Palantir Technologies (PLTR, Financial) has surpassed traditional defense industry leader Lockheed Martin (LMT) in market capitalization, marking a significant shift in the U.S. defense and technology sectors. As of the end of trading on the 11th, Palantir's market cap reached $137.17 billion, outpacing Lockheed Martin's $135.25 billion. This reflects Palantir's growth in artificial intelligence and data analytics within modern defense and security domains.
Palantir's stock rose by 3.17%, closing at $60.24, a record high, with a year-to-date increase of 263.33%. In contrast, Lockheed Martin's stock has increased by 25.09% in 2024, reaching $570.58. The significant valuation discrepancy between the two companies highlights their different market positions. Palantir's price-to-earnings (P/E) ratio is 304.78, while Lockheed Martin maintains a traditional defense industry P/E ratio of 20.64.
This development underscores Palantir's rapid market rise and increasing influence. Strategic moves, including partnerships with Amazon (AMZN) and Meta (META) for U.S. defense projects, have propelled its market cap. Additionally, Palantir's strong financial performance, with 30% revenue growth and a 39% increase in customer numbers, has gained analyst praise. Wedbush analyst Dan Ives dubbed the company "the Messi of artificial intelligence." Meanwhile, Lockheed Martin continues its strategic initiatives, collaborating with Meta, Amazon, and Microsoft (MSFT) on defense AI projects, and reported a robust third-quarter free cash flow of $2.1 billion.
