Core Viewpoint - Burry argues that Palantir's competitive advantage lies in a sophisticated vendor lock-in strategy rather than superior technology, as evidenced by the NYPD's inability to transfer data easily after using Palantir's platform [1][2]. Group 1: NYPD Controversy - The NYPD claims that Palantir refused to provide data in a transferable format, preventing access to analytical insights generated by their own investigators [2]. - This dispute highlights Palantir's business strategy of creating switching costs by making data transfer difficult [3]. Group 2: Intellectual Property vs. Data Ownership - Palantir asserts that while customers own raw data, the organization and visualization of that data through its software is its intellectual property [4]. - The friction arises from the distinction between raw data ownership and the insights derived from it [4]. Group 3: Implications for Investors - If Burry's critique is valid, Palantir's long-term valuation may be jeopardized due to its fragile moat based on obstruction, which could lead to dissatisfaction among clients [6]. - The trend towards data portability and open architectures may challenge Palantir's proprietary model, potentially resulting in diminishing returns [6]. Group 4: Support and Competition - Supporters argue that Palantir's deep integration and unique data handling capabilities make extraction difficult, which is a byproduct of software complexity [7]. - The NYPD has successfully developed its own replacement for Palantir's services, indicating that the company may soon face increased competition [8].

Company Overview - Palantir Technologies is a technology company that has gained attention for its data analytics and artificial intelligence applications, particularly due to its work with federal government agencies that require high levels of secrecy [2][6] - Founded in 2003, Palantir initially focused on assisting U.S. intelligence agencies in counterterrorism operations [6] Software Platforms - Palantir has developed four primary software platforms, each building on the successes of its predecessors [7] - Palantir Foundry serves as the core platform for data operations, offering functionalities for data management, systematic mapping, workflow development, and data analytics [7] - Palantir Gotham has emerged as a central platform for mission management in defense and intelligence operations, integrating with other platforms to provide insights across various sectors, including disaster relief [8] Business Mission - The overarching mission of Palantir is to enable clients to better utilize their information for improved decision-making [6]

Core Viewpoint - Palantir is relocating its headquarters from Denver to Miami, joining a trend of businesses moving to South Florida to foster innovation [1] Group 1: Company Relocation - Palantir's move to Miami marks a significant shift as it aims to be part of a growing business ecosystem in the region [1] - The company previously relocated to Denver in 2020 from its original base in Palo Alto, California [3] Group 2: Regional Business Environment - Florida's favorable tax environment has attracted a wave of billionaires and executives, particularly as California considers a 5% wealth tax on high-net-worth individuals [2] - Major tech companies, including Citadel, are expanding their presence in Miami, indicating a broader trend of corporate migration to the area [3] Group 3: Leadership Perspectives - CEO Alex Karp has expressed concerns about the cultural values of Silicon Valley, suggesting a disconnect with the technology sector's commitments [3]

A Digital Twin no doubt, FDEs have been there for months and are not leaving anytime soon. Perhaps Miami will build its own $PLTR in 5 years.Palantir (@PalantirTech):We have moved our headquarters to Miami, Florida. ...

Palantir Technologies said it’s moved its headquarters to Miami from Denver as more tech firms seek to base themselves in Florida. https://t.co/vSHOVOPlnT ...

Core Viewpoint - Palantir has relocated its headquarters from Denver, Colorado to Miami, Florida, indicating a strategic shift in its operational base [1][2] Group 1: Headquarters Move - The company officially announced the move to Miami, Florida on February 17, 2026 [1] - This is the second relocation for Palantir, having previously moved from Palo Alto, California to Denver in 2020 [1] Group 2: Impact on Employees and Stock - A spokesperson for Palantir did not provide immediate comments regarding the implications of the headquarters move for Colorado employees [2] - Following the announcement, Palantir's stock experienced a slight increase of 0.8% [2]

🚨BREAKING: PALANTIR (@PALANTIRTECH) HAS MOVED THEIR HEADQUARTERS TO MIAMI, FLORIDA https://t.co/UERlwzprQg ...

Core Insights - Palantir has received authorization from the Defense Information Systems Agency (DISA) to extend its Federal Cloud Service, allowing the Department of War to run its software on internal servers, which is crucial for legacy defense systems [2] - The company is transitioning from a labor-intensive model to an automated, AI-driven deployment architecture, enhancing its margin profile and competitive advantage [5] - Despite recent bearish sentiments from investors like Michael Burry, Palantir's stock has shown significant long-term growth, increasing by 350% over five years [6][4] Financial Performance - Palantir reported a revenue of $1.41 billion for the fourth quarter, reflecting a 70% year-over-year growth, with earnings per share increasing by 78% to $0.25 [8] - The company's operating margin improved to 57%, up from 45% the previous year, contributing to a "Rule of 40" metric of 127% [7][8] - U.S. commercial revenue reached $507 million, a 137% increase year-over-year, while U.S. government revenue was $570 million, up 66% year-over-year [9] Future Projections - For the next quarter, Palantir anticipates revenue between $1.532 billion and $1.536 billion, indicating a potential yearly rise of over 140% [11] - The full-year revenue expectation is set between $7.182 billion and $7.198 billion, suggesting a growth rate of 60% [11] Valuation Concerns - Palantir's stock is trading at high valuation multiples, with forward P/E, P/S, and P/CF ratios at 122.8, 68.7, and 186.4 respectively, significantly above sector medians [12] - The forward PEG ratio stands at 2.48, compared to the sector median of 1.5, indicating potential overvaluation [12] Analyst Sentiment - Analysts have a consensus "Moderate Buy" rating for Palantir, with a mean target price of $200.43, suggesting a potential upside of about 53% from current levels [13]

Core Viewpoint - The article emphasizes the value of subscribing to Beyond the Wall Investing for access to high-quality equity research reports, which can lead to significant savings on investment research costs [1]. Group 1 - Beyond the Wall Investing offers a comprehensive suite of features including a fundamentals-based portfolio, weekly analysis from institutional investors, and alerts for short-term trade ideas based on technical signals [1]. - The service aims to help investors balance growth and value by providing proprietary Wall Street information [1]. - The article highlights the author's skepticism towards Palantir Technologies Inc, indicating a cautious approach to this particular investment [1].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ For the transition period from _________ to ___ ...