The AI-focused Palantir joins a group of less than 50 public American companies worth at least $200 billion, quite the turn of events for the government contractor worth less than $20 billion two years ago.

The software company has been on a record run, surging 340% in 2024 as its AI platform gained traction amid ongoing investor excitement around the technology trend. Palantir provides software and technology services and is most widely known for its work with defense agencies.

Palantir Technologies stock was soaring after the company posted a big beat with its fourth-quarter results on Monday afternoon. Earnings per share were up annually by 75% to 14 cents, compared with Wall Street’s consensus estimate for 11 cents,