Palantir reported third-quarter revenue of $2.3 billion, up 96% year over year and well above the $2.16 billion management had guided at the end of Q2. For the first time, U.S. commercial revenue surpassed U.S. government revenue, and the company posted a 49% profit margin. The author views the more diversified customer base as positive, but says the stock trades at 110 times this year's earnings estimates and 76 times next year's, well above infrastructure companies (under 20 times next year's earnings) and AI hyperscalers (low 20s). The author concludes the stock is not attractive at its current price, while still praising the business itself.
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