Palantir Faces a Bigger Threat Than Valuation: AI Labs Like Anthropic and OpenAI Are Disrupting the PLTR Stock Story

Jabran Kundi

Tue, May 19, 2026 at 10:10 AM EDT 5 min read

Palantir (PLTR) began as a company that worked purely with intelligence and government agencies. Once it cemented its place there, it moved to commercial businesses, targeting key industries like health care and energy. The stock became the darling of Wall Street when it later pivoted to artificial intelligence (AI) through its artificial intelligence platform (AIP). Consequently, despite losing nearly one-third of its value in the last six months, the stock is up 545% over the last five years.

The party already came to an end late last year when the stock last touched its all-time highs. It was the AI labs that crashed the party, taking away all the spotlight. But the spotlight wasn’t all they took away from Palantir. The numbers tell a story that few can argue about, and showcase how disruption from these AI labs is a much bigger threat than the high valuation.

More News from Barchart

• Dear Sandisk Stock Fans, Mark Your Calendars for May 20

• How Beaten-Down Tempus AI Stock Offers a Lottery Ticket for Traders Here

• Stocks Set to Open Lower as Oil Rises Amid Iran Impasse, Nvidia Earnings and Fed Minutes Awaited

• Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now!

Anthropic is reported to have surpassed a $44 billion annual recurring revenue run rate. This is about six times the expected revenue that Palantir has guided for 2026. The fear is not just that companies like Anthropic and OpenAI threaten Palantir. It’s that they can completely obliterate even disruptive technology firms.

Currently, Palantir’s AIP integrates models from Anthropic and OpenAI to develop its enterprise offerings. This reliance, along with many other factors, has forced investors to rethink how they look at software companies and AI foundational models. If Palantir depends on Anthropic and OpenAI, then these companies deserve a higher valuation than Palantir.

Anthropic is currently exploring fundraising at a trillion-dollar valuation. At an annual recurring revenue rate of $44 billion, this gives it a valuation to annualized revenue rate ratio of 22.7x. This can be roughly compared with Panatir’s price-to-sales ratio, which is twice this number. In hindsight, those who exited the stock when it was trading at $200 were smart. Even today, Palantir’s valuation is high in light of the competitors it faces. This threat isn’t going anywhere, and if investors don’t jump ship now, it might be too late to abandon a sinking vessel.

About Palantir Technologies Stock

Founded in 2003, Palantir Technologies develops software platforms for intelligence and defense operations in the United Kingdom, the United States, and other international markets. The company’s platforms are used for intelligence-based decision-making, counterterrorism investigations, and defense operations. It offers Palantir Gotham, Palantir Foundry, Palantir Apollo, and Palantir Artificial Intelligence Platform.