Palantir Overtakes Lockheed Martin In Market Cap, How Does The 'Messi Of AI' Stack Up Against The Traditional Defense Player

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Palantir Technologies Inc.‘s (NYSE:PLTR) market capitalization has exceeded that of 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 Happened: The data analytics company’s market value reached $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 stock reached an all-time high at $60.24 on Monday, with its stock up 263.33% year-to-date, pushing its market capitalization to $137.17 billion, surpassing Lockheed Martin’s $135.25 billion. Lockheed Martin's stock has risen 25.09% to $570.58 in 2024, according to data from Benzinga Pro.

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The stark difference in valuation metrics between the two companies highlights their distinct market positions. Palantir trades at a premium price-to-earnings ratio of 304.78. Meanwhile, Lockheed Martin maintains a more traditional defense industry P/E ratio of 20.64.

Why It Matters: This development underscores Palantir’s meteoric rise in the market, reflecting its growing influence. This surge in market cap comes on the heels of a series of strategic moves by Palantir, including its partnership with Amazon.com Inc (NASDAQ:AMZN) and Meta Platforms 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 a 39% growth in customer count, has been lauded by analysts, with Wedbush analyst Dan Ives calling the company “The Messi of AI.”