alt Hacker NewsCloudflare went x 10 since their IPO 6 years ago ( stocks).
Revenue:
$ 85 million (2016)
$ 287 million (2019) IPO year
$ 1,670 million (2024)
$ 2,154 million (2025)
https://www.macrotrends.net/stocks/charts/NET/cloudflare/rev...
That's not a crazy valuation multiple considering their growth.
Palentir is a body shop. Cloudflare is infrastructure/cloud. Very big difference ( at least to me)
Stock ( Cloudflare - https://finance.yahoo.com/quote/NET/holders/ ): 90.87% % of Shares Held by Institutions
Stock ( Palantir - https://finance.yahoo.com/quote/PLTR/holders/): 60.09% % of Shares Held by Institutions
It's not a question of crazy or not, it's just an extreme end of the multiple spectrum.. and the company is not in a positive operating margin position. So you're right they have a strong track record and there's optimism they turn a profit, but it's highly speculative. Nothing wrong with that. Just makes sense they are fleshing out their AI story while they're in a position to invest with equity IMO