Palantir: Bullish, With RPO Caveats

I estimate that current remaining performance obligations (or cRPO) cover only 24% of Q3 revenue guidance ($1.085B), meaning 76% depends on cancelable sub-12-month contracts. That said, I remain bullish, as I don't see clear catalysts for government cancellations. Growth should be fueled by Maven, the $218M Space Force award, and the $10B EA agreement. Valuation looks stretched, with a P/E multiple in the low 500s, and, in my view, sector peer comps don't fully justify Palantir's multiple.