Palantir: A Most Peculiar Prosperity

by

It is a truth universally acknowledged, amongst those who concern themselves with the movement of coin and the whispers of the market, that a man must reconcile his conscience with his portfolio. Some, with a delicate constitution, will abstain from ventures that offend their sensibilities, as though a share certificate might carry a contagion of the soul. They build walls around their investments, brick by brick, of moral rectitude. A curious undertaking, considering the inherent…murkiness of most enterprises.

And so we arrive at Palantir Technologies (PLTR +4.41%), a name that seems to cling to the tongue like a troublesome secret. A company that offers its services to those who dwell in the shadowy corners of governance, and to others who, let us say, have a pronounced interest in knowing what their neighbors are having for tea. It is a firm that trades in information, that most slippery of commodities, and in doing so, has attracted a considerable degree of… scrutiny. A polite word, that. It suggests a gentle examination, like a physician probing a patient. The reality, of course, is closer to a pack of hounds baying at a particularly stubborn badger.

Yet, despite the raised eyebrows and the muttered condemnations, Palantir has managed to accumulate a rather impressive pile of gold. This, naturally, presents a dilemma. Can one profitably engage with a company that one finds… morally ambiguous? Or is it sufficient to simply count the dividends and ignore the provenance of the wealth? I leave such questions to the theologians and the philosophers. My task, as a humble chronicler of the market, is merely to report the facts, however unsettling they may be.

The Long Road to Public View

For seventeen years, Palantir existed as a phantom, a whisper in the corridors of power. A private concern, shielded from the prying eyes of the public. Then, in the year 2020, it emerged into the sunlight, blinking like a mole dragged from its burrow. The initial offerings were…unconventional, shall we say. A curious blend of ambition and recklessness. They poured money into their endeavors with the abandon of a drunken nobleman, seemingly unconcerned with the accumulation of losses. It was as though they believed that sheer audacity would somehow conjure profits from thin air. A charming notion, but rarely effective in the long run.

The market, initially captivated by the spectacle, soon grew restless. The share price soared, then plummeted, as though afflicted by a sudden and violent ague. It bounced and swayed, a drunken sailor attempting to navigate a stormy sea. The company, desperate for funds, issued more shares, diluting the holdings of those who had dared to venture near. It was a sorry sight, a once-proud vessel listing dangerously in the waves. One began to suspect that the entire enterprise was built on a foundation of smoke and mirrors.

From Red Ink to Black

But then, a curious thing happened. As Palantir grew, its fortunes began to improve. It discovered that the cost of adding new clients was surprisingly low. Each additional customer contributed to the bottom line with minimal expense. It was as though the company had stumbled upon a magical formula, a philosopher’s stone that transformed losses into profits. The margins widened, the losses narrowed, and, in the year 2023, Palantir finally posted a net profit. A modest sum, to be sure, but a profit nonetheless. A cause for celebration, if one were inclined to such frivolities.

The following years saw an acceleration of this trend. Revenue soared, profits multiplied, and the share price began to climb once more. The company embraced the latest technologies, particularly the field of artificial intelligence, and found that its tools were in high demand. It was as though they had discovered a new source of energy, a boundless reservoir of wealth. Overhead expenses, remarkably, did not keep pace with the growth in revenue. It was as though the company was operating on a different plane of existence, unbound by the laws of economics.

In the fourth quarter of 2025, the numbers were particularly astonishing:

  • Total revenue rose 93% year over year.
  • Revenue from the U.S. government was up 66%.
  • Commercial revenue from U.S. clients soared 137%.
  • Total contract value across the business jumped 138% to $4.26 billion.

Moreover, Palantir ended the year with a staggering $7.2 billion in cash and short-term Treasury securities. A veritable mountain of gold. A far cry from the days when the company was struggling to make ends meet. It was a testament to the power of innovation, and to the insatiable appetite of governments for information.

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The Future, a Most Uncertain Landscape

The stock, naturally, has responded to these developments. It has risen, fallen, and risen again, a capricious beast driven by the whims of the market. From its lows, it has soared as much as thirtyfold, before succumbing to a recent correction. The question now is whether this growth can be sustained. Can Palantir continue to expand at its current rate? Or will it eventually succumb to the forces of gravity, like all other earthly things?

That, dear reader, is a question for another day. I shall endeavor to answer it in the final installment of this chronicle, and to shed further light on the peculiar prosperity of Palantir Technologies. Until then, I leave you with this thought: the world is a strange and wondrous place, and the market is stranger still.

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2026-02-18 20:12