Palantir Technologies (NASDAQ: PLTR) has seen its stock fall roughly 40% from a November peak near $207 per share, with shares now trading near $122 to $123, valuing the company at approximately $300 billion, down from a valuation approaching $500 billion. The decline follows a surge of roughly 135% in 2025, during which investors paid a price-to-sales ratio near 110. Critics now dismiss Palantir as an LLM wrapper on third-party foundation models from OpenAI and Anthropic, but financial results show revenue reaching $4.48 billion in 2025, representing 56% growth, and climbing to $1.63 billion in Q1 2026, up 85% year over year. U.S. commercial revenue growth accelerated from 109% in full-year 2025 to 133% in Q1 2026, while net dollar retention rose from 139% to 150%. Gross margins held steady at approximately 84%, and the company raised its full-year 2026 revenue guidance midpoint to $7.65 billion, implying 71% growth. Palantir’s AI Platform, AIP, is model-agnostic, with its Ontology framework cited as a competitive asset. UBS analysts pushed back on the replication notion, citing data integration and governance advantages. Competition remains a risk from Databricks, Snowflake, hyperscalers, and AI labs. The stock trades at roughly