Palantir's Q2 proved this is no longer just a government contractor—it is becoming one of the strongest enterprise AI platforms. U.S. commercial revenue surged 149% YoY, margins remained exceptional, and free cash flow exceeded $1.2B, showing that growth and profitability can coexist. The raised 2026 guidance also suggests demand remains very strong.
That said, a valuation of roughly 47x forward revenue leaves little room for execution mistakes. Any slowdown in commercial AI adoption, contract conversion, or international expansion could compress the multiple even if the business continues to perform well.
For long-term investors, I remain bullish on Palantir's competitive moat and AI leadership. But after such an incredible run, I'd rather wait for a more attractive entry than chase the momentum.
@AI_FocusedTrader [胜利]
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