Valued at a market cap of $291 billion, Palantir (PLTR) is among the hottest and most powerful technology companies in the world. Its steady revenue growth and improving profit margins have meant PLTR stock has returned more than 1,200% to shareholders since its initial public offering in September 2020. 

Palantir builds software platforms (Gotham, Foundry, Apollo, and AIP) that help organizations integrate data, decisions, and operations at scale. The company serves governments and intelligence agencies as well as commercial clients. 

Palantir Technologies’ Tactical Intelligence Targeting Access Node (TITAN) has been ranked among the top-performing programs in a recent U.S. Army review, Bloomberg News reported. The mobile battlefield intelligence-gathering vehicle and trailer system was listed alongside four other weapons systems as the best performers in an April report to Congress.

In March 2024, Palantir won a two-year, $178.4 million contract to develop 10 TITAN prototypes for the Army’s next-generation deep-sensing capability platform. The system uses AI and machine learning to support beyond-line-of-sight targeting for field operations.

Notably, Palantir beat out established defense contractor RTX (RTX) (formerly Raytheon) for this intelligence vehicle contract. Palantir collaborated with Anduril Industries and Northrop Grumman (NOC) for the project and brought in L3Harris Technologies (LHX) and other companies as subcontractors.

The TITAN system consists of a lightweight industrial truck and similarly sized trailer that transports a backup power supply and a “space kit” for direct satellite data connectivity. Three prototypes have already been delivered, with four more expected by Dec. 31 and three more by March 2026. The Army is evaluating the number of units it will purchase, with combat testing and potential full-rate production planned for 2027-2028.

Should You Buy Palantir Stock Right Now?

Palantir Technologies has established itself as a leading data integration and analytics software provider. Over the years, it has strategically expanded into commercial markets by recognizing that enterprises face data challenges similar to those faced by government agencies.

The company’s impressive growth trajectory is evident in its financial performance, with revenue growing by 39% year-over-year to $884 million for the first quarter of 2025. U.S. commercial revenue was up 71% year-over-year to $255 million and U.S. government revenue was up 45% year-over-year to $373 million. Palantir also reported that its customer count grew 39% year-over-year. 

Palantir’s four platform offerings address different client needs: Gotham has been serving defense and intelligence agencies for over a decade; Foundry has become a central operating system for institutions and industries; Apollo, launched commercially in 2021, provides a cloud-agnostic control layer; and AIP, introduced in 2023, integrates generative AI capabilities with existing platforms.

As Palantir continues expanding access to its platforms, the company is well-positioned to capitalize on growing demand for AI-powered data solutions across both government and commercial sectors, with a strategic focus on building long-term customer relationships that drive sustainable growth. For the full year, the company raised its revenue forecast to between $3.89 billion and $3.902 billion. 

What Is the Target Price for PLTR Stock?

Palantir stock trades at a forward price-free-cash-flow multiple of 192x, higher than its three-year average multiple of 77x. Analysts expect Palantir’s free cash flow to increase from $1.14 billion in 2024 to $5.81 billion in 2029, an annual growth rate of 38.5%. If PLTR stock is priced at 75x forward FCF, it will have a market cap of $440 billion in early 2029, indicating potential upside of 50% from current levels. 

Out of the 20 analysts covering PLTR stock, three recommend “Strong Buy,” 12 recommend “Hold,” one recommends “Moderate Sell,” and four recommend “Strong Sell.” The average target price for PLTR stock is $84, lower than the current trading price of $124.