
Palantir’s revenue grew faster and faster through 2026, from 56% for full-year 2025 to 93% in the second quarter, with revenue guidance raised three times in a row (Palantir Technologies). Yet its stock plunged 40% to $106.37 in June before rebounding to $179.94 on August 21, 2026, only slightly above where it started the year. Through Palantir stock tokenization under the ticker PLTRon, Indonesian investors have been able to take a position starting from just tens of thousands of Rupiah on Pintu since December 2025. The most valuable lesson from 2026: at prices like these, a good earnings report alone isn’t enough, because the good news is already priced in.
Palantir was founded in 2003. In its 2025 10-K Report, the company names three founders: Stephen Cohen, Alexander Karp, and Peter Thiel. Its headquarters is now in Aventura, Florida, after previously moving from Palo Alto to Denver in 2020 (2025 10-K Report).
What surprises many people is the size of its team. As of December 31, 2025, Palantir had just 4,429 full-time employees, with 28% based outside the United States. This company, worth $432.41 billion in market cap (as of August 23, 2026), is run by a team smaller than a single mid-sized company in Indonesia.
It has four products, and the differences between them matter:

Its business model isn’t a one-time license sale. Contracts run one to five years with revenue recognized over the contract term, and the company states that expanding the size and number of deployments with existing customers is a core part of its growth strategy (2025 10-K Report).
Throughout 2025, 54% of its revenue came from government customers and 46% from commercial. The government side gives it a moat competitors find hard to copy, but it’s also a bottleneck. The company states that some of its personnel must obtain security clearances and specialized training to work on certain projects, and those clearances can be delayed or denied, which negatively affects its ability to fulfill government contracts.
One last thing worth knowing, and it’s unusual. Palantir has three share classes. The publicly traded Class A gets one vote per share, Class B gets ten votes, and Class F carries a variable number of votes. All 1,005,000 Class F shares are held by the Founder Voting Trust, and for the 2026 board election proposal each share carried about 1,259.505 votes, recalculated so the founders’ total voting power comes to exactly 49.999999% (DEF 14A Filing, April 24, 2026).
That means the founders hold voting control just under half, permanently, almost regardless of how many shares they sell.

Its price sits in an unusual shape right now. Palantir trades above its 50-day moving average ($138.93) and above its 200-day average ($151.51), but the 50-day line is still below the 200-day line (StockAnalysis.com, Barchart).
That combination signals a very recent, very sharp reversal. The August 4 jump happened too fast for its medium-term averages to catch up, so the chart hasn’t yet caught up with the price.
The 14-day RSI is at 69.41, edging closer to the 70 threshold usually considered overbought (Barchart). The 14-day ADX is at 32.59, above 25, which Barchart classifies as a trending market rather than a sideways one.
Worth noting, the 14-day ATR is 7.70, meaning its daily trading range is around $7.70, or more than 4% of the price. Its five-year beta is 1.56. This is not a calm stock, and your position size should reflect that.
Technical data as of August 24, 2026, changes daily, and is not a price prediction. RSI is already approaching the overbought threshold of 70 as the price nears its 2026 intraday high. Check real-time charts before making any decisions.

In almost every company Palantir’s size, growth slows as it gets bigger. Palantir did the opposite through 2025 and 2026.
Palantir revenue growth by period - Full-year 2025: up 56% to $4.48 billion - Q4 2025: up 70% - Q1 2026: up 85% to $1.63 billion - Q2 2026: up 93% to $1.94 billion Source: Palantir press releases, February 2, 2026, May 4, 2026, and August 3, 2026 The source of the acceleration is clear: the US commercial business.
Q2 2026 (reported August 3, 2026) - Total revenue: $1.94 billion, up 93% - US revenue: $1.573 billion, up 115% - US commercial revenue: $764 million, up 149% - US government revenue: $809 million, up 90% - Adjusted operating margin: 62% - GAAP operating margin: 47% - GAAP net income: $1.062 billion, 55% margin - Adjusted free cash flow: $1.220 billion, 63% margin - Rule of 40: 155% - Source: Palantir press release, August 3, 2026
The Rule of 40 is a metric used across the software industry: revenue growth plus operating margin. A score above 40 is considered healthy. Palantir posted 155%, up from 145% the prior quarter.
The quality of that growth also shows up in its customer and contract numbers. Customer count reached 1,049, up 24%, while US commercial customers reached 653, up 35%. Contract value signed in the quarter was $3.373 billion, with total remaining deal value of $13.1 billion, up 83%. Its net dollar retention rate was 157%, meaning the same customers spent 57% more than the year before (Palantir earnings presentation, August 3, 2026).
Its balance sheet is also clean. Cash and marketable securities stand at $9.2 billion against total debt of just $211.40 million (StockAnalysis.com, as of August 21, 2026).
So if the question is whether Palantir’s fundamentals are strong, the answer is clearly yes. The genuinely hard question is the price.

This is the number that makes Palantir the most argued-about stock on the US market.
High-growth software valuation comparison, as of August 23–24, 2026 - Palantir (PLTR): P/S 70.24x, forward P/E 94.54x, 3-year projected revenue growth 58.10%, operating margin 42.80% - CrowdStrike (CRWD): P/S 38.37x, forward P/E 147.05x, projected growth 22.33%, operating margin negative 3.15% - Snowflake (SNOW): P/S 22.92x, forward P/E 156.93x, projected growth 27.06%, operating margin negative 25.71% - Datadog (DDOG): P/S 21.33x, forward P/E 89.01x, projected growth 25.37%, operating margin 0.48% Source: StockAnalysis.com. Growth figures use 3-year projections, so they're lower than the actual quarterly growth figures discussed elsewhere in this article.
By the P/S metric, Palantir is the most expensive by a wide margin. At 70.24 times sales, it’s about three times Snowflake and Datadog, and about 1.8 times CrowdStrike.
Using forward P/E, Palantir is actually cheaper than Snowflake and CrowdStrike. The reason is simple: Palantir is the only one of the four that’s genuinely generating operating profit, with a 42.80% margin, while Snowflake sits at negative 25.71% and CrowdStrike at negative 3.15%. Snowflake and CrowdStrike don’t even have a trailing P/E because they’re still unprofitable.
There’s an irony worth noting too. Over the past 12 months, Palantir’s stock rose 15.34%, while Snowflake rose 70.83%, CrowdStrike 83.17%, and Datadog 83.42% (as of August 23, 2026). Palantir is growing the fastest and is the most profitable, yet its stock performance is the weakest of the four. Its valuation multiple has been shrinking while its competitors get re-rated higher.
Conclusion: at 70.24 times sales, you’re not buying Palantir’s business today. You’re buying the assumption that its revenue keeps growing near its current pace for years to come. If that assumption holds, today’s price could turn out to be reasonable. If growth slows to competitor levels around 30%, no ratio can justify the price.
On February 2, 2026, Palantir guided 2026 revenue at $7.182 to $7.198 billion, up 61%. On May 4, 2026, it raised guidance to $7.650 to $7.662 billion, up 71%. On August 3, 2026, it raised guidance again to $8.150 to $8.158 billion, up 82% (Palantir press release). The company also beat its own Q2 guidance by roughly $135 million.
Full-year guidance for this segment was raised to more than $3.424 billion, or at least 134% growth. US commercial contract value signed in Q2 rose 153% to $2.132 billion.
Palantir says its two Sovereignty Bootcamps held since July 27, 2026, drew nearly 200 organizations in under 30 days (Palantir press release, August 19, 2026). On June 29, 2026, the company also launched an engine for running NVIDIA’s open Nemotron models in sovereign, internet-disconnected environments.
On June 4, 2026, Palantir announced an exclusive platform for private equity fundraising with law firm Kirkland & Ellis, and a strategic partnership with construction company McCarthy Building Companies.
CEO Alexander Karp stated in the August 3, 2026, press release that demand for AI sovereignty has now decoupled, and that Palantir is the only company proven to turn tokens into real economic value. In the earnings call, he pledged to drive the business to grow at a rate equal to or above US commercial growth over the next 18 months.
A memo from US Deputy Secretary of Defense Steve Feinberg on March 9, 2026, designated the system a program of record, with a contract ceiling of about $1.3 billion through 2029 (DefenseScoop).
On June 22, 2026, the company was selected to handle the cloud data layer for the Foundry-based Next Generation Command and Control system. Contract value was not disclosed.
On August 13, 2026, the Pentagon awarded a software license worth up to $243.9 million on a sole-source, no-bid basis through March 31, 2027. Defense One reported Palantir has received $3.2 billion in federal contract obligations since 2024, roughly half of it without competition, and noted that the memo lacked the sole-source justification required by federal procurement rules. This is media interpretation, not an official finding, but it’s still a risk worth knowing since it concerns the sustainability of Palantir’s largest revenue source.
Semafor reported on February 17, 2026, that Palantir’s partnership with Anthropic sits at the heart of Anthropic’s rift with the Pentagon. Bloomberg reported on March 12, 2026, that Palantir was seeking alternative AI partners after the Pentagon barred Anthropic from its contracts. For context, Semafor noted large language models typically make up only 10% to 20% of Palantir’s customized applications.
Palantir’s contract with the US immigration agency has drawn divestment pressure from pension funds and a request from the New York City Comptroller for a human rights risk assessment. In the UK, The Register reported on April 20, 2026, that the government is considering a break clause in the Federated Data Platform contract with the NHS.
On May 20, 2026, Alexander Karp sold 397,744 Class A shares worth about $54.1 million at prices ranging from $132.48 to $136.835, under a previously scheduled Rule 10b5-1 plan. After the sale, he still held 6.43 million Class A shares and 52.01 million Class B shares.
What the company has officially stated, not estimates:
Revenue of $2.160 to $2.164 billion, equal to about 83% growth, with adjusted operating income of $1.292 to $1.296 billion (Palantir press release, August 3, 2026).
Revenue of $8.150 to $8.158 billion, up 82%; US commercial revenue of more than $3.424 billion, up at least 134%; adjusted operating income of $4.889 to $4.897 billion; and adjusted free cash flow of $4.5 to $4.7 billion.
Karp stated he would drive the business to grow at a rate equal to or above US commercial growth over the next 18 months. This is a statement of ambition on the earnings call, not official numeric guidance.
It was 133% in Q1 and 149% in Q2 2026. The comparison base gets bigger every quarter, so mathematically it gets harder to sustain this pace. This is the single number most worth watching in the next report.
The date is not yet confirmed by the company as of August 21, 2026. MarketBeat and Wall Street Horizon both estimate Monday, November 2, 2026, after market close, and both label it an estimate based on prior reporting patterns. Palantir typically announces its official date about three weeks ahead, so check its investor relations site in mid-October.
This is where Palantir truly stands apart from other stocks. Among the 32 analysts tracked by StockAnalysis.com as of August 20, 2026, the average price target is $191.68, with a high target of $255 and a low of $80.

Against the August 21, 2026, closing price of $179.94, that range spans about 56% below the current price to 42% above it. For comparison, the analyst target ranges for UnitedHealth and McDonald’s are far narrower. There’s no real consensus on Palantir’s value, and that itself is telling.
Deutsche Bank, via analyst Brad Zelnick, upgraded from Hold to Buy with a $200 target on August 4, 2026, a day after the Q2 report. He called the quarter outstanding, with growth accelerating to 93% and US commercial up 149%, and said Palantir is operating several steps ahead in converting AI demand into customer value. In his view, the risk-reward skews favorably.
Higher targets were held by several firms on August 4, 2026: Piper Sandler via Clarke Jeffries at $230, Rosenblatt via John McPeake at $225, and Mizuho and UBS each at $215 (MarketBeat, StockAnalysis.com).
For this scenario to play out, US commercial growth needs to stay above 100% for the next two quarters, adjusted operating margin needs to hold around 62%, and 2027 guidance, when it comes, needs to still show strong growth numbers. If all three happen, targets of $200 to $255 imply roughly 11% to 42% upside from the August 21, 2026, close of $179.94.
RBC Capital Markets, via analyst Rishi Jaluria, maintained an Underperform rating with a $90 target on July 31, 2026, under a note titled saying the valuation remains unattractive.
His argument is specific and worth taking seriously. He believes the surge in government revenue reflects a spike in quarterly contract values amid geopolitical instability, not sustained demand. He also says some customers are reassessing their use of the platform or considering switching. His conclusion: the risk-reward skews downward.
Worth noting, RBC set a $50 target on February 2, 2026, and raised it to $90 on July 31, 2026, so even the most bearish analyst nearly doubled his number. The owner of the lowest consensus target, $80, couldn’t be traced.
This bearish scenario doesn’t require Palantir to fail. It just needs growth to slow to the normal pace of a high-growth software company, around 30%. At that pace, 70.24 times sales isn’t sustainable, and 2026 has already shown the stock can fall 40% without a single bad earnings report.
PLTRon is a tokenized stock, a digital representation of Palantir shares issued on the blockchain by Ondo Global Markets (BVI) Limited. This issuer is structured as a special purpose vehicle designed to be bankruptcy remote with at least one independent director, meaning its assets are ring-fenced so they aren’t caught up if the parent company runs into trouble (Ondo Finance).

PLTRon launched on Pintu on December 5, 2025, alongside BABAon, MSFTon, and AVGOon from Ondo, plus QQQx, SPYx, and AMZNx from xStocks (Pintu Blog, December 5, 2025).
The Palantir shares backing it are bought through a registered US broker-dealer and held in custody with a licensed broker-dealer. Ondo states its tokens are fully collateralized with an over-100% buffer, backed by a first-priority security interest held by a third-party collateral agent, plus daily asset attestations by an independent Verification Agent (Ondo Finance, Pintu).
Ondo’s tokens use a total return tracker model, meaning dividends from the underlying stock are reinvested back into the token, so it’s not a 1:1 model like xStocks.
| Aspect | Palantir Stock (NASDAQ: PLTR) | PLTRon (Tokenized Stock) |
|---|---|---|
| Asset form | Traditional Class A equity share | Crypto token based on real world assets (RWA) on Ethereum, BNB Chain, HyperEVM, and Solana |
| Ownership status | Official Class A shareholder, one vote per share | Exposure to economic value only, no voting rights |
| Collateral | Direct ownership | Underlying shares held in US broker-dealer custody, fully collateralized plus buffer, daily attestation |
| Ratio to underlying stock | One share equals one share | Not fixed by design, but since Palantir pays no dividend, it tracks very closely in practice |
| Trading hours | US market hours, evening to early morning WIB | Can be traded outside US market hours via Pintu |
| Minimum capital | Generally a full share, around $180 | Can be bought fractionally via Pintu |
| Dividends | Palantir pays no dividend | No dividend to reinvest |
Data as of August 21–24, 2026. Sources: StockAnalysis, Ondo Finance, CoinGecko, and Pintu’s PLTRon market page.
Oversight of crypto assets, including tokenized stocks like PLTRon, now sits fully with OJK since Bappebti’s transition period ended on January 20, 2026. On the tax side, crypto asset purchases aren’t subject to VAT, while sales through registered domestic platforms like Pintu are subject to a final 0.21% Income Tax Article 22 on the transaction value (Directorate General of Taxes).
The full explanation is in the comparison of taxes on stock tokenization versus conventional US stocks.
Palantir is a great company with numbers that are hard to argue with. Revenue rose 93% in Q2 2026, adjusted operating margin hit 62%, free cash flow was $1.22 billion in a single quarter, cash stood at $9.2 billion against just $211 million in debt, and net dollar retention hit 157%. Its revenue guidance was raised three times in six months.
None of that saved its shareholders through 2026. The stock still fell 40% before recovering to where it started, because the start-of-year price had already priced in the good news. This is Palantir’s most valuable lesson, and it applies to any asset including crypto: a good company and a good investment aren’t the same thing, and what separates the two is the price you pay.
For Indonesian investors who believe Palantir can sustain US commercial growth above 100% and can stomach 40% price swings without panicking, PLTRon via Pintu offers fractional access with flexible trading hours, and its price gap versus the underlying stock is very small because Palantir pays no dividend. But your position size here should be much smaller than in defensive stocks, because an analyst target range from $80 to $255 means even people who follow this stock full-time can’t agree on its value, and its daily trading range exceeds 4%. Dollar-cost averaging makes far more sense than a single large lump-sum entry. One number worth watching in the November 2 report is US commercial revenue growth.
Is buying PLTRon the same as owning actual Palantir shares?
No. PLTRon makes your investment value track Palantir’s stock, and the token is backed by underlying shares held in US broker-dealer custody, but you aren’t an official shareholder and have no voting rights at shareholder meetings.
Why is PLTRon’s price almost identical to PLTR’s stock price, when other Ondo tokens differ by a few percent?
Because Palantir pays no dividend at all. Ondo’s mechanism of reinvesting dividends into the token’s value essentially doesn’t kick in here, so one PLTRon tracks one share very closely. As of August 24, 2026, the gap is under 1%, though the two token price data providers, CoinGecko and CoinMarketCap, don’t fully agree with each other either.
Is Palantir expensive or cheap?
It depends on the ratio used, and that’s not a dodge of an answer. At 70.24 times sales, Palantir is about three times more expensive than Snowflake and Datadog. But on a forward P/E of 94.54 times, it’s cheaper than Snowflake’s 156.93 times and CrowdStrike’s 147.05 times, because Palantir is the only one of the four that’s actually profitable.
Is it true that Palantir’s profit looks good only because it hides stock compensation costs?
That criticism no longer fits the data. In Q2 2026, GAAP EPS and adjusted EPS were both $0.41, and GAAP net income of $1.062 billion was actually higher than adjusted net income of $1.047 billion. Stock-based compensation is still a real cost and did rise to $265.21 million that quarter, but the GAAP figure isn’t the lower one.
Is PLTRon safe?
The token is backed by actual PLTR shares held in US broker-dealer custody, and crypto oversight in Indonesia falls under OJK. There are still risks ordinary stocks don’t carry, including issuer risk, a CertiK security score of 3.3 out of 10, and thin liquidity with a market cap of around $3.16 million.
Is PLTRon legal to trade in Indonesia?
Yes. Trading of crypto assets including tokenized stocks has been supervised by OJK since Bappebti’s transition period ended on January 20, 2026, and Pintu is a registered platform in Indonesia. Sales are subject to a final 0.21% Income Tax Article 22 on the transaction value.
A step-by-step guide is available in the tutorial on how to buy Palantir stock in Indonesia. If you’d like to compare this with a stock tokenization where dividends are reinvested, producing a bigger price gap, read the article on UnitedHealth stock and the UNHon tokenized stock.
This article is for educational purposes and is not investment advice. Crypto asset prices are volatile and can change at any time. Always do your own research (DYOR) before investing.
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