Palantir: A $185 billion contract that the market hasn't priced in yet

Palantir is experiencing the fastest growth in its history and is also one of the most expensive stocks on the entire U.S. market—a combination that divides investors into two irreconcilable camps. In the first quarter of 2026, the company increased its revenue by 85 percent year-over-year to $1.63 billion, its U.S. commercial business jumped 133 percent, and the so-called “Rule of 40”—the sum of the growth rate and operating margin—reached an incredible 145 percent. This is a performance unparalleled among software companies, and one that management does not hesitate to compare with chip manufacturers rather than with conventional software competitors.

However, the investment thesis explored in this article is not based solely on current figures, but on one specific opportunity that, according to the bulls, the market has not yet factored into the price. That opportunity is the Golden Dome missile defense project, with a total budget of around $185 billion, for which Palantir is…