Palantir Stock Is Up 55% YTD Heading Into Earnings Next Week: What's Going On?

Palantir Technologies Inc PLTR stock is trading higher Wednesday, despite broader market weakness. The relative strength may be driven by continued momentum following a wave of new defense deals, as well as rising investor interest ahead of its upcoming earnings report on May 5.

What To Know: Palantir is building battlefield systems through the TITAN program, developed with defense giants like Northrop Grumman and Anduril. Palantir said it delivered its first two TITAN systems to the U.S. Army last month.

Palantir also announced in a social media post about two weeks ago that it entered into a new partnership with NATO Allied Command Operations (ACO) to provide AI-enabled warfighting technology.

The company's Maven Smart System is expected to empower warfighters to leverage AI in core military operations, enhancing intelligence fusion and targeting, battlespace awareness and planning and accelerated decision-making.

Wedbush's Dan Ives said Palantir remains one of the firm's “top names to own” following the announcement, calling it a “major win” for the company. Other analysts are more cautious, with RBC Capital analyst Rishi Jaluria reiterating an Underperform rating on Tuesday with a price target of $40.

The slew of recent deals for Palantir has investors looking ahead to earnings next week. Analysts expect Palantir to report earnings of 13 cents per share and revenue of $862.83 million, according to estimates from Benzinga Pro.

Palantir shares surged to new highs last quarter after the company easily exceeded estimates, driven by strong U.S. revenue growth of 52% on a year-over-year basis.

Palantir’s customer count increased 43% year-over-year after the company closed 129 deals worth over $1 million during the quarter and 58 deals worth more than $5 million.

Palantir shares broke through a key technical level around $97.75 last week and began surging back towards all-time highs. The stock is up more than 400% over the past year and has already climbed approximately 55% so far in 2025. Investors are now shifting their attention to next week’s earnings, scheduled for May 5, to see if the rally can continue.

PLTR Price Action: Palantir shares were up 1.37% at $117.66 at the time of writing Wednesday, according to Benzinga Pro.