Andrew Left’s Firm Argues That OpenAI’s Expansion Indicates Palantir’s Overvaluation

Andrew Left of Citron Research has intensified his criticism of Palantir Technologies, labeling its stock as significantly overvalued. In a recent analysis, he compared Palantir to AI industry leader OpenAI, emphasizing that even if Palantir’s stock drops to $40—a 77% decline from its recent high—it would still be overpriced. Left argued that Palantir’s valuation lacks a solid foundation, contrasting it with OpenAI’s anticipated $6 billion stock sale, which provides a more realistic benchmark for tech valuations. Citron’s note reveals that if Palantir were to trade at a 17x price-to-revenue multiple, its implied stock price would be around $40, yet it would still remain among the priciest SaaS stocks in history. Left questions Palantir’s worthiness to be valued like OpenAI, citing the latter’s unprecedented growth in tech history. Despite Palantir’s strong Q2 performance, its shares have experienced a downturn, dropping about 6% recently.

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