TLDR
- Palantir shares climbed to $198.39, posting 162% gains year-to-date with Q3 results due November 3
- Dan Ives of Wedbush keeps $200 price target, calling Palantir a potential trillion-dollar company
- Nvidia and Snowflake partnerships enhance AI platform capabilities for enterprise and government clients
- Commercial revenue in the U.S. jumping 93% year-over-year as customer base expands beyond government
- Wall Street expects Q3 earnings of $0.15 per share on revenue of $1.09 billion after market close
Palantir stock touched $198.39 on Wednesday, setting a new company record. The data analytics firm has delivered 162% returns since January.
Palantir Technologies Inc., PLTR
Multiple partnership announcements fueled the rally. The Nvidia collaboration integrates Palantir’s Foundry with Nvidia’s DGX systems and AI software.
Dan Ives at Wedbush holds a Buy rating with a $200 target price. He views Palantir as having a path to become the next Oracle.
The analyst sees continued strength in demand for the Artificial Intelligence Platform across both sectors. He predicts the company will top consensus estimates when third-quarter numbers arrive November 3.
Ives pointed to product improvements, talent acquisition, and global expansion as key drivers. These elements position the company well in the competitive AI landscape.
Revenue Growth Shifts to Commercial
Commercial revenue in the U.S. is expanding at 93% year-over-year. This marks a departure from the company’s historical reliance on government work.
The 2025 revenue forecast was raised to $4.15 billion by management. Quarterly revenue is approaching the $1 billion mark with 48% growth expected.
Ives projects U.S. commercial revenue will jump more than 85% in fiscal 2025. Consistent AI platform uptake across industries supports this view.
Snowflake’s AI Data Cloud now connects with Palantir’s Foundry and AI platforms. This enables faster and more secure AI model development for customers.
The Nvidia partnership brings Blackwell architecture into the AI platform. Performance improvements benefit both enterprise and government users.
Palantir’s leadership described the Lumen Technologies partnership as a game-changer. They claim it can speed up AI data processing by 200 times.
Government Contracts Keep Coming
A $385 million deal with the U.S. Department of Veterans Affairs was recently secured. Poland’s defense ministry also awarded a contract to the company.
Work with UK Armed Forces expanded through a Hadean collaboration. Foundry supports advanced defense simulations in this arrangement.
These agreements deepen Palantir’s footprint in NATO territories and government markets. Larry Ellison at Oracle has praised the company’s data approach for AI applications.
Institutional investors like JPMorgan and T. Rowe Price have reduced stakes. Holdings were trimmed even as the stock continues its climb.
Shares now trade at a price-to-earnings multiple exceeding 650. This leaves minimal room for disappointment when earnings are reported.
Third-quarter projections call for $0.15 per share in earnings on $1.09 billion in revenue. Numbers will be released after the closing bell on November 3.
Talk of a stock split has surfaced with shares near $200. Some market participants think this could boost retail participation.
Management noted that higher spending on hiring and investments may impact margins. Optimistic investors cite the AI platform and data tools as differentiators.
Skeptical voices argue the current price reflects years of flawless performance. The commercial division is winning business with large enterprises as the company prepares to report quarterly results.
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