Palantir surges past Coca-Cola, IBM in market valuation
Palantir Technologies, known for its data analytics software, just joined the ranks of America's 20 most valuable companies with a market cap near $375 billion.
That means it's now bigger than brands like IBM and Coca-Cola—a big leap for a company that started in Denver back in 2003.
AI platform traction and government contracts boost growth
What's behind Palantir's surge? Its AI platform is getting serious traction, and new US government contracts are pouring in.
This year alone, their stock price more than doubled. Last quarter, government revenue jumped 45% to $373 million—pretty wild growth for any tech company.
Political buzz adds to the excitement
There's also some political buzz: co-founder Peter Thiel backed Trump in the 2024 election, which has investors betting on even more government business if Trump stays influential.
All eyes are now on Palantir's next earnings report coming August 4.