Palantir was the best-performing member of the S&P 500 ( ^GSPC -0.01%) during that period. In fact, it beat the next closest stock by 250 percentage points. But Palantir is now one of the most expensive software stocks in history, and there is little questions about what happens next: One way or another, it's valuation is going to fall.

Palantir produced $2.8 billion in revenues in 2024, far and above BBAI’s $165 million. While that’s not a dealbreaker, SeekingAlpha sees Palantir having the edge.

The stock's ascension from $6 to over $100 in just over two years is one of Wall Street's most incredible hot streaks.