Palantir Stock Could Be in for a Big September. Here’s Why.

PLTR surged 43% last month on a Q2 earnings blowout, and our $217.16 price target implies another 25% upside with a BUY rating.

PLTR's 93% revenue growth dwarfs NOW's 24% and SNOW's 34%, and it's the only one of the three generating GAAP net income at scale.

The September 18 expiration carries 254,823 call contracts, signaling traders expect a major directional move as Rule of 40 hits 155%.

Palantir is entering September on a tear. The stock ripped 43.09% higher over the past month after a blowout Q2 earnings report, and options positioning around the September 18 expiration is unusually heavy. Momentum has room to run, though the setup carries risk.

Palantir ( NASDAQ:PLTR ) currently trades at $173.75. Our 24/7 Wall St. price target is $217.16 over the next 12 months, implying 24.75% upside. Our rating skews constructive at 90% confidence. Rule of 40 acceleration, raised full-year guidance, and September options positioning give this setup real teeth.

Momentum Is Real, and the Q2 Report Was Otherworldly

PLTR is up 1.94% over the past week and 10.8% over one year, though year-to-date the stock is essentially flat at -1.05%. Shares sit roughly $33 below the 52-week high of $207.52.

The catalyst was Q2 FY2026 earnings on August 3. Revenue grew 93% to $1.935B, EPS came in at $0.41 versus a $0.28 estimate, and U.S. commercial revenue exploded 149% year over year. Palantir raised full-year revenue guidance to $8.154 billion at the midpoint, what management called its "largest-ever full-year revenue guidance raise."

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Bulls have substantial support. September options positioning is heavy: the September 18 expiration carries call open interest of 254,823 contracts, suggesting traders price in a large directional move. Fundamentally, Rule of 40 hit 155%, net dollar retention jumped to 157%, and adjusted free cash flow margin ran at 63%.