PLTR — Strong Business, Expensive Setup

Palantir delivered very strong numbers, but this is one of those stocks where you really have to separate the business from the valuation.

The results were impressive.

Q1 revenue came in at $1.63B, up +85% YoY. US commercial grew +133%, US government +84%.

This is no longer a “maybe someday” AI story — there is clearly real demand behind the product.

The most important number for me: 206 deals above $1M in a single quarter.

That tells you growth isn’t dependent on a few large contracts. It’s broadening.

But that doesn’t automatically make the stock a good buy.

A lot of future success is already priced in. At this point, the question is no longer whether the company is growing — it’s whether it’s growing fast enough relative to what the market already expects.

That’s the core of the Palantir story right now.

Strong business. Expensive setup.

And that combination is exactly where even small disappointments can lead to large moves.

The after-hours reaction reflects that.

Despite the strong report, the stock sold off.

From a structure perspective, the move was very clean.

The 150 call level, which also carried the largest open interest and highest delta exposure, acted as resistance and rejected the upside move in after-hours.

Price failed to hold above it and rotated lower.

As of the close, price stabilized just above HVL (~141).

So now we’re sitting right at a key inflection area:

– above HVL → still in a more supported structure

– below the major call wall → capped on the upside

It’ll be interesting to see how price behaves from here into the next session.