Stock price is always about the expectation. PLTR, since its formation of the company, has very strong government ties and investors know that.
The biggest doubt on the growth prospect of this company is: can PLTR replicate its success in government space and bring it into commerical space. PLTR stock price was penalized in 2023, even with great growth in government contracts, mainly due to below-expectation growth in commerical space
The recent skyrocketing of PLTR price, in larger part, was due to its earning "far-exceed" expectation in commercial sector.