Palantir: My Next 100 Bagger.

This is an update of my original Palantir deep dive and Q4 2025 ER digest.

Palantir becomes a $20T company.

Exponentials make little sense at the beginning, when progress is scarcely visible. They make even less sense later on, when progress is staggering. Palantir is where Nvidia was in 2016:

1. A (digital twin) monopoly.

2. Only starting to scale.

3. 0.01% TAM penetration.

4. Accelerates faster as it gets bigger, because it’s a Singularity Scaler.

AI capabilities keep emerging with incremental parameters, making Palantir's platform more valuable in tandem and at a marginal cost. Per Shyam, Mythos can now spot and fix vulnerabilities across the value chain: the "Sputnik" moment in the AI race. As value per token explodes, Palantir's free cash flow per share goes vertical.

Q1 2026 free cash flow is larger than Q1 2025 total revenue.

At the current rate, quarterly free cash flow per share will soon exceed total 2026 revenue. In the exponential realm, selling a winner early is a generational mistake.

Palantir solves a growing volume of acute customer pains in a way that’s increasingly harder to imitate. Every step in productisation and verticalisation widens the moat. The dynamic is fractal: every new vertical paves the way for N additional verticals, exponentiating the rate at which Palantir delivers specialised digital twins.

This is my next 100-bagger, joining AMD.

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These are opinions only of the individual author. The contents of this piece do not contain investment advice and the information provided is for educational purposes only and no discussions constitute an offer to sell or the solicitation of an offer to buy any securities of any company. All content is purely subjective and you should do your own due diligence.

Antonio Linares makes no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in the piece. Any assumptions, opinions and estimates expressed in the piece constitute judgments of the author as of the date thereof and are subject to change without notice. Any projections contained in the Information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. Antonio Linares does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation. Antonio Linares is not acting as your financial, legal, accounting, tax or other adviser or in any fiduciary capacity.