High.

Palantir Technologies closed Friday at $172.01, giving the AI software company a $413 billion market cap. The stock sits just 55 cents below the $500 billion valuation mark, which coincides almost exactly with its November record high of $207.52.

The rally follows strong second-quarter results: Palantir posted 93% year-over-year revenue growth and delivered a 55% net income margin. Those metrics have pushed shares back toward all-time highs after earlier weakness.

Valuation remains stretched. At current levels, Palantir trades at 51 times guided 2026 sales—an elevated multiple even against the backdrop of triple-digit revenue expansion. The stock faces natural resistance at the $207.52 level, where round-number psychology and technical overhead converge.

Palantir's ability to sustain momentum will hinge on whether its commercial and government revenue streams can justify the premium. The company has transitioned from growth-at-any-cost to profitable growth, but the forward multiple prices in near-perfection.