Palantir (PLTR) reported Q2 revenue of $1.94 billion, up 93% year over year. US commercial revenue jumped 149% to $764 million, and government revenue rose 90%. They also raised full-year guidance to $8.2 billion. An analyst piece pointed out that standard P/S or P/E ratios might not be the best way to value the company. While standard SaaS products are getting commoditized, Palantir spent two decades building data infrastructure for defense agencies that is hard to replicate. Net dollar retention hit 157%, meaning current customers are heavily expanding their contracts. They have $9.4 billion in cash and no meaningful debt. The valuation is definitely high, but they are securing long-term platform deals with the Pentagon and NATO rather than standard software licenses.