Palantir Stock Hits New Record High, Wipes Out Its Nearly 50% Drawdown

Palantir Technologies Inc. (NASDAQ:PLTR) has climbed back from a slide that cut its stock nearly in half. Shares of the surveillance, AI, and data-analytics company hit a new all-time high Monday as Wall Street buys into the its so-called sovereign AI pitch. Palantir’s stock price previously peaked at $207.52 on Nov. 3, 2025, and fell to $106.37 by June 25, a drop of about 48.7%. On Friday it closed at a record $209.05, up 5.17%, after hitting $209.58 during the session, per Benzinga Pro data. The rally kept going Monday. Just after the opening bell, shares hit a new intraday high of $212.94. The stock is now up 99.7% from its June low. PLTR stock is at new highs. See the chart and price action here. Earnings Changed the Story In early August, Palantir stood 35% below its November peak and was down almost 30% for 2026. The second-quarter report turned sentiment around. Revenue rose 93% year over year. CEO Alex Karp marked the result by saying, “For the first time people believe us.” The company raised its annual revenue forecast, and the stock jumped 29.5% on Aug. 4, its biggest one-day percentage gain since February 2024. Read Also: We Asked 3 AI Chatbots for the Week's Top Stock Picks – 2 Bet on TSMC Earnings Goldman Turns Bullish The latest push higher followed a Goldman Sachs upgrade. Last Thursday, the bank moved Palantir to buy from neutral and set a $230 price target. “The [total addressable market] may be setting up for another step function change in depth, because of the shift to sovereign AI, bespoke applications, and Palantir’s newer verticalization strategy,” Goldman analyst Gabriela Borges wrote. The bank also expects more government contracts, more automated workers and a more vertical supply chain. Palantir rose 2% on Thursday while the Nasdaq fell 1% after an OpenAI revenue setback hit AI stocks. On Friday, software stocks led the market higher. Palo Alto Networks Inc. (NASDAQ:PANW) gained 5% and CrowdStrike Holdings Inc. (NASDAQ:CRWD) rose 4%. See More: Top Momentum Stocks Steep Valuation Palantir’s market value is now about $487.8 billion, which puts $500 billion within reach. The stock trades at roughly 179 times trailing earnings, according to Benzinga Pro data. A high multiple is nothing new for Palantir. Last year, Fortune reported it was the most richly valued company in the S&P 500 at 245 times forward earnings. Since launching in 2003, the company has won government contracts worth billions to create software for the Pentagon and U.S. Immigration and Customs Enforcement (ICE). Next Test: Nov. 9 Palantir reports third-quarter results on Nov. 9, and Goldman’s $230 target is about 8.3% above Monday’s price. Expectations are high going into the report, with 93% growth last quarter and a stock that has nearly doubled in four months. Another strong quarter would help support the record. A weak one would show how stretched the valuation is. PLTR Stock Price Activity: Palantir stock was down 0.20% at $208.64 at the time of publication Monday, according to Benzinga Pro. Read Also: Meta Muse Downloads Are Slowing — And Hunterbrook is Short Photo: Shutterstock