Palantir Is Up More Than 2,200% Since 2023. Can Its Run Continue?

By Keithen Drury – Mar 11, 2026 at 11:12AM ESTKey PointsPalantir's growth rate continues to accelerate.The stock is trading at an incredibly high premium. There have been few better stocks to own since 2023 than Palantir (PLTR 0.72%). The stock is up by more than 2,200% since then, although it's now down by more than 25% from the all-time high it touched in October. But it has rallied in recent weeks from the 40% it was down. With that rally in focus, investors may be wondering: Is Palantir primed to soar again, or is it just following the broader market's movements? Image source: Getty Images. Palantir has put up incredible growth figures Palantir's software platform uses artificial intelligence (AI) to process large volumes of data quickly and give people with decision-making authority the best guidance possible in real time. Originally, this platform was used for government purposes only, such as supporting intelligence gathering and military operations. While this is still a large use case for Palantir's products, the company has also expanded into the commercial sector, where it has achieved significant adoption, particularly in the U.S. Palantir is delivering impressive growth -- its revenue rose 70% year over year during its fiscal fourth quarter to $1.4 billion. Commercial revenue grew at an 82% pace versus government revenue growth of 60%, but both numbers are so impressive that it's hard to find fault in either of them. The best segment was (unsurprisingly) U.S. commercial, which rose 137% to $507 million. What's even more impressive is Palantir's total customer count. Palantir has 571 U.S. commercial clients, which is relatively small compared to the number of potential customers out there. ExpandNASDAQ: PLTRPalantir TechnologiesToday's Change(-0.72%) $-1.09Current Price$150.05Key Data PointsMarket Cap$361BDay's Range$149.33 - $153.1952wk Range$66.12 - $207.52Volume709KAvg Vol49MGross Margin82.37% It's hard to find a fault in any of Palantir's results; they are truly impressive. The biggest issue most investors have with the stock is its valuation. Trading at a jaw-dropping 116 times forward earnings, Palantir is one of the more expensive stocks on the market. There is huge anticipated growth already priced into the shares. For reference, Nvidia, which grew its revenue at a 73% pace during its fiscal Q4, which ended Jan. 25, trades for 22 times forward earnings. So, the price investors must pay to buy Palantir's stock is about 5 times what it takes to buy Nvidia. Is that worth it? For me, I say no. There are several years' worth of hoped-for growth baked into the stock price, and there are far more attractive options (like Nvidia) available. If Palantir can sustain its current growth rates for many years, today's price could still turn out to be worth paying, but the stock would have to trade sideways through several years of rapid business growth to get back into a normal valuation range. I'm not willing to bet on that optimistic outcome.Read NextMar 11, 2026 •By James HiresThe Biggest Bet in Tech Isn't on Polymarket. It's This AI Stock.Mar 10, 2026 •By Danny Vena, CPAPolymarket Joins Forces with Palantir to Bring Its Industry-Leading Artificial Intelligence (AI) to the Prediction MarketsMar 10, 2026 •By Leo SunA Once-in-a-Decade Opportunity: 1 AI Software Stock to Buy Hand Over Fist Right Now (Hint: It's Not Palantir)Mar 10, 2026 •By Patrick SandersTop Stocks to Double Up on Right NowMar 10, 2026 •By Adam SpataccoWhere Will Palantir Stock Be in 5 Years?Mar 9, 2026 •By Adam SpataccoWhy Are Software Stocks Down?About the AuthorKeithen Drury is a contributing Motley Fool technology analyst covering AI, semiconductors, cybersecurity, and SaaS stocks. In addition to The Motley Fool, Keithen is a mechanical engineer and has held roles at Honeywell and smaller industrial companies like Brand Hydraulics and Lincoln Industries. He holds a bachelor’s degree in mechanical engineering from Dordt University.TMFTripleOptionStocks MentionedPalantir TechnologiesNASDAQ: PLTR$149.82(-0.87%)-$1.32*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.