Palantir Technologies Inc. (NYSE: PLTR) has been on a roll in 2025. Up 100% in 2025, it is one of the best performing stocks in the past 12 months. Not many companies have been able to deliver this performance in a highly volatile year.

Palantir Technologies (PLTR) will release its second-quarter earnings on Monday, Aug. 4. Ahead of its earnings, the AI-powered software company reached an all-time high price of $160.39 on July 25, reflecting widespread investor optimism as it headed into Q2 results.

At nearly 120 times sales, the stock is almost unimaginably expensive. Most software stocks trade for 10 to 20 times sales, with the most expensive reaching 30 times sales. Palantir's stock is at least four times as expensive, yet the company isn't producing growth numbers that are that impressive considering the price tag.