The connection between Jim Cramer and Palantir has always been particularly complex. He has referred to it as a “amazing company” on several occasions. His price goal is $200. On Mad Money, he counsels listeners—sometimes several callers a week—to “let it run” rather than prune. In the same sentence, he has repeatedly stated that the stock got ahead of itself. that the price is high. that the multiplicity is hypothetical. that you must exercise patience as the business must expand to match the market’s top pricing.
Both of these statements are accurate, and the conflict between them is simply a tiny version of the Palantir thesis: the company is genuine and robust, but the stock’s trajectory differs from the company’s. In 2026, Palantir’s business case has become simpler. The firm boosted its full-year outlook to $7.65–$7.66 billion, indicating around 71% year-over-year sales growth for the entire year, and announced Q1 revenue of $1.63 billion, topping the consensus EPS estimate of $0.27 with an actual $0.33. For practically any software company, that figure would seem exceptional.
The government and defense expansion that has been evident in the quarterly results, including a £240 million UK Ministry of Defence contract mentioned in recent coverage, supports Cramer’s fundamental belief that companies using Palantir’s software become structurally leaner and more effective and that the switching costs are high enough to make those customers durable. Since its early beginnings as an intelligence agency, Palantir has relied heavily on the government sector of the firm, which offers an income stream that commercial software businesses do not.
Despite the Q1 earnings beat and the roughly 18% year-over-year price increase, the stock is down about 23% year-to-date as of early June 2026. The disparity between the company’s strong performance and the stock’s poor performance is a reflection of the valuation discussion that Cramer has been having for more than two years.
Palantir trades at a price-to-sales multiple that has historically been high for software, and unlike the core firm, the market’s tolerance for that multiple has changed in response to broader risk sentiment. The stock reached its current level, which is both significantly above the 52-week low and much below where the most ardent bulls said it would be by now. The stock peaked above $200 in late 2024, dropped back violently, and has been rebounding sporadically ever since.
Examining Cramer’s “200 price target” wording separately is worthwhile. A price target is a directed remark about where the company is headed on a specific timetable rather than a valuation in the strictest analytical sense. $200 implies about a 25–30% upside at current levels, which are between $156 and $163.
Although Rosenblatt is much more aggressive at $225 and has been pointing to a potential trillion-dollar firm within five years based on Palantir’s AI Platform software, the analyst consensus is more conservative than Cramer’s estimate, with average targets in the $183–$193 area. If commercial growth continues at current rates and the AI software industry develops in a way that favors Palantir’s unique strategy over rivals with greater resources and wider distribution, the trillion-dollar path may come to pass.
Observing CNBC’s Mad Money callers inquire about PLTR on a weekly basis gives me the impression that Cramer’s “let it run” approach works differently for various investors based on when they made their purchase. In contrast to someone who purchased at $200 in late 2024 and is currently sitting on a sizable paper loss, someone who purchased below $50 in 2022 and persevered through the volatility is in a totally different situation.
It’s the same advice. It’s not the experience of following it. Whether $200 marked the start of a new range or the peak of a speculative cycle that will require several more years of profit growth to reach again is still up for debate. Cramer thinks the former is true. The performance thus far this year indicates that the market is still debating.
