Palantir closes at new record

Defense data and corporate AI software company Palantir notched a new closing high of $149.15 a share Monday, continuing to ride a wave of momentum that has made it the top-performing stock in the S&P 500 this year as well as the most highly valued, with a forward price-to-earnings ratio of more than 240x.

The roughly 5% increase in Monday’s trading session came on relatively little news for the company, which has been a retail trader favorite as well as one of the top-performing stocks that have surged since Donald Trump won the 2024 presidential election.

Also on Monday, the company announced that it would release its Q2 earnings numbers on August 4 after the close of trading. Expectations are high, with analysts penciling in year-over-year sales growth of nearly 40% for the second consecutive quarter.

Excitement around the company’s growth potential is part of the reason why the stock is up almost 100% this year.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

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