The AI-focused Palantir joins a group of less than 50 public American companies worth at least $200 billion, quite the turn of events for the government contractor worth less than $20 billion two years ago.

Palantir Technologies Inc. shares jumped after the company gave a full-year revenue forecast that exceeded analysts’ estimates, thanks to what Chief Executive Officer Alex Karp described as “untamed organic growth” in demand for its artificial intelligence software.

Palantir surged more than 23% in premarket trading after reporting stronger-than-expected fourth-quarter results and guidance driven by AI CEO and co-founder Alex Karp called the momentum within its commercial and government segments "unlike anything that has come before.

Palantir reported results after the market close on Monday, and to say it crushed expectations might be an understatement. Not only did the company easily surpass estimates, but management's guidance suggests its growth will continue to accelerate.

Palantir co-founder and CEO Alex Karp trumpeted the work Elon Musk is doing to overhaul the federal government, saying it will ultimately benefit his company. Asked during a quarterly earnings call about DOGE—Musk’s “department” of government efficiency,