Jim Cramer tells viewers Palantir looks “the cheapest” he’s seen, pointing to strong Q1 growth and raised guidance

Jim Cramer said Palantir Technologies (PLTR) is trading at a level that looks “the cheapest I’ve seen” it, after watching CEO Alex Karp’s recent interview and following the company’s latest results. Cramer’s comments, delivered during his Mad Dash segment, framed the stock as more attractive than its current valuation would suggest, even as he acknowledged the market has been moving against Palantir in recent months.

In the interview-linked discussion, Cramer said he does “like the stock” and argued that Palantir’s work can help organizations think “outside the box” about how to run and use their systems. He tied that view to Palantir’s performance numbers, including a quoted trailing price-to-earnings multiple of 146x, a level that underscores why his “cheapest” call stood out.

According to the same report, Palantir posted first-quarter 2026 revenue of $1.632 billion, up 84.7% year over year. The growth included U.S. commercial revenue of $595 million, up 133% year over year. Management also raised full-year guidance to $7.65 billion to $7.66 billion, representing roughly 71% growth, as reported in the discussion.

The report also highlighted Palantir’s internal operating score. In the company’s first-quarter communications, Karp told investors that its “Rule of 40” score hit 145%. The Rule of 40 is a commonly cited software benchmark that combines growth rate and profitability, with higher scores generally viewed as stronger execution. The report said Palantir’s score matched only NVIDIA (NVDA), Micron (MU), and SK hynix (noted as SK hynix in the report).

Cramer’s comments came alongside a broader argument about how enterprises are buying AI. The report said CIOs are signing shorter enterprise AI contracts, not because the technology is failing, but because locking into longer four-year terms feels too risky in a rapidly changing stack. That point matters because it suggests deal cycles, contract structures, and revenue recognition timing may be evolving even when demand remains strong.

The segment further referenced other AI-related software spending, including Salesforce. The report cited Salesforce’s “Agentforce” (a Salesforce offering focused on AI agents) and said Agentforce annual recurring revenue surged 205% to $1.2 billion. It also said Salesforce is trading at a forward P/E of 12 and was down 38% year to date, using those figures to contextualize relative valuation across the AI software ecosystem.

On where the market stands for Palantir itself, the report described the stock’s recent performance as weaker than the fundamentals: shares were reported down around 22% year to date and off 14% over the last month, having touched a 52-week low of $106.37 before bouncing. The article also indicated the move comes as investors anticipate accelerating earnings, but it did not provide further detail about the specific drivers investors are watching next.

Still, several items are not disclosed in the post-level coverage. The report attributes the “cheapest” framing to Cramer’s viewing of Karp’s interview and cites specific valuation and results figures, but it does not lay out Palantir’s full guidance assumptions, margins outlook, backlog trends, or any granular customer or contract details behind the revenue acceleration. It also does not name the second “AI winner” Cramer referenced beyond the additional discussion of Salesforce. As a result, readers get a valuation-and-earnings snapshot rather than a complete view of the risks and uncertainties.