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Palantir Technologies Inc.‘s (NYSE:PLTR) market cap has surpassed that of the traditional defense industry leader Lockheed Martin Corp. (NYSE:LMT), marking a significant shift in the defense and technology sector landscape.
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What happenedThe data analytics company’s market value was $137.17 billion, surpassing Lockheed Martin’s $135.25 billion, reflecting Palantir’s growth in artificial intelligence and data analytics within modern defense and security.
Palantir shares hit an all-time high of $60.24 on Monday, as the stock is up 263.33% this year, pushing its market cap to $137.17 billion, surpassing Lockheed Martin’s $135.25 billion. Lockheed Martin shares are up 25.09% in 2024 to $570.58, according to data from Benzinga Pro.
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The large difference in valuation figures between the two companies highlights their different market positions. Palantir trades at a premium price-to-earnings ratio of 304.78. Meanwhile, Lockheed Martin maintains a more traditional defense industry price-to-earnings ratio of 20.64.
Why it matters: This development underlines Palantir’s rapid rise in the market and reflects its growing influence. This increase in market capitalization follows a series of strategic steps by Palantir, including its partnership with Palantir Amazon.com Inc (NASDAQ:AMZN) and Metaplatforms Inc (NASDAQ:META) for U.S. defense initiatives.
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Additionally, Palantir’s strong financial performance, with a 30% year-over-year increase in total revenue and 39% growth in customer base, has been praised by analysts. Wedbush analyst Then Ives called the company “The Messi of AI.”
