Palantir Technologies’ shares leapt as much as 8% to a record above $170 on Tuesday after the data-analytics company posted its strongest quarter yet, crossing the $1 billion revenue mark for the first time and pushing its market value past $400 billion. The stock has now risen 623% in the past year, making Palantir the 20th-largest publicly listed U.S. company. Second-quarter revenue jumped 48% year-on-year to $1.004 billion, while adjusted earnings climbed to $0.16 a share. GAAP profit reached $0.13 a share, underpinned by a 93% surge in U.S. commercial sales to $306 million and a 53% rise in U.S. government revenue to $426 million. The company closed 157 deals worth at least $1 million, helping lift total contract value to a record $2.27 billion. Palantir raised its full-year guidance, projecting 2025 revenue of $4.14 billion to $4.15 billion—well above analysts’ prior consensus of about $3.9 billion—and forecast third-quarter revenue growth of roughly 50%, its fastest sequential increase to date. Management also expects free cash flow of $1.8 billion to $2 billion and positive GAAP income in every quarter this year. Brokerages rushed to raise targets after the results. Wedbush, citing “surging AI demand,” lifted its price objective to a Street-high $200, while Bank of America moved to $180, Citi to $158 and Morgan Stanley to $155. UBS and Deutsche Bank, previously bearish, increased their targets to $165 and $160 respectively, and shifted to more neutral stances. Commentators such as Jim Cramer called the shares “dramatically undervalued,” and Wedbush’s Dan Ives dubbed the company the “Messi of AI.”