Just caught Palantir's Q4 earnings and honestly, this is the kind of report that makes the bears look pretty quiet right now. Revenue hit $1.40 billion, up 70% year-over-year, and they crushed analyst expectations on both the top and bottom line. EPS came in at $0.25, up 79%. Not bad.

The real story though is their U.S. commercial segment. That's where the AI Platform (AIP) lives, and it's absolutely printing money. Revenue there accelerated 137% to $507 million. They booked $4.26 billion in total contract value for the quarter, up 138%. That's the kind of momentum that makes you wonder if all the AI hype actually has legs.

What got me most was the remaining deal value sitting at $4.38 billion, up 145% year-over-year. That's future revenue basically locked in. When a company can show you that kind of visibility into what's coming, it changes the conversation about whether growth is sustainable.

Alex Karp came out saying results exceeded their most ambitious expectations. And management isn't slowing down - they're guiding for 61% revenue growth in 2026 after doing 56% last year. Ten consecutive quarters of accelerating growth with no signs of deceleration. Their Rule of 40 score hit 127, cash flow margins are in the mid-50s. By almost every metric, this is a company firing on all cylinders.

Yeah, the stock trades at 105x forward earnings, which is objectively expensive. But when you see this kind of execution quarter after quarter, with commercial momentum accelerating instead of fading, it's hard to ignore. The growth story is clearly still intact. Whether that justifies the valuation is the real debate.