Just caught up on Palantir's Q4 results and honestly, the growth story keeps getting more interesting. They just posted 70% year-over-year revenue growth — that's 10 quarters straight of accelerating growth. We're talking about a company that went from 13% growth back in Q2 2023 to 70% last quarter. That's not normal.

The real standout for me is what's happening on the commercial side. U.S. commercial revenue jumped 137% to $507 million, and their remaining deal value hit $4.38 billion. Their net revenue retention came in at 139%, which basically means existing customers are expanding usage faster than new customer acquisition. They're also adding customers at a 34% rate. This isn't just a hype story — organizations are actually doubling down on their AI platform.

Government revenue also accelerated, up 60% to $730 million. So they're seeing strong adoption across both segments, which reduces concentration risk.

Looking ahead, they're guiding for Q1 revenue between $1.532-1.536 billion (74% growth), and full-year 2026 revenue of $7.182-7.198 billion (61% growth). U.S. commercial alone is expected to grow at least 115%. Those are ambitious numbers, but given their track record, they seem credible.

Now here's the thing — at around 59x forward P/S, this stock definitely isn't cheap. A lot of people are probably wondering if it's too late to jump in after the 30%+ run over the past year. Honestly, I think that depends on your time horizon. Palantir has basically become the operating system for enterprise AI. There's minimal competition in what they're doing, and the TAM keeps expanding.

The valuation is stretched, no question. But if they can execute on these growth projections and maintain margins, they could grow into it over time. I'm not saying chase it at current levels, but I'd definitely be watching for any meaningful pullback. This is one of those names I'd be ready to add on dips because the secular trend is too strong to ignore.