Palantir’s 2,500% run has bulls scrambling to justify valuation

Palantir Technologies Inc.’s meteoric rise is pushing the company’s valuation further into record territory, forcing bullish investors to bank on increasingly robust future growth to justify its current level.

Shares of the defense maker closed at another all-time high Friday, bringing gains since its 2021 debut to near 2,500%. The stock is up almost 150% this year, a rally underpinned by the company’s growing use of artificial intelligence, business ties to the US government and most recently, a stellarearnings report.