The AI-focused Palantir joins a group of less than 50 public American companies worth at least $200 billion, quite the turn of events for the government contractor worth less than $20 billion two years ago.

Palantir Technologies Inc.’s hefty premium will be in focus when the data analysis software giant reports earnings after the market close on Monday — with the stock trading at levels some see as difficult to maintain.

Palantir Technologies reported strong revenue growth last quarter as the company that made its name providing software to the U.S. government said demand for its artificial intelligence products continues to expand.

Palantir Technologies (PLTR) is soaring to record highs after upbeat fourth-quarter results and a strong 2025 forecast, with help from AI

In the 17 reporting periods since it became public, Palantir has beaten the analyst consensus for sales in all but one quarter.