Over the past month, Palantir Technologies (NASDAQ:PLTR | PLTR Price Prediction) stock has gained 16%, a run that leaves the rest of enterprise software well behind. Palantir stock is down 4% to $201.

PLTR's AIP platform is driving explosive U.S. commercial growth, with surging revenues and contract values highlighting rising enterprise AI demand.

Palantir (PLTR -3.72%) has achieved a rare combination of explosive revenue growth and high operating margins. Its Rule of 40 score shows why investors are excited, but stress-testing that number also reveals how sensitive the stock's valuation could become if growth normalizes.

Dispute related to claims London mayor blocked US tech firm from £50m police deal because of concerns over its values

Palantir just posted revenue growth that left Wall Street estimates in the dust, yet the valuation debate raging around the stock suggests the real story is only beginning to take shape.