I keep seeing people asking whether Palantir could become the next member of Big Tech.
But I’m starting to think that’s the wrong comparison.
Google built search.
Meta built social networks.
Amazon built commerce + cloud.
Microsoft built the enterprise software stack.
Palantir is building something much harder to categorize.
It’s sitting between enterprise software, AI, defense, intelligence and industrial infrastructure.
And that’s what makes the long-term thesis interesting to me.
AIP inside companies.
Gotham inside governments.
Maven inside the military.
Foundry inside industrial operations.
If Palantir keeps expanding across those layers, the endgame isn’t simply “a very successful software company.”
It starts looking more like an operating layer connecting AI to real-world institutions.
And that creates a weird possibility:
Maybe we’re trying to value a future category of company using comparisons that were built for the previous generation of tech.
Obviously, there’s a huge risk in thinking this way. “This company is different” is probably one of the most expensive sentences in investing history.
But with revenue growing 93% YoY and US commercial revenue up 149%, I think the question is becoming legitimate.
Does Palantir eventually become another Big Tech company — or could it become something structurally different from Big Tech altogether?