Palantir's fourth-quarter revenue jumped 40% y/y to $322.1 million, dramatically outpacing Wall Street's $301.1 million expectations, which would have represented only 31% y/y growth. As previously mentioned, Palantir expects growth to further accelerate to 45% y/y in Q1, and for overall FY21 revenue to clock in at "greater than 30% y/y growth", for which consensus is currently calling for 36% y/y growth.

At current share prices near $23, Palantir has a $41.15 billion market cap (still far from the tech mega-caps, we note), and after netting off the $2. 01 billion of cash and $198.0 million of debt on Palantir's most recent balance sheet , its enterprise value is $39.33 billion.
this puts Palantir at 20.3x EV /FY22 revenue- again, not cheap, but considering software heavyweights have traded previously in the 30-40x range (Snowflake (SNOW) is one prime example), I don't view Palantir's valuation to be a limiting bound.

Summary
Palantir has been the subject of a very painful correction over the past two months, taking the stock down 50% below recent highs.
The sharp decline is all sentiment-driven: the company's fundamentals continue in strong shape.
Growth at scale is one of the main reasons to continue believing in Palantir: despite being at a >$1 billion revenue scale, Palantir is projecting 45% y/y growth in Q1.
Palantir's traction among its commercial clients is also picking up, with 2x y/y growth in 2020.