Palantir leapfrogs US corporate titans Home Depot, P&G in market cap

Palantir’s remarkable stock market surge keeps propelling it past American corporate royalty.

The defense, data analytics, and AI business software firm’s share price gain early Friday briefly pushed it to a new all-time high of just over $160 a share, as its market cap climbed to roughly $375 billion on an intraday basis.

In doing so, it leapfrogged American corporate giants Home Depot and Procter & Gamble in terms of sheer size. (It’s already bigger than titans like Bank of America, Chevron, and Coca-Cola.)

Bulls might argue that Palantir’s ascendence represents a durable changing of the guard in a Corporate America, reflecting the realities of the AI revolution.

Palantir bears might remind you that during the dot-com bubble of the late 1990s and early 2000s, Cisco briefly became the world’s most valuable company, before the crash erased about 90% of its value. (And objectively speaking, Palantir’s valuation is remarkably high.)

But Palantir remains the top-performing stock of the S&P 500 this year with a gain of more than 100%. It’s up roughly 500% over the last 12 months, during which time it made shareholders more than $300 billion richer. The company reports its next quarter of earnings on August 4.