It’s nuts in the same sense as many American tech companies. Crazy overvalued, but benefits from the tailwinds that might make it payoff. Like low capital intensity, high gross margin, monopoly like ecosystem and lock in, crazy smart talented employees, etc.

It’s sticky. Once it’s setup it has a low marginal cost with large amounts of vendor lock in, but provides huge value to the companies that use it.

The bad part about it is that only very large companies can afford it because of the complex and enourmous installation costs and a single engineer can’t spin up an instance and get started the way they can with aws, which severely limits the total addressable market and ability to quickly grow.

Palantir software is very sticky. It’s difficult and expensive to get away from them. Previous generations of analytics software was not like this.

Palantir can remain irrational longer than the average American investor can stay solvent.