<p>谈论炙手可热的人工智能（AI）股票时，几乎不可能不提到 <strong>Palantir Technologies</strong>（PLTR 2.37%）。</p>
<p>该公司的强大企业软件平台套件——Apollo、Gotham 和 Foundry——已成为关键任务操作中不可或缺的工具，尤其是在国防部（DOD）内部。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA0MzUvZ2V0dHlpbWFnZXMtMTQ4OTI3NDk5NS0yLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA0MzUvZ2V0dHlpbWFnZXMtMTQ4OTI3NDk5NS0yLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>截至 8 月 22 日收盘，Palantir 的股价今年迄今已飙升 110%——在市场波动的一年中，这一涨幅令人瞩目。乍一看，你可能会认为 Palantir 的股票已经被定价到完美。然而，投资者可能需要重新考虑。</p>
<p>下面，我将详细分析 Palantir 最新的政府合同，并解释为什么这一交易对公司在人工智能与国家防务交汇处的增长轨迹具有变革性意义。</p>
<h2>Palantir 正成为公共部门的 AI 操作系统</h2>
<p>在第二季度，Palantir 的政府收入达到了 5.53 亿美元，同比增长 49%。深入分析，仅来自美国机构的公共部门增长就激增了 53%，突显了其在美国国防和情报生态系统中日益重要的角色。</p>
<p>这一势头并不令人意外。今年早些时候，国防部长 Pete Hegseth 提出了一个名为软件采购路径（SWP）的愿景——这一战略专注于在五角大楼快速部署最有效的企业平台。</p>
<p>Palantir 显然是 SWP 的受益者。该公司的 Maven 智能系统（MSS）合同扩大了 7.95 亿美元，使总合同价值接近 13 亿美元。此外，Palantir 最近与移民和海关执法局（ICE）达成了一项新协议，扩大了其在战场之外的影响力。</p>
<p>然而，或许最被低估的催化剂是 Palantir 将其与美国的合作伙伴关系转化为与盟友的机会。今年早些时候，Palantir 与北约签署了一项合同——这一举措可能为国际增长奠定基础，因为全球国防支出正在增加。</p>
<h2>还有 100 亿个理由关注 Palantir</h2>
<p>上个月，美国陆军授予 Palantir 一项全面的新企业协议（EA），旨在为陆军未来的软件和数据需求创建一个 “综合框架”。去掉企业术语，这一交易的规模令人瞩目。</p>
<p>这不是典型的政府合同，专注于单一用例。相反，陆军正在将 75 个独立合同整合到一个框架下，有效地使 Palantir 成为其数据和软件生态系统的首选供应商。</p>
<p>国防部采取这一行动是经过深思熟虑的：以减少采购时间、简化操作并统一其数字基础设施——并选择 Palantir 来执行这一使命。</p>
<p>单从数字来看，这一交易令人震惊。总体而言，该 EA 的价值在未来十年内高达 100 亿美元——使其成为 Palantir 历史上最有利可图的合同之一。更重要的是，这表明美国军方将 Palantir 视为一个值得信赖的战略合作伙伴，而非小众防务专家，负责推动国防部下一代数据驱动的操作。</p>
<h2>Palantir 股票值得购买吗？</h2>
<p>众所周知，Palantir 的股票在 AI 革命期间经历了指数级增长。但仅仅看百分比涨幅和股价并不能揭示公司真实的估值。为了获得视角，投资者需要将 Palantir 与其同行进行基准比较。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d14866398c7469cae6b526e9e04f3d6f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d14866398c7469cae6b526e9e04f3d6f.png"/></p>
<p>PLTR PS 比率数据来源于 YCharts</p>
<p>如上图所示，领先的软件即服务（SaaS）公司的市销率（P/S）在 AI 繁荣期间波动不定。Palantir 的 P/S 为 116，明显高于同行。不仅与同行相比，其交易价格溢价明显，而且其估值扩张的幅度远超上述可比企业。</p>
<p>一些看涨者可能会争辩，Palantir 凭借其行业领先的 40 法则得分值得这一溢价。同样重要的是，像上面探讨的陆军交易这样的长期协议为 Palantir 提供了在政府合同这一最具粘性的市场中高度的收入可见性——为公司提供了少数竞争对手无法匹敌的持久增长空间。</p>
<p>然而，投资者应对这些观点保持谨慎。该公司最接近的私营部门同行 Databricks，最近以大约 Palantir 三分之一的估值筹集资金，尽管其规模相似。</p>
<p>底线是，Palantir 的股票仍然历史性地昂贵。即使这一新的陆军合同的规模虽然具有变革性，但也不足以证明盲目投入资金于该股票的合理性。</p>
<p>话虽如此，Palantir 在 AI 软件领域已证明自己是赢家——尤其是在国防科技这样高度战略性的市场中，该公司已深度嵌入，基本上成为五角大楼数字基础设施的支柱。</p>
<p>尽管公司的估值已经变得过高，但我认为 Palantir 确实值得某种形式的溢价。在我看来，最明智的做法是通过定投（DCA）逐步建立 Palantir 的持仓——在长期时间范围内以不同价格点购买股票，并在信心仍然高涨的情况下持有。</p>

PLTR

<p>Palantir Technologies 获得了一项重要的政府合同，扩大了其在国防部（DOD）的角色，并产生了 5.53 亿美元的政府收入，同比增长 49%。美国陆军授予 Palantir 一项价值 100 亿美元的企业协议，整合了 75 个合同，使该公司成为陆军软件和数据需求的关键供应商。尽管今年股价上涨了 110%，但对其高估值的担忧依然存在，因为 Palantir 的交易价格相较于软件即服务行业的同行处于溢价状态</p>

<p>It's nearly impossible to talk about sizzling artificial intelligence (AI) stocks without mentioning <strong>Palantir Technologies</strong>(PLTR 2.37%).</p>
<div class="lb-trans"><p>谈论炙手可热的人工智能（AI）股票时，几乎不可能不提到 <strong>Palantir Technologies</strong>（PLTR 2.37%）。</p>
</div><p>The company's powerful suite of enterprise software platforms -- Apollo, Gotham, and Foundry -- has become indispensable for mission-critical operations, especially within the Department of Defense (DOD).</p>
<div class="lb-trans"><p>该公司的强大企业软件平台套件——Apollo、Gotham 和 Foundry——已成为关键任务操作中不可或缺的工具，尤其是在国防部（DOD）内部。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA0MzUvZ2V0dHlpbWFnZXMtMTQ4OTI3NDk5NS0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830435%2Fgettyimages-1489274995-2.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>As of the closing bell on Aug. 22, shares of Palantir have soared by 110% so far this year -- an eye-popping rally in what has otherwise been a choppy year for the market. At first glance, you might assume Palantir stock is already priced to perfection. Well, investors may want to reconsider.</p>
<div class="lb-trans"><p>截至 8 月 22 日收盘，Palantir 的股价今年迄今已飙升 110%——在市场波动的一年中，这一涨幅令人瞩目。乍一看，你可能会认为 Palantir 的股票已经被定价到完美。然而，投资者可能需要重新考虑。</p>
</div><p>Below, I'll break down Palantir's latest government contract and explain why this deal is a game-changer for the company's growth trajectory at the intersection of AI and national defense.</p>
<div class="lb-trans"><p>下面，我将详细分析 Palantir 最新的政府合同，并解释为什么这一交易对公司在人工智能与国家防务交汇处的增长轨迹具有变革性意义。</p>
</div><h2>Palantir is becoming the AI operating system for the public sector</h2>
<div class="lb-trans"><h2>Palantir 正成为公共部门的 AI 操作系统</h2>
</div><p>In the second quarter, Palantir generated $553 million in government revenue -- marking 49% growth year over year. Digging deeper, the company's public sector growth from U.S. agencies alone surged 53%, underscoring its increasingly central role in America's defense and intelligence ecosystem.</p>
<div class="lb-trans"><p>在第二季度，Palantir 的政府收入达到了 5.53 亿美元，同比增长 49%。深入分析，仅来自美国机构的公共部门增长就激增了 53%，突显了其在美国国防和情报生态系统中日益重要的角色。</p>
</div><p>This momentum shouldn't come as a surprise. Earlier this year, Secretary of Defense Pete Hegseth outlined a vision called the Software Acquisition Pathway (SWP) -- a strategy focused on quick deployment of the most effective enterprise platforms across the Pentagon.</p>
<div class="lb-trans"><p>这一势头并不令人意外。今年早些时候，国防部长 Pete Hegseth 提出了一个名为软件采购路径（SWP）的愿景——这一战略专注于在五角大楼快速部署最有效的企业平台。</p>
</div><p>Palantir has been a clear beneficiary of the SWP. The company's Maven Smart System (MSS) contract expanded by $795 million, bringing the total deal value close to $1.3 billion. Furthermore, Palantir recently secured a new agreement with Immigration and Customs Enforcement (ICE) -- broadening its footprint beyond the battlefield.</p>
<div class="lb-trans"><p>Palantir 显然是 SWP 的受益者。该公司的 Maven 智能系统（MSS）合同扩大了 7.95 亿美元，使总合同价值接近 13 亿美元。此外，Palantir 最近与移民和海关执法局（ICE）达成了一项新协议，扩大了其在战场之外的影响力。</p>
</div><p>Perhaps the most underappreciated catalyst, however, is Palantir's ability to leverage its U.S. partnerships into opportunities with allies. Earlier this year, Palantir signed a contract with NATO -- a move that could lay the foundation to international growth as defense spending ramps up globally.</p>
<div class="lb-trans"><p>然而，或许最被低估的催化剂是 Palantir 将其与美国的合作伙伴关系转化为与盟友的机会。今年早些时候，Palantir 与北约签署了一项合同——这一举措可能为国际增长奠定基础，因为全球国防支出正在增加。</p>
</div><h2>10 billion more reasons to pay attention to Palantir</h2>
<div class="lb-trans"><h2>还有 100 亿个理由关注 Palantir</h2>
</div><p>Last month, the U.S. Army awarded Palantir a sweeping new Enterprise Agreement (EA) designed to create a &#34;comprehensive framework for the Army's future software and data needs.&#34; Strip away the corporate jargon, and the scale of this deal becomes jaw-dropping.</p>
<div class="lb-trans"><p>上个月，美国陆军授予 Palantir 一项全面的新企业协议（EA），旨在为陆军未来的软件和数据需求创建一个 “综合框架”。去掉企业术语，这一交易的规模令人瞩目。</p>
</div><p>This is not your typical government contract focused on a single use case. Instead, the Army is consolidating 75 separate contracts under one umbrella, effectively making Palantir the go-to provider across its data and software ecosystem.</p>
<div class="lb-trans"><p>这不是典型的政府合同，专注于单一用例。相反，陆军正在将 75 个独立合同整合到一个框架下，有效地使 Palantir 成为其数据和软件生态系统的首选供应商。</p>
</div><p>The DOD took this action deliberately: to reduce procurement times, streamline operations, and unify its digital infrastructure -- and it chose Palantir to execute that mission.</p>
<div class="lb-trans"><p>国防部采取这一行动是经过深思熟虑的：以减少采购时间、简化操作并统一其数字基础设施——并选择 Palantir 来执行这一使命。</p>
</div><p>The numbers alone are staggering. In total, the EA is valued at up to $10 billion over the next decade -- making it one of the most lucrative contracts in Palantir's history. More importantly, it signals that the U.S. Military sees Palantir not as a niche defense specialist, but as a strategic partner trusted to drive the DOD's next generation of data-driven operations.</p>
<div class="lb-trans"><p>单从数字来看，这一交易令人震惊。总体而言，该 EA 的价值在未来十年内高达 100 亿美元——使其成为 Palantir 历史上最有利可图的合同之一。更重要的是，这表明美国军方将 Palantir 视为一个值得信赖的战略合作伙伴，而非小众防务专家，负责推动国防部下一代数据驱动的操作。</p>
</div><h2>Is Palantir stock a buy?</h2>
<div class="lb-trans"><h2>Palantir 股票值得购买吗？</h2>
</div><p>It's no secret that Palantir stock has gone parabolic during the AI revolution. But looking only at percentage gains and share price doesn't reveal much about the company's true valuation. To get perspective, investors need to benchmark Palantir against its peers.</p>
<div class="lb-trans"><p>众所周知，Palantir 的股票在 AI 革命期间经历了指数级增长。但仅仅看百分比涨幅和股价并不能揭示公司真实的估值。为了获得视角，投资者需要将 Palantir 与其同行进行基准比较。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d14866398c7469cae6b526e9e04f3d6f.png" alt="" original-src="https://media.ycharts.com/charts/d14866398c7469cae6b526e9e04f3d6f.png"/></p>
<p>PLTR PS Ratio data by YCharts</p>
<div class="lb-trans"><p>PLTR PS 比率数据来源于 YCharts</p>
</div><p>As the chart above shows, the price-to-sales (P/S) ratio among leading software-as-a-service (SaaS) companies has fluctuated throughout the AI boom. With a P/S of 116, Palantir stands out as a clear outlier. Not only does it trade at a hefty premium compared to its peers, but its valuation expansion has been far more pronounced than the comparable businesses above.</p>
<div class="lb-trans"><p>如上图所示，领先的软件即服务（SaaS）公司的市销率（P/S）在 AI 繁荣期间波动不定。Palantir 的 P/S 为 116，明显高于同行。不仅与同行相比，其交易价格溢价明显，而且其估值扩张的幅度远超上述可比企业。</p>
</div><p>Some bulls may contest that Palantir deserves this premium thanks to its industry-leading Rule of 40 score. Just as critical, a long-term agreement such as the Army deal explored above provides Palantir with a high degree of revenue visibility in one of the stickiest markets: government contracting -- giving the company durable growth runway that few of its rivals can match.</p>
<div class="lb-trans"><p>一些看涨者可能会争辩，Palantir 凭借其行业领先的 40 法则得分值得这一溢价。同样重要的是，像上面探讨的陆军交易这样的长期协议为 Palantir 提供了在政府合同这一最具粘性的市场中高度的收入可见性——为公司提供了少数竞争对手无法匹敌的持久增长空间。</p>
</div><p>Nevertheless, investors should remain cautious of these views. One of the company's closest private-sector peers, Databricks, recently raised capital at a valuation roughly one-third of Palantir, despite operating at similar scale.</p>
<div class="lb-trans"><p>然而，投资者应对这些观点保持谨慎。该公司最接近的私营部门同行 Databricks，最近以大约 Palantir 三分之一的估值筹集资金，尽管其规模相似。</p>
</div><p>The bottom line is that Palantir stock remains historically expensive. And even the magnitude of this new Army contract, while transformative, isn't enough to justify blindly pouring money into the stock.</p>
<div class="lb-trans"><p>底线是，Palantir 的股票仍然历史性地昂贵。即使这一新的陆军合同的规模虽然具有变革性，但也不足以证明盲目投入资金于该股票的合理性。</p>
</div><p>With that said, Palantir has proven to be a winner in the AI software realm -- particularly in a highly strategic market such as defense tech, where the company has become so deeply embedded that it essentially serves as the backbone of the Pentagon's digital infrastructure.</p>
<div class="lb-trans"><p>话虽如此，Palantir 在 AI 软件领域已证明自己是赢家——尤其是在国防科技这样高度战略性的市场中，该公司已深度嵌入，基本上成为五角大楼数字基础设施的支柱。</p>
</div><p>Although the company's valuation has gotten frothy, I think Palantir does deserve some form of a premium. To me, the most prudent approach is to build a position in Palantir through dollar-cost averaging (DCA) -- buying shares at various price points over the course of a long-term time horizon and holding on so long as conviction remains high.</p>
<div class="lb-trans"><p>尽管公司的估值已经变得过高，但我认为 Palantir 确实值得某种形式的溢价。在我看来，最明智的做法是通过定投（DCA）逐步建立 Palantir 的持仓——在长期时间范围内以不同价格点购买股票，并在信心仍然高涨的情况下持有。</p>
</div>

This Enterprise Artificial Intelligence (AI) Stock Just Landed a Game-Changing Government Deal

- Palantir Technologies 在政府合同中实现 49% 的年增长，达到 5.53 亿美元。  
- 美国陆军授予 Palantir 高达 100 亿美元的企业协议，整合 75 个合同。  
- Palantir 被视为国防领域的战略合作伙伴，推动数据驱动的未来操作。  

这家企业人工智能（AI）公司股票刚刚达成了一项具有颠覆性意义的政府协议