{"id":11513,"date":"2026-06-08T12:01:00","date_gmt":"2026-06-08T12:01:00","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=11513"},"modified":"2026-08-20T11:01:23","modified_gmt":"2026-08-20T11:01:23","slug":"palantir-reszveny-az-ai-forradalom-nyertese-2026-ban","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/palantir-reszveny-az-ai-forradalom-nyertese-2026-ban\/","title":{"rendered":"Palantir r\u00e9szv\u00e9ny: az AI forradalom nyertese 2026-ban?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Mir\u0151l sz\u00f3l a Piaci Impulzus rovat?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A Palantir r\u00e9szv\u00e9ny az elm\u00falt \u00f6t \u00e9vben +460%-ot emelkedett, de az \u00fat oda k\u00f6zel 90%-os zuhan\u00e1son kereszt\u00fcl vezetett, majd egy AI-term\u00e9k-bejelent\u00e9sen kereszt\u00fcl indult el a vissza\u00fat. Ma a Palantir az egyik legmegoszt\u00f3bb r\u00e9szv\u00e9ny a piacon: a bik\u00e1k szerint ez az \u00e9vtized meghat\u00e1roz\u00f3 v\u00e1llalati AI-infrastrukt\u00fara c\u00e9ge, a medv\u00e9k szerint egy ar\u00e1nytalanul dr\u00e1ga szoftverc\u00e9g, melynek \u00e9rt\u00e9kelts\u00e9g\u00e9t csak a Wall Streeti m\u00e1nia tartja fenn. A val\u00f3s\u00e1g valahol a kett\u0151 k\u00f6z\u00f6tt van, de a sz\u00e1mok, amelyek 2024\u20132025-ben megjelentek, m\u00e1r nem csak egy m\u00e1ni\u00e1t t\u00e1masztanak al\u00e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nem tudom, tiszt\u00e1ban vagytok-e vele, de egy alapos fundament\u00e1lis m\u00e9lyelemz\u00e9s elk\u00e9sz\u00edt\u00e9se 40\u201350 \u00f3r\u00e1t is ig\u00e9nybe vehet. Befektet\u0151k\u00e9nt ennyi energi\u00e1t minden egyes c\u00e9g elemz\u00e9s\u00e9be lehetetlen beletenni, ha kell\u0151en hossz\u00fa figyel\u0151list\u00e1t szeretn\u00e9tek hat\u00e9konyan kezelni. <strong>Ez\u00e9rt hoztam l\u00e9tre a Piaci Impulzus rovatot, amely betekint\u00e9st enged pillanatk\u00e9p gyan\u00e1nt egy-egy r\u00e9szv\u00e9nybe, most \u00e9ppen a Palantir dolgaiba, \u00e9s nagyj\u00e1b\u00f3l felv\u00e1zolja az aktualit\u00e1sokat.<\/strong> Nem m\u00e9lyelemz\u00e9s, ink\u00e1bb csak gondolat\u00e9breszt\u0151 a pillanatnyi \u00e1llapot alapj\u00e1n.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A c\u00e9lom nem napi keresked\u00e9si tippek osztogat\u00e1sa vagy technikai alakzatok elemz\u00e9se. Helyette gyors, l\u00e9nyegre t\u00f6r\u0151 fundament\u00e1lis minielemz\u00e9seket adok k\u00f6zre, amik seg\u00edtenek az el\u0151sz\u0171r\u00e9sben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A r\u00e9szv\u00e9ny aloldal\u00e1t r\u00e9szletes adatokkal itt tal\u00e1lj\u00e1tok: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/PLTR\">A Palantir r\u00e9szv\u00e9ny oldal<\/a><br>Ha az oldal m\u00e9lyelemz\u00e9seit keresitek, akkor az al\u00e1bbi linkre nyomjatok: <a href=\"https:\/\/iocharts.io\/blog\/category\/reszvenyelemzes\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts r\u00e9szv\u00e9nyelemz\u00e9sek<\/a><\/p>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/?aff_id=155122\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">A Palantir r\u00e9szv\u00e9ny \u00e1rfolyama a TradingView fel\u00fclet\u00e9n<\/span><\/a><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-symbol-overview.js\" async>\n  {\n  \"lineWidth\": 2,\n  \"lineType\": 0,\n  \"chartType\": \"area\",\n  \"fontColor\": \"rgb(106, 109, 120)\",\n  \"gridLineColor\": \"rgba(46, 46, 46, 0.06)\",\n  \"volumeUpColor\": \"rgba(34, 171, 148, 0.5)\",\n  \"volumeDownColor\": \"rgba(247, 82, 95, 0.5)\",\n  \"backgroundColor\": \"#ffffff\",\n  \"widgetFontColor\": \"#0F0F0F\",\n  \"upColor\": \"#22ab94\",\n  \"downColor\": \"#f7525f\",\n  \"borderUpColor\": \"#22ab94\",\n  \"borderDownColor\": \"#f7525f\",\n  \"wickUpColor\": \"#22ab94\",\n  \"wickDownColor\": \"#f7525f\",\n  \"colorTheme\": \"light\",\n  \"isTransparent\": false,\n  \"locale\": \"en\",\n  \"chartOnly\": false,\n  \"scalePosition\": \"right\",\n  \"scaleMode\": \"Normal\",\n  \"fontFamily\": \"-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif\",\n  \"valuesTracking\": \"1\",\n  \"changeMode\": \"price-and-percent\",\n  \"symbols\": [\n    [\n      \"NASDAQ:PLTR|60M\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": false,\n  \"width\": \"100%\",\n  \"height\": 400,\n  \"noTimeScale\": false,\n  \"hideDateRanges\": false,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Tartalomjegyz\u00e9k<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#mitcsinal\">Mit csin\u00e1l a Palantir Technologies?<\/a><\/li>\n\n\n\n<li><a href=\"#alapitok\">Az alap\u00edt\u00f3k: PayPal-maffia, CIA-p\u00e9nz \u00e9s egy frankfurti doktori<\/a><\/li>\n\n\n\n<li><a href=\"#zuhanas\">Mi\u00e9rt zuhant \u00f6ssze a Palantir r\u00e9szv\u00e9ny 90%-ot \u00e9s mi hozta vissza?<\/a><\/li>\n\n\n\n<li><a href=\"#helyzete\">A Palantir jelenlegi helyzete \u00e9s versenyt\u00e1rsai<\/a><\/li>\n\n\n\n<li><a href=\"#metrikai\">A Palantir r\u00e9szv\u00e9ny metrik\u00e1i<\/a><\/li>\n\n\n\n<li><a href=\"#megszoksz\">Palantir r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz?<\/a><\/li>\n\n\n\n<li><a href=\"#osszegzese\">A t\u00e9zis \u00f6sszegz\u00e9se<\/a><\/li>\n\n\n\n<li><a href=\"#gyik\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"mitcsinal\">Mit csin\u00e1l a Palantir Technologies?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A Palantir Technologies Inc. egy 2003-ban alap\u00edtott, Denver-i (Colorado) sz\u00e9khely\u0171 szoftverplatform-v\u00e1llalat, amelynek r\u00e9szv\u00e9nyei a Nasdaqon PLTR ticker alatt forognak. A nev\u00e9t a J.R.R. Tolkien Gy\u0171r\u0171k Ura-univerzum\u00e1nak palant\u00edr k\u00f6veir\u0151l kapta, a legendabeli l\u00e1t\u00f3k\u00f6vekr\u0151l, amelyek seg\u00edts\u00e9g\u00e9vel messze l\u00e9v\u0151 esem\u00e9nyeket lehetett megfigyelni. Ez nem v\u00e9letlen n\u00e9vv\u00e1laszt\u00e1s: a c\u00e9g alapvet\u0151 misszi\u00f3ja az, hogy sz\u00e9tsz\u00f3rt, heterog\u00e9n adatforr\u00e1sokat egyetlen, \u00e9rtelmezhet\u0151 k\u00e9pp\u00e9 form\u00e1ljon korm\u00e1nyoknak, hadseregeknek \u00e9s v\u00e1llalatoknak egyar\u00e1nt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Palantir sokszor haszn\u00e1lja az ontology sz\u00f3t.<\/strong> Az ontol\u00f3gia egy filozofikus sz\u00f3, amit a Palantir saj\u00e1t szakkifejez\u00e9sk\u00e9nt haszn\u00e1l, de a l\u00e9nyege egyszer\u0171. K\u00e9pzeljetek el egy nagy szervezetet, amelynek tucatnyi k\u00fcl\u00f6nb\u00f6z\u0151 rendszere van: az egyik kezeli az \u00fcgyfeleket, a m\u00e1sik a rakt\u00e1rk\u00e9szletet, a harmadik a p\u00e9nz\u00fcgyeket, a negyedik a gy\u00e1rt\u00e1si folyamatokat. Mindegyik rendszer a saj\u00e1t \u201enyelv\u00e9n&#8221; besz\u00e9l, a saj\u00e1t fogalmaival. Az ontol\u00f3gia egy olyan k\u00f6z\u00f6s fogalmi t\u00e9rk\u00e9p, amely megmondja, hogy az egyik rendszer \u201evev\u0151je&#8221; ugyanaz, mint a m\u00e1sik rendszer \u201e\u00fcgyfele&#8221;, \u00e9s mindkett\u0151 ugyanaz, mint a harmadik rendszer \u201epartner&#8221; rekordja. <strong>Amikor ez a k\u00f6z\u00f6s t\u00e9rk\u00e9p elk\u00e9sz\u00fcl, a k\u00fcl\u00f6nb\u00f6z\u0151 rendszerek adatai hirtelen \u00f6sszekapcsolhat\u00f3k \u00e9s egy\u00fctt \u00e9rtelmezhet\u0151k, an\u00e9lk\u00fcl hogy az eredeti rendszereket le kellene cser\u00e9lni. <\/strong>A Palantir l\u00e9nyeg\u00e9ben ezt az \u00f6sszekapcsol\u00e1si r\u00e9teget \u00e9p\u00edti fel egy szervezeten bel\u00fcl, \u00e9s ez az, amit\u0151l az adatok val\u00f3di d\u00f6nt\u00e9st\u00e1mogat\u00e1ss\u00e1 v\u00e1lnak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Palantir ma h\u00e1rom f\u0151 platformon m\u0171k\u00f6dik:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83c\udfdb\ufe0f<strong>Palantir Gotham:<\/strong> a korm\u00e1nyzati \u00e9s v\u00e9delmi platform, amellyel az eg\u00e9sz c\u00e9g elindult. Terrorelh\u00e1r\u00edt\u00e1s, had\u00e1szati intelligencia, p\u00e9nz\u00fcgyi csal\u00e1sfelder\u00edt\u00e9s. Az NSA, a CIA, az FBI \u00e9s a sz\u00f6vets\u00e9ges titkosszolg\u00e1latok mind haszn\u00e1lj\u00e1k. Ez az USA-ban \u00e9s Angli\u00e1ban m\u0171k\u00f6d\u0151, magas biztons\u00e1gi besorol\u00e1st ig\u00e9nyl\u0151 platform.<\/li>\n\n\n\n<li>\ud83c\udfed<strong>Palantir Foundry:<\/strong> a v\u00e1llalati platform, amellyel a z\u00e1rt adatt\u00e1rol\u00e1s (data silo) egyik probl\u00e9m\u00e1j\u00e1t oldja meg nagyv\u00e1llalatokn\u00e1l. Egy gy\u00f3gyszeripari \u00f3ri\u00e1s klinikai k\u00eds\u00e9rleti adatait, egy aut\u00f3gy\u00e1r ell\u00e1t\u00e1si l\u00e1nc-adatait vagy egy k\u00f3rh\u00e1zcsoport betegadatait teszi egys\u00e9gesen elemezhet\u0151v\u00e9, vagyis egy forgalmi t\u00e9rk\u00e9pet k\u00e9sz\u00edt a sz\u00e9tsz\u00f3rtan elhelyezked\u0151 adatokb\u00f3l.<\/li>\n\n\n\n<li>\ud83e\udd16<strong>Palantir AIP (Artificial Intelligence Platform):<\/strong> a 2023 m\u00e1jus\u00e1ban bemutatott platform, amely lehet\u0151v\u00e9 teszi, hogy nagyv\u00e1llalatok saj\u00e1t z\u00e1rt, biztons\u00e1gos adataikon alkalmazz\u00e1k a nagy nyelvi modelleket (LLM-eket). Ez az a term\u00e9k, amely az elm\u00falt k\u00e9t \u00e9vben a c\u00e9g n\u00f6veked\u00e9si motorj\u00e1v\u00e1 v\u00e1lt, \u00e9s amely az AI-forradalom miatt \u00e1t\u00edrta a Palantir-narrat\u00edv\u00e1t \u00e9s az \u00e9gbe l\u00f6kte az \u00e1rfolyamot.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-1024x725.jpg.webp\" alt=\" a Palantir v\u00e1llalati \u00e9s piaci \u00fcgyfelekre es\u0151 bev\u00e9tele\" class=\"wp-image-11560 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\">fiscal.ai<\/a>, a Palantir v\u00e1llalati \u00e9s piaci \u00fcgyfelekre es\u0151 bev\u00e9tele<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> a Palantir \u00fczleti modellj\u00e9nek l\u00e9nyege, hogy \u00fagynevezett \u201eontol\u00f3gi\u00e1t&#8221; \u00e9p\u00edt egy szervezet adatai k\u00f6r\u00e9, vagyis egy k\u00f6z\u00f6s fogalmi t\u00e9rk\u00e9pet alkotnak, amelyen bel\u00fcl k\u00fcl\u00f6nb\u00f6z\u0151 rendszerek adatai \u00f6sszekapcsolhat\u00f3k \u00e9s \u00e9rtelmezhet\u0151k.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"alapitok\">Az alap\u00edt\u00f3k: PayPal-maffia, CIA-p\u00e9nz \u00e9s egy frankfurti doktori<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A Palantir alap\u00edt\u00f3i nem egy gar\u00e1zs-startup klasszikus szerepl\u0151i, hanem kifejezetten ismert szem\u00e9lyek.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udc81<strong>Peter Andreas Thiel:<\/strong> az egyik legmeghat\u00e1roz\u00f3bb technol\u00f3giai befektet\u0151 \u00e9s v\u00e1llalkoz\u00f3 az elm\u00falt negyed sz\u00e1zadban. A PayPal egyik alap\u00edt\u00f3jak\u00e9nt, Elon Musk, Reid Hoffman, Max Levchin \u00e9s m\u00e1sok mellett, tagja lett annak az inform\u00e1lisan \u201ePayPal-maffi\u00e1nak&#8221; nevezett csoportnak, amelynek tagjai a PayPal 2002-es elad\u00e1sa ut\u00e1n szinte az \u00f6sszes meghat\u00e1roz\u00f3 Silicon Valley-v\u00e1llalkoz\u00e1st alap\u00edtott\u00e1k vagy finansz\u00edrozt\u00e1k. Thiel volt az els\u0151 k\u00fcls\u0151 befektet\u0151 a Facebookban (2004-ben 500 000 USD-\u00e9rt szerzett 10.2% r\u00e9szesed\u00e9st), alap\u00edtotta a Founders Fund kock\u00e1zati t\u0151kealapot, \u00e9s a Palantir alap\u00edt\u00f3i \u00e9s eln\u00f6ki poz\u00edci\u00f3j\u00e1t t\u00f6lti be. Ma a c\u00e9g r\u00e9szv\u00e9nyeinek 4.1%-a (~14.4 milli\u00e1rd USD) az \u0151 tulajdon\u00e1ban van.<\/li>\n\n\n\n<li>\ud83d\udc64<strong>Alexander C. Karp:<\/strong> a CEO, akit szinte neh\u00e9z egy mondatban le\u00edrni. Frankfurtban szerezte doktori fokozat\u00e1t J\u00fcrgen Habermas mentor\u00e1l\u00e1s\u00e1val, igen, a vil\u00e1g egyik legh\u00edresebb AI-v\u00e9delmi szoftverc\u00e9g\u00e9t egy habermasi szoci\u00e1lfiloz\u00f3fus ir\u00e1ny\u00edtja. Karp megjelen\u00e9se, kommunik\u00e1ci\u00f3s st\u00edlusa \u00e9s c\u00e9gvezet\u00e9si megk\u00f6zel\u00edt\u00e9se szinte minden szempontb\u00f3l rendhagy\u00f3, ami a Palantir int\u00e9zm\u00e9nyi befektet\u0151k \u00e1ltali elfogadotts\u00e1g\u00e1t sok\u00e1ig h\u00e1tr\u00e1ltatta.<\/li>\n\n\n\n<li>\ud83e\udd35<strong>Stephen Cohen:<\/strong> a harmadik alap\u00edt\u00f3, a h\u00e1tt\u00e9rben marad, de 0.58%-os r\u00e9szesed\u00e9ssel (~1.9 milli\u00e1rd USD) szint\u00e9n \u00e9rdemi tulajdonos.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"d1A2nEmBra\"><a href=\"https:\/\/iocharts.io\/blog\/a-paypal-reszveny-elemzese-pypl-arfolyam-nem-egyenlo-ertek\/\">PayPal (PYPL) elemz\u00e9s: olcs\u00f3 \u00e9rt\u00e9kelts\u00e9g vagy value trap<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;PayPal (PYPL) elemz\u00e9s: olcs\u00f3 \u00e9rt\u00e9kelts\u00e9g vagy value trap&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/a-paypal-reszveny-elemzese-pypl-arfolyam-nem-egyenlo-ertek\/embed\/#?secret=7DfvpyLWii#?secret=d1A2nEmBra\" data-secret=\"d1A2nEmBra\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A CIA-finansz\u00edroz\u00e1s:<\/strong> a Palantir els\u0151 k\u00fcls\u0151 befektet\u0151i k\u00f6z\u00f6tt ott volt az In-Q-Tel, a CIA kock\u00e1zati t\u0151kealapja, amely 2 milli\u00f3 USD-t fektetett be 2004-ben. Ez a kapcsolat \u00e9vtizedekre meghat\u00e1rozta a c\u00e9g identit\u00e1s\u00e1t \u00e9s megosztotta a k\u00f6zv\u00e9lem\u00e9nyt:<strong> a kritikusok sz\u00e1m\u00e1ra Palantir a megfigyel\u0151\u00e1llam ipari karj\u00e1v\u00e1 v\u00e1lt, a h\u00edv\u0151k sz\u00e1m\u00e1ra pedig a demokratikus \u00e9rt\u00e9kek megv\u00e9delmez\u00e9s\u00e9nek eszk\u00f6z\u00e9v\u00e9.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"zuhanas\">Mi\u00e9rt zuhant a r\u00e9szv\u00e9ny 90%-ot \u00e9s mi hozta vissza?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A Palantir 2020. szeptember 30-\u00e1n l\u00e9pett t\u0151zsd\u00e9re k\u00f6zvetlen list\u00e1z\u00e1ssal (direct listing), 10 USD-os referencia \u00e1ron. A r\u00e9szv\u00e9ny szinte azonnal sz\u00e1rnyalni kezdett: 2021 janu\u00e1rj\u00e1ban el\u00e9rte a 45 USD-os cs\u00facsot, ami akkor ~100x P\/E-t jelentett. Majd j\u00f6tt a zuhan\u00e1s.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/PLNTR-drawdown-1024x725.jpg.webp\" alt=\"a Palantir r\u00e9szv\u00e9ny \u00e1rfolyamvisszaes\u00e9se\" class=\"wp-image-11571 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/PLNTR-drawdown-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/PLNTR-drawdown-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/PLNTR-drawdown-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/PLNTR-drawdown-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/PLNTR-drawdown-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\">fiscal.ai<\/a>,  a Palantir r\u00e9szv\u00e9ny \u00e1rfolyamvisszaes\u00e9se<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mi\u00e9rt esett le 85-90%-ot a r\u00e9szv\u00e9ny \u00e1rfolyama 2021-2022-ben?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">N\u00e9gy egym\u00e1st er\u0151s\u00edt\u0151 ok volt:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcc9<strong>Az \u00e9rt\u00e9kelts\u00e9g abszurd volt. <\/strong>45 USD-s r\u00e9szv\u00e9ny\u00e1ron a Palantir k\u00f6r\u00fclbel\u00fcl 100-szoros \u00e9ves bev\u00e9telen forgott, egy olyan szoftverc\u00e9gn\u00e9l, amelynek bev\u00e9teli n\u00f6veked\u00e9se 2022-re lelassult 17%-ra. Amikor a Fed 2022-ben elkezdte emelni a kamatokat, a magas \u00e9rt\u00e9kelts\u00e9g\u0171, vesztes\u00e9ges tech r\u00e9szv\u00e9nyek \u00e1rfolyama az els\u0151k k\u00f6zt szakadtak \u00f6ssze.<\/li>\n\n\n\n<li>\ud83d\udcb8<strong>A r\u00e9szv\u00e9nyalap\u00fa juttat\u00e1s (SBC) m\u00e9rt\u00e9ke botr\u00e1nyos szinten \u00e1llt.<\/strong> 2020-ban a Palantir SBC-je a bev\u00e9tel 116%-\u00e1t tette ki, ami azt jelenti, hogy minden egyes USD bev\u00e9tel ut\u00e1n t\u00f6bb mint egy USD \u00e9rt\u00e9k\u0171 r\u00e9szv\u00e9nyt adtak az alkalmazottaknak. Ez ugyan nem k\u00e9szp\u00e9nzkiad\u00e1s, de komolyan h\u00edg\u00edtja a r\u00e9szv\u00e9nyesek r\u00e9szesed\u00e9s\u00e9t. 2021-ben ez 50%-ra cs\u00f6kkent, de m\u00e9g mindig kir\u00edv\u00f3an magas volt.<\/li>\n\n\n\n<li>\u23f3<strong>A korm\u00e1nyzati szegmens kisz\u00e1m\u00edthatatlan.<\/strong> A korm\u00e1nyzati bev\u00e9telek nagyon lass\u00fa d\u00f6nt\u00e9si ciklusokon m\u00falnak, egy-egy kontraktus k\u00e9s\u00e9se eg\u00e9sz negyed\u00e9veket bor\u00edthat fel.<\/li>\n\n\n\n<li>\ud83c\udf31<strong>A c\u00e9g kereskedelmi szegmense m\u00e9g cs\u00edr\u00e1j\u00e1ban volt.<\/strong> 2021-2022-ben a kereskedelmi \u00fczlet pici, lass\u00fa \u00e9s vesztes\u00e9ges volt, nem volt el\u00e9g kataliz\u00e1tor ahhoz, hogy a piac megfelel\u0151en \u00e9rt\u00e9kelje ezt a lehet\u0151s\u00e9get.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/PLNTR-price-chart-1024x725.jpg.webp\" alt=\"a Palantir r\u00e9szv\u00e9ny \u00e1rfolyamemelked\u00e9se\" class=\"wp-image-11570 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/PLNTR-price-chart-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/PLNTR-price-chart-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/PLNTR-price-chart-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/PLNTR-price-chart-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/PLNTR-price-chart-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\">fiscal.ai<\/a>, a Palantir r\u00e9szv\u00e9ny \u00e1rfolyamemelked\u00e9se<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mi hozta vissza? Az AIP \u00e9s a \u201eBoot Camp&#8221; strat\u00e9gia.<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">2023 m\u00e1jus 16-\u00e1n a Palantir bemutatta az AIP-platformot (Artificial Intelligence Platform), amely lehet\u0151v\u00e9 teszi, hogy v\u00e1llalatok a saj\u00e1t, biztons\u00e1gos bels\u0151 adataikon futtassanak nagy nyelvi modelleket. Ez az egyetlen olyan term\u00e9k volt a piacon, amely megoldotta a nagyv\u00e1llalatok leg\u00e9get\u0151bb probl\u00e9m\u00e1j\u00e1t:<strong> hogyan lehet a ChatGPT-szer\u0171 k\u00e9pess\u00e9geket saj\u00e1t, z\u00e1rt v\u00e1llalati adatokon alkalmazni an\u00e9lk\u00fcl, hogy az adatok kiker\u00fcln\u00e9nek a szervezetb\u0151l.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A \u201eBoot Camp&#8221; m\u00f3dszer szint\u00e9n \u00e1tt\u00f6r\u00e9s volt: az \u00e9rt\u00e9kes\u00edt\u00e9si csapat nem a szokv\u00e1nyos dem\u00f3kkal k\u00f6zel\u00edtette a leend\u0151 \u00fcgyfeleket, hanem 5 napos intenz\u00edv workshopokat tartott, ahol a potenci\u00e1lis \u00fcgyfelek saj\u00e1t adataikkal, saj\u00e1t probl\u00e9m\u00e1ikon pr\u00f3b\u00e1lt\u00e1k ki az AIP-ot. A konverzi\u00f3s ar\u00e1ny megd\u00f6bbent\u0151: a boot camp-ek az egyik leghat\u00e9konyabb enterprise \u00e9rt\u00e9kes\u00edt\u00e9si eszk\u00f6znek bizonyultak a szoftveriparban.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az eredm\u00e9ny: a US Commercial Revenue 2024-ben +108.69%-ot n\u0151tt, m\u00edg 2025-ben a teljes bev\u00e9tel +56.18%-kal emelkedett. A c\u00e9g 2023 Q3-ban el\u00e9rte az els\u0151 GAAP-profitabilit\u00e1st, \u00e9s az\u00f3ta minden negyed\u00e9vben profitot termelt, ami az el\u0151felt\u00e9tele annak, hogy egy v\u00e1llalat beker\u00fclj\u00f6n az S&amp;P 500-ba. 2024 szeptember\u00e9ben beker\u00fclt az S&amp;P 500-ba, ami int\u00e9zm\u00e9nyi vev\u0151k t\u00f6meg\u00e9t vonzotta a r\u00e9szv\u00e9nyhez, emiatt az \u00e1rfolyam tov\u00e1bb sz\u00e1rnyalt felfel\u00e9.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"helyzete\">A Palantir jelenlegi helyzete \u00e9s versenyt\u00e1rsai<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A Palantir 2026 elej\u00e9n egy egyed\u00fcl\u00e1ll\u00f3 \u00e9s szokatlan piaci poz\u00edci\u00f3ban van:<strong> nincs igazi k\u00f6zvetlen versenyt\u00e1rsa a teljes term\u00e9kportf\u00f3li\u00f3n bel\u00fcl, de mindenfel\u0151l k\u00f6r\u00fclveszik a r\u00e9szleges alternat\u00edv\u00e1k.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A korm\u00e1nyzati \u00e9s v\u00e9delmi piacon az Anduril Industries, a SAIC, a Booz Allen Hamilton \u00e9s a Leidos versenyeznek a kontraktusok\u00e9rt, de egyik sem rendelkezik olyan adatplatformmal, mint a Palantir Gotham rendszere. A kereskedelmi enterprise AI-piacon a Snowflake, a Databricks, a Microsoft Azure AI \u00e9s a Salesforce Data Cloud k\u00edn\u00e1l r\u00e9szleges \u00e1tfed\u00e9st a Foundry-val \u00e9s az AIP-pal, de ezek ink\u00e1bb adatt\u00e1rol\u00f3\/feldolgoz\u00f3 platformok, nem az ontol\u00f3gia-alap\u00fa \u00e9rtelmez\u0151 r\u00e9teg, amit a Palantir k\u00e9pvisel.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-net-dollar-retention-rate-1024x725.jpg.webp\" alt=\"a Palantir \u00fcgyf\u00e9lbev\u00e9teleinek megtart\u00e1si ar\u00e1nya (NRR)\" class=\"wp-image-11565 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-net-dollar-retention-rate-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-net-dollar-retention-rate-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-net-dollar-retention-rate-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-net-dollar-retention-rate-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-net-dollar-retention-rate-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\">fiscal.ai<\/a>, a Palantir \u00fcgyf\u00e9lbev\u00e9teleinek megtart\u00e1si ar\u00e1nya (NRR)<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Palantir igazi moatja nem a technol\u00f3gia, hanem az integr\u00e1ci\u00f3 m\u00e9lys\u00e9ge.<\/strong> Egy szervezet, amelyik egyszer fel\u00e9p\u00edtette az adatontol\u00f3gi\u00e1j\u00e1t a Foundry-ban vagy a Gothamban, rendk\u00edv\u00fcl nehezen v\u00e1ltja le a rendszert, a v\u00e1lt\u00e1s k\u00f6lts\u00e9ge nemcsak a szoftverfelv\u00e1lt\u00e1s, hanem az \u00f6sszes bels\u0151 folyamat \u00fajrastruktur\u00e1l\u00e1sa is. Ez ragaszkod\u00e1st teremt, amelyet a Net Dollar Retention Rate is visszaigazol: 2025-ben ez 120% volt, ami azt jelenti, hogy az \u00fcgyfelek \u00e1tlagosan 20%-kal t\u00f6bbet k\u00f6lt\u00f6ttek el a Palantiren, mint az el\u0151z\u0151 \u00e9vben.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-government-and-commercial-growth-1024x725.jpg.webp\" alt=\"\" class=\"wp-image-11564 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-government-and-commercial-growth-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-government-and-commercial-growth-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-government-and-commercial-growth-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-government-and-commercial-growth-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-government-and-commercial-growth-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\">fiscal.ai<\/a>, a Palantir bev\u00e9teleinek v\u00e1ltoz\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A Government szegmens 2025-ben 2402 milli\u00f3 USD-s bev\u00e9telt termelt (+53.05%), a Commercial szegmens 2073 milli\u00f3 USD-t (+59.98%). A US Commercial \u00fcgyf\u00e9lsz\u00e1m 2025-ben el\u00e9rte az 571-et, +49.48%-os n\u00f6veked\u00e9ssel, ez nem egy term\u00e9szetesen n\u00f6vekv\u0151 piac, hanem egy agressz\u00edvan terjeszked\u0151 sales g\u00e9pezet eredm\u00e9nye.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"metrikai\">A Palantir r\u00e9szv\u00e9ny metrik\u00e1i<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Mutat\u00f3<\/th><th>\u00c9rt\u00e9k (2026. j\u00fanius)<\/th><\/tr><\/thead><tbody><tr><td>R\u00e9szv\u00e9ny\u00e1rfolyam (PLTR)<\/td><td><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">~137.06 USD<\/mark><\/strong><\/td><\/tr><tr><td>Piaci kapitaliz\u00e1ci\u00f3<\/td><td>~328.58 milli\u00e1rd USD<\/td><\/tr><tr><td>5 \u00e9ves hozam<\/td><td>+460.3% (CAGR 41.2%)<\/td><\/tr><tr><td>\u00c1rbev\u00e9tel 2025<\/td><td>4.475 milli\u00e1rd USD (2025.12.31., +56.18% \u00e9v\/\u00e9v)<\/td><\/tr><tr><td>\u00c1rbev\u00e9tel TTM<\/td><td>5.22 milli\u00e1rd USD<\/td><\/tr><tr><td>2026E \u00e1rbev\u00e9tel<\/td><td>7.72 milli\u00e1rd USD (+72.5%)<\/td><\/tr><tr><td>Adj. EBIT 2025<\/td><td>2.254 milli\u00e1rd USD (+99.82%)<\/td><\/tr><tr><td>Adj. EBIT-marzs<\/td><td>50%<\/td><\/tr><tr><td>Adj. EBITDA-marzs<\/td><td>51%<\/td><\/tr><tr><td>Adj. Net Income 2025<\/td><td>1.916 milli\u00e1rd USD (+94.14%)<\/td><\/tr><tr><td>Adj. EPS 2025<\/td><td>0.75 USD (+82.93%)<\/td><\/tr><tr><td>2026E adj. EPS<\/td><td>1.46 USD (+95.14%)<\/td><\/tr><tr><td>FCF 2025<\/td><td>2.101 milli\u00e1rd USD (+84.06%)<\/td><\/tr><tr><td>FCF-marzs<\/td><td>46.94%<\/td><\/tr><tr><td>Nett\u00f3 cash<\/td><td>+7.81 milli\u00e1rd USD<\/td><\/tr><tr><td>Hossz\u00fa lej\u00e1rat\u00fa ad\u00f3ss\u00e1g<\/td><td>0 USD<\/td><\/tr><tr><td>ROIC 2025<\/td><td>136.5%<\/td><\/tr><tr><td>Net Dollar Retention Rate<\/td><td>120%<\/td><\/tr><tr><td>Teljes \u00fcgyf\u00e9lsz\u00e1m 2025<\/td><td>954 (+34.18%)<\/td><\/tr><tr><td>TTM P\/E<\/td><td>~154x<\/td><\/tr><tr><td>NTM P\/E<\/td><td>~80x<\/td><\/tr><tr><td>NTM P\/FCF<\/td><td>~63.7x<\/td><\/tr><tr><td>EV\/Sales (TTM)<\/td><td>~61.4x<\/td><\/tr><tr><td>R\u00e9szv\u00e9nyalap\u00fa kompenz\u00e1ci\u00f3 \/ bev\u00e9tel<\/td><td>15.28% (2020-ban: 116%)<\/td><\/tr><tr><td>Insider r\u00e9szesed\u00e9s \u00f6sszesen<\/td><td>~7.0%, ~24 milli\u00e1rd USD \u00e9rt\u00e9ken<\/td><\/tr><tr><td>Osztal\u00e9k<\/td><td>Nincs<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-revenue-ebitda-FCF-1024x725.jpg.webp\" alt=\"a Palantir bev\u00e9tele, EBITDA-ja \u00e9s szabad k\u00e9szp\u00e9nz\u00e1rama\" class=\"wp-image-11566 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-revenue-ebitda-FCF-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-revenue-ebitda-FCF-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-revenue-ebitda-FCF-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-revenue-ebitda-FCF-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-revenue-ebitda-FCF-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\">fiscal.ai<\/a>, a Palantir bev\u00e9tele, EBITDA-ja \u00e9s szabad k\u00e9szp\u00e9nz\u00e1rama<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ami azonnal szembet\u0171nik:<\/strong> az \u00e9rtekelts\u00e9g a Palantir eset\u00e9ben szinte minden hagyom\u00e1nyos keretet sz\u00e9tfesz\u00edt. A ~154x TTM P\/E \u00e9s a ~61x EV\/Sales l\u00e9nyeg\u00e9ben \u00e9rtelmezhetetlen. De az el\u0151remutat\u00f3 sz\u00e1mok m\u00e1r m\u00e1s k\u00e9pet mutatnak: az NTM P\/E ~80x, a 2027-es P\/E ~68x \u2013 \u00e9s ha a 2026-os 72.5%-os bev\u00e9teln\u00f6veked\u00e9si v\u00e1rakoz\u00e1s teljes\u00fcl, a 2028-as P\/E m\u00e1r ~47x k\u00f6r\u00fcl lehet a jelenlegi \u00e1ron. Ez a m\u00faltb\u00f3l kivet\u00edtve a j\u00f6v\u0151re az \u00e9rt\u00e9kelts\u00e9get, m\u00e9g ak\u00e1r olcs\u00f3nak is nevezhetn\u00e9m, de a probl\u00e9ma az, hogy m\u00e9g \u00edgy is \u00e9veket kell v\u00e1rnotok arra, hogy \u00e9rtelmezhet\u0151 \u00e9rt\u00e9kelts\u00e9gre essenek a sz\u00e1mok. <strong>De mindez nem sz\u00e1m\u00edt, ha mindenki azt gondolja, a r\u00e9szv\u00e9ny sz\u00e1rnyalni fog, akkor ugyanis az \u00e1rfolyam is az egekbe fog emelkedni.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-ROIC-ROCE-1024x725.jpg.webp\" alt=\" a Palantir ROIC \u00e9S ROCE \u00e9rt\u00e9ke\" class=\"wp-image-11567 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-ROIC-ROCE-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-ROIC-ROCE-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-ROIC-ROCE-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-ROIC-ROCE-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-ROIC-ROCE-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\">fiscal.ai<\/a>, a Palantir ROIC \u00e9S ROCE \u00e9rt\u00e9ke<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A ROIC (136.5%) kifejezetten magas sz\u00e1m.<\/strong> Egy szoftverc\u00e9gn\u00e9l, ahol szinte nincs CapEx (33.88 milli\u00f3 USD volt 2025-ben a teljes bev\u00e9tel 0.76%-a), \u00e9s ahol az \u00fcgyf\u00e9lakviz\u00edci\u00f3s boot-camp modell hat\u00e9kony, a befektetett t\u0151ke rendk\u00edv\u00fcl j\u00f3l dolgozik. Az SBC ar\u00e1ny cs\u00f6kken\u00e9se is figyelemre m\u00e9lt\u00f3: 2020-ban az SBC\/\u00e1rbev\u00e9tel 116% volt, 2025-re 15.28%-ra cs\u00f6kkent, ez fundament\u00e1lisan javul\u00f3 h\u00edg\u00edt\u00e1si k\u00e9pet jelent, de m\u00e9g mindig brut\u00e1lisan magas.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-shares-outstanding-1024x725.jpg.webp\" alt=\"a Palantir r\u00e9szv\u00e9ny alap\u00fa kompenz\u00e1ci\u00f3ja \u00e9s r\u00e9sv\u00e9nysz\u00e1ma\" class=\"wp-image-11568 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-shares-outstanding-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-shares-outstanding-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-shares-outstanding-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-shares-outstanding-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Palantir_Technologies_Inc_PLTR-shares-outstanding-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\">fiscal.ai<\/a>, a Palantir r\u00e9szv\u00e9ny alap\u00fa kompenz\u00e1ci\u00f3ja \u00e9s r\u00e9szv\u00e9nysz\u00e1ma<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A tulajdonosi strukt\u00far\u00e1r\u00f3l: Peter Thiel 4.1%-os (~14.4 milli\u00e1rd USD-s) \u00e9s Alex Karp 2.17%-os (~7.1 milli\u00e1rd USD-s) r\u00e9szesed\u00e9se komoly skin-in-the-game-t jelent. Az int\u00e9zm\u00e9nyi befektet\u0151k k\u00f6z\u00fcl a BlackRock 7.86%-ot, a Vanguard 6.04%-ot tart.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> a magas r\u00e9szv\u00e9nyh\u00edg\u00edt\u00e1si ar\u00e1ny \u00e1ltal\u00e1ban int\u0151 jel egy r\u00e9szv\u00e9ny eset\u00e9ben, ugyanis hi\u00e1ba nagy a n\u00f6veked\u00e9s, azt a r\u00e9szv\u00e9nykibocs\u00e1t\u00e1sok visszafogj\u00e1k, f\u0151leg, ha ezek a menedzsmenthez ker\u00fclnek, \u0151k ugyanis nem szenvedik el a h\u00edg\u00edt\u00e1s hat\u00e1s\u00e1t, ha a r\u00e9szesed\u00e9s\u00fck n\u0151. N\u00e1lam ez kiz\u00e1r\u00f3 ok, ugyanis aszimetrikus kock\u00e1zatot futok kisbefektet\u0151k\u00e9nt, \u00e9s nagyon spekulat\u00edvv\u00e1 teszi a befektet\u00e9st. De aki szereti az ilyen izgalmas sztorikat, annak a Palantir \u00e9rdekes v\u00e1laszt\u00e1s lehet.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"megszoksz\">Palantir r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz?<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Ami a Palantir mellett sz\u00f3l<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\ude80 Az AIP term\u00e9k igazi kateg\u00f3riateremt\u0151 lehet. <\/strong>A v\u00e1llalati AI-piac leg\u00e9get\u0151bb probl\u00e9m\u00e1ja az, hogy a v\u00e1llalatok nem tudj\u00e1k saj\u00e1t z\u00e1rt adataikon biztons\u00e1gosan futtatni a nagy nyelvi modelleket. A Palantir AIP erre ad megold\u00e1st, \u00e9s 2023-2025 k\u00f6z\u00f6tt a piac ezt igazolta: az amerikai partnerek sz\u00e1ma 2022-es 132-r\u0151l 2025-re 571-re n\u0151tt. Ha az AIP tart\u00f3san a v\u00e1llalati AI-infrastrukt\u00fara alapelem\u00e9v\u00e9 v\u00e1lik, a jelenlegi \u00e9rt\u00e9kelts\u00e9g \u00e9vek m\u00falt\u00e1n megfizethet\u0151 pr\u00e9miumnak t\u0171nhet vissza (de \u0151szint\u00e9n: ki akar ennyit v\u00e1rni el\u0151re, ha m\u00e1r most is be\u00e1razta ezt a piac?).<\/li>\n\n\n\n<li><strong>\ud83d\udcc8 A bev\u00e9teln\u00f6veked\u00e9s gyorsul, nem lassul.<\/strong> 2023-ban 16.75%, 2024-ben 28.79%, 2025-ben 56.18% \u00e9s a 2026-os v\u00e1rakoz\u00e1s 72.5%. Ez nem egy line\u00e1risan, hanem egy gyorsulva n\u00f6vekv\u0151 c\u00e9g. Ha ez a dinamika fennmarad, az \u00e9rtekelts\u00e9g gyorsan em\u00e9szthet\u0151 szintre zuhanhat, amennyiben nem k\u00f6veti le a piac a brut\u00e1lis bev\u00e9teln\u00f6veked\u00e9st.<\/li>\n\n\n\n<li><strong>\ud83c\udfe6 Ad\u00f3ss\u00e1gmentes m\u00e9rleg.<\/strong> 7.81 milli\u00e1rd USD-os nett\u00f3 cash. Ez egy remek defenz\u00edv alap egy agressz\u00edvan n\u00f6vekv\u0151 szoftverbe. A nulla hossz\u00fa lej\u00e1rat\u00fa ad\u00f3ss\u00e1g ritka adom\u00e1ny egy ilyen korai f\u00e1zisban l\u00e9v\u0151, m\u00e9gis profit\u00e1bilis szoftverc\u00e9gn\u00e9l.<\/li>\n\n\n\n<li><strong>\ud83d\udee1\ufe0f A v\u00e9delmi ipari szegmens a NATO-kiad\u00e1sn\u00f6veked\u00e9s kedvezm\u00e9nyezettje.<\/strong> Az eur\u00f3pai \u00e9s angolsz\u00e1sz v\u00e9delmi kiad\u00e1sok az el\u0151tt\u00fcnk \u00e1ll\u00f3 \u00e9vtizedben j\u00f3 es\u00e9llyel emelkedni fognak \u00e9s a Palantir Gotham az egyetlen be\u00e1gyazott platform, amely a legmagasabb biztons\u00e1gi besorol\u00e1s\u00fa m\u0171veleti adatokat is k\u00e9pes kezelni. Ez nem egy gyorsan m\u00e1solhat\u00f3 versenyel\u0151ny.<\/li>\n\n\n\n<li><strong>\ud83d\udd17 A 120%-os net dollar retention er\u0151s moatot jelez.<\/strong> Ha az \u00fcgyfelek \u00e9vr\u0151l \u00e9vre 20%-kal t\u00f6bbet k\u00f6ltenek, az azt jelenti, hogy a Palantir-platform nagyon m\u00e9lyen be\u00e1gyaz\u00f3dott a napi operat\u00edv folyamatokba.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Ami a Palantir ellen sz\u00f3l<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\udcc9 Az \u00e9rt\u00e9kelts\u00e9g a legfontosabb kock\u00e1zat.<\/strong> A ~154x TTM P\/E \u00e9s a ~61x EV\/Sales abszol\u00fat sk\u00e1l\u00e1n n\u00e9zve dr\u00e1ga. Ha a 2026-os 72.5%-os bev\u00e9teln\u00f6veked\u00e9si v\u00e1rakoz\u00e1s nem teljes\u00fcl, ak\u00e1r egyetlen gyenge negyed\u00e9v miatt, a r\u00e9szv\u00e9ny gyorsan 30-40%-ot vesz\u00edthet az \u00e9rt\u00e9k\u00e9b\u0151l. Ezt a 2021-2022-es \u00f6sszeoml\u00e1s m\u00e1r egyszer megmutatta.<\/li>\n\n\n\n<li><strong>\u26a0\ufe0f A Government szegmens politikailag \u00e9rz\u00e9keny.<\/strong> Az USA sz\u00f6vets\u00e9gi kiad\u00e1sa els\u0151sorban politikai k\u00e9rd\u00e9s, a DOGE-f\u00e9le megszor\u00edt\u00e1si hull\u00e1m \u00e9s a v\u00e9delmi kontraktusok \u00e1tstruktur\u00e1l\u00e1sa mind k\u00f6zvetlen hat\u00e1ssal lehetnek a bev\u00e9tel fel\u00e9re. Az USAID-kontraktusok 2025-\u00f6s elveszt\u00e9se (~8 milli\u00f3 USD-os hat\u00e1s) el\u0151revet\u00edti, hogy ez a kock\u00e1zat nem hipotetikus, illetve a jelenlegi amerikai eln\u00f6k kisz\u00e1m\u00edthatatlan term\u00e9szete is ad egy plusz kock\u00e1zati r\u00e9teget a v\u00e9delmi iparnak.<\/li>\n\n\n\n<li><strong>\ud83d\udcb8 Az SBC 2025-ben is 15.28% a bev\u00e9tel ar\u00e1ny\u00e1ban.<\/strong> Ez javult, de m\u00e9g mindig magasabb, mint a legt\u00f6bb \u00e9rett szoftver\u00f3ri\u00e1s eset\u00e9ben. A h\u00edg\u00edt\u00e1s lassul, de nem sz\u0171nik meg.<\/li>\n\n\n\n<li><strong>\ud83e\udd16 A ~80x NTM P\/E-n a piac szinte minden t\u0151k\u00e9t a j\u00f6v\u0151beli n\u00f6veked\u00e9si kil\u00e1t\u00e1sokba fektet be.<\/strong> Ha az AI-befektet\u00e9si hull\u00e1m lelassul, ha a hiperscalerek saj\u00e1t AI-megold\u00e1sokat fejlesztenek ki, vagy ha egy komoly piaci korrekci\u00f3 k\u00f6vetkezik be, a Palantir r\u00e9szv\u00e9ny az egyik legsebezhet\u0151bb pap\u00edr a piacon.<\/li>\n\n\n\n<li><strong>\ud83c\udfaf A bootstrap-jelleg\u0171 n\u00f6veked\u00e9s koncentr\u00e1lt.<\/strong> Az amerikai nem korm\u00e1nyzati szegmens a n\u00f6veked\u00e9s motorja, de az \u00fcgyf\u00e9lsz\u00e1m m\u00e9g mindig &#8222;csak&#8221; 571 db, ez kis sz\u00e1m egy glob\u00e1lisan ambici\u00f3zus szoftverplatform sz\u00e1m\u00e1ra. A penetr\u00e1ci\u00f3 m\u00e9lys\u00e9ge (120% NRR) er\u0151s, ez azt jelenti, hogy minden \u00e9vben t\u00f6bbet k\u00f6ltenek a Palantirn\u00e1l a partnerek, \u00e9s m\u00e9g a sz\u00e1muk is alacsony, teh\u00e1t nagyon nagy n\u00f6veked\u00e9s el\u0151tt \u00e1ll a v\u00e1llalat, amennyiben minden klappolni fog.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> a Palantir r\u00e9szv\u00e9ny a legtipikusabb &#8222;szereted vagy ut\u00e1lod&#8221; sztorik egyike a piacon. Ha az AIP az enterprise AI alappill\u00e9r\u00e9v\u00e9 v\u00e1lik, \u00e9s a c\u00e9g 5-7 \u00e9ves horizonton el\u00e9ri a 15-20 milli\u00e1rd USD-os \u00e1rbev\u00e9telt, a jelenlegi \u00e1r visszan\u00e9zve nem t\u0171nik majd v\u00e9szesnek, de ki akarja ezt a kock\u00e1zatot bev\u00e1llalni? Ha a n\u00f6veked\u00e9s 2026-ban hirtelen normaliz\u00e1l\u00f3dik 20-25%-ra, az \u00e1rfolyam gyorsan visszakorrig\u00e1lhat jelent\u0151s m\u00e9rt\u00e9kben. Ez a r\u00e9szv\u00e9ny nem az \u00e1lmatlan \u00e9jszak\u00e1kat ker\u00fcl\u0151k v\u00e1s\u00e1rolj\u00e1k, hanem azok, akik magas meggy\u0151z\u0151d\u00e9ssel fogadnak az AI-forradalom egy konkr\u00e9t infrastruktur\u00e1lis nyertes\u00e9re. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Viszont \u00e9n nem tartozom k\u00f6z\u00e9j\u00fck, ezen az \u00e9rt\u00e9kelts\u00e9gen, ilyen magas SBC mellett nekem a &#8222;bottal se piszk\u00e1ln\u00e1m&#8221; esete, r\u00e1ad\u00e1sul borzalmasan nagy k\u00f6r\u00fcl\u00f6tte a h\u00e1jp, ami \u00e1ltal\u00e1ban azt eredm\u00e9nyezi, hogy olyan dolgokat is el\u0151re be\u00e1raz a piac, amire semmilyen val\u00f3s es\u00e9ly nincsen. Persze l\u00e1ttunk m\u00e1r hasonl\u00f3t a piacon, p\u00e9ld\u00e1ul a Tesla \u00e9vekig ezt csin\u00e1lta \u00e9s m\u00e9gis milyen brut\u00e1lis \u00e1rfolyamemelked\u00e9sen van t\u00fal&#8230;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"osszegzese\">A Palantir r\u00e9szv\u00e9ny t\u00e9zis\u00e9nek \u00f6sszegz\u00e9se<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A Palantir r\u00e9szv\u00e9ny 2026-ban a v\u00e1llalati AI-befektet\u00e9s egyik legmegoszt\u00f3bb megtestes\u00edt\u0151je. A fundamentumok durv\u00e1k \u00e9s gyorsul\u00f3 p\u00e1ly\u00e1n mozognak: 4.475 milli\u00e1rd USD-s \u00e1rbev\u00e9tel (+56.18%), 50%-os adj. EBIT-marzs, 47%-os FCF-marzs, nett\u00f3 cash poz\u00edci\u00f3, nulla ad\u00f3ss\u00e1g \u00e9s 120%-os nett\u00f3 visszatart\u00e1si ar\u00e1ny. Ezek a sz\u00e1mok nem csak egy h\u00e1jpvez\u00e9relt c\u00e9g k\u00e9p\u00e9t mutatj\u00e1k, hanem egy val\u00f3ban profit\u00e1bilis, gyorsul\u00f3 n\u00f6veked\u00e9s\u0171 szoftverplatform\u00e9t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00e9rd\u00e9s kiz\u00e1r\u00f3lag az \u00e9rtekelts\u00e9g. A ~328 milli\u00e1rd USD-os piaci kapitaliz\u00e1ci\u00f3 2025-\u00f6s ~4.5 milli\u00e1rd USD-os bev\u00e9tel mellett ~73x EV\/Sales-t jelent, ez azt felt\u00e9telezi, hogy a Palantir az elk\u00f6vetkez\u0151 5-7 \u00e9vben az AI-infrastrukt\u00fara meghat\u00e1roz\u00f3 v\u00e1llalati platformj\u00e1v\u00e1 v\u00e1lik, \u00e9s ezt a n\u00f6veked\u00e9si p\u00e1ly\u00e1t tartani tudja. Ha ez bek\u00f6vetkezik, a jelenlegi \u00e1r racion\u00e1lis, de m\u00e9g akkor is neh\u00e9z megmagyar\u00e1zni a brut\u00e1lisan pazarl\u00f3 r\u00e9szv\u00e9nyhig\u00edt\u00e1st, amit a v\u00e1llalati SBC okoz. Ha az AIP-sztori b\u00e1rmilyen okb\u00f3l megt\u00f6rik, pl. technol\u00f3giai verseny, makrocs\u00fasz\u00e1s, korm\u00e1nyzati kontraktus-kies\u00e9s<strong>, az \u00e1rfolyam es\u00e9se \u00e9ppoly l\u00e1tv\u00e1nyos lehet, mint amilyen volt 2021-2022-ben volt.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az igaz\u00e1n vonz\u00f3 bel\u00e9p\u00e9si pontok a Palantir eset\u00e9ben piaci p\u00e1nikokban, negat\u00edv negyed\u00e9ves meglepet\u00e9sek ut\u00e1n vagy szektori\u00e1lis selloff-okban ny\u00edlnak majd meg. <strong>Addig \u00e9rdemes figyel\u0151list\u00e1n tartani a Palantirt \u00e9s a k\u00f6vetkez\u0151 negyed\u00e9ves eredm\u00e9nyeket szorosan k\u00f6vetni, de csak akkor, ha az ilyen nagy volatilit\u00e1s\u00fa, brut\u00e1lisan magas SBC-vel dolgoz\u00f3 v\u00e1llalatokkal j\u00f3l alszotok.<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Ha pedig tov\u00e1bb akartok elemezni, haszn\u00e1lj\u00e1tok az iO Charts r\u00e9szv\u00e9nykeres\u0151j\u00e9t \u00e9s portf\u00f3li\u00f3 kezel\u0151j\u00e9t, amit itt \u00e9rtek el: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts<\/a>.<\/strong><\/mark><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<!-- ============================================================\n     GY\u00cdK ACCORDION - iO Charts (Palantir cikk)\n     ============================================================ -->\n<style>\n.io-faq {\n  --faq-navy:      #1b3a5f;\n  --faq-accent:    #e2662c;\n  --faq-text:      #333333;\n  --faq-line:      #dfe5ec;\n  --faq-hover:     #eef4fa;\n  --faq-bg:        #f4f8fc;\n\n  background: var(--faq-bg);\n  padding: 2em 2em 1.5em 2em;\n  border-radius: 10px;\n  max-width: 100%;\n  margin: 2.5em 0;\n}\n\n.io-faq__title {\n  text-align: center;\n  color: var(--faq-navy);\n  margin: 0 0 1.5em 0;\n}\n\n.io-faq__subtitle {\n  display: flex;\n  align-items: center;\n  gap: 1.1em;\n  color: var(--faq-accent);\n  margin: 0 0 1.8em 0;\n  font-size: .95em;\n  white-space: nowrap;\n}\n\n.io-faq__subtitle::before,\n.io-faq__subtitle::after {\n  content: \"\";\n  flex: 1;\n  height: 1px;\n  opacity: .45;\n}\n\n.io-faq__subtitle::before {\n  background: linear-gradient(to right, transparent, var(--faq-accent));\n}\n\n.io-faq__subtitle::after {\n  background: linear-gradient(to left, transparent, var(--faq-accent));\n}\n\n.io-faq__intro {\n  text-align: left;\n  color: var(--faq-text);\n  line-height: 1.7;\n  margin: 0 0 2em 0;\n}\n\n.io-faq__intro p { margin: 0 0 .9em 0; 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}\n\n.io-faq__item[open] .io-faq__q::after {\n  border-color: var(--faq-accent);\n  transform: translateY(-25%) rotate(-135deg);\n}\n\n.io-faq__a {\n  padding: 0 44px 20px 4px;\n  color: var(--faq-text);\n  line-height: 1.7;\n}\n\n.io-faq__a p { margin: 0 0 .8em 0; }\n.io-faq__a p:last-child { margin-bottom: 0; }\n\n.io-faq__disclaimer {\n  margin: 2em 0 0 0;\n  padding: 16px 18px;\n  border-left: 3px solid var(--faq-accent);\n  background: rgba(255, 255, 255, .55);\n  border-radius: 6px;\n  color: var(--faq-text);\n  font-size: .85em;\n  font-style: italic;\n  line-height: 1.6;\n  opacity: .9;\n}\n\n.io-faq__disclaimer strong {\n  font-style: normal;\n  color: var(--faq-navy);\n}\n\n@media (max-width: 600px) {\n  .io-faq { padding: 1.5em 1.2em 1em 1.2em; }\n  .io-faq__q { padding: 15px 38px 15px 2px; }\n  .io-faq__q h3 { font-size: 1em; }\n  .io-faq__a { padding: 0 10px 16px 2px; }\n  .io-faq__disclaimer { padding: 14px; }\n}\n\n@media (max-width: 480px) {\n  .io-faq__subtitle { gap: .6em; font-size: .85em; }\n}\n<\/style>\n\n<div class=\"io-faq\" id=\"gyik\">\n  <h2 class=\"io-faq__title\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek a Palantir r\u00e9szv\u00e9nyr\u0151l<\/h2>\n  <p class=\"io-faq__subtitle\">V\u00e1laszok a leggyakoribb k\u00e9rd\u00e9sekre<\/p>\n  <div class=\"io-faq__intro\">\n    <p>Palantir r\u00e9szv\u00e9nyt fontolgatsz, vagy csak \u00e9rteni akarod, mit\u0151l ennyire megoszt\u00f3 ez a pap\u00edr? Itt t\u00f6m\u00f6r v\u00e1laszokat tal\u00e1lsz a legt\u00f6bbet k\u00e9rdezett t\u00e9m\u00e1kra: mivel foglalkozik val\u00f3j\u00e1ban a c\u00e9g, kik az alap\u00edt\u00f3k \u00e9s mi k\u00f6z\u00fck a PayPal-maffi\u00e1hoz, mi\u00e9rt zuhant 90%-ot 2021\u20132022-ben, hogyan \u00e9rtelmezhet\u0151 a 154x P\/E, \u00e9s fizet-e osztal\u00e9kot.<\/p>\n    <p>Kattints b\u00e1rmelyik k\u00e9rd\u00e9sre, \u00e9s kiny\u00edlik a v\u00e1lasz. Ezek sz\u00e1nd\u00e9kosan r\u00f6vid \u00f6sszefoglal\u00f3k: ha a r\u00e9szletek is \u00e9rdekelnek, azokat feljebb, az elemz\u00e9s megfelel\u0151 fejezeteiben bontom ki b\u0151vebben. Fontos: a Palantir \u00e9rt\u00e9kelts\u00e9ge rendk\u00edv\u00fcl volatilis, az adatok a cikk \u00edr\u00e1s\u00e1nak id\u0151pontj\u00e1t t\u00fckr\u00f6zik.<\/p>\n  <\/div>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi az a Palantir, \u00e9s mi\u00e9rt nem ismerik sokan?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A Palantir Technologies egy 2003-ban alap\u00edtott adatelemz\u00e9si szoftverplatform, amelynek eredetileg titkos korm\u00e1nyzati \u00e9s titkosszolg\u00e1lati \u00fcgyfelei voltak. A c\u00e9g hossz\u00fa \u00e9veken \u00e1t szinte semmilyen nyilv\u00e1nos kommunik\u00e1ci\u00f3t nem folytatott, nem tartott befektet\u0151i napokat, \u00e9s az \u00fczleti modellj\u00e9t sem ismertette r\u00e9szletesen, ez a rejt\u0151zk\u00f6d\u0151 st\u00edlus sok\u00e1ig megnehez\u00edtette a nyilv\u00e1nos meg\u00e9rt\u00e9st. A Palantir h\u00e1rom f\u0151 platformot \u00fczemeltet: a Gothamet (korm\u00e1nyzati \u00e9s v\u00e9delmi intelligencia), a Foundry-t (v\u00e1llalati adatplatform) \u00e9s az AIP-ot (AI-platform v\u00e1llalati LLM-integr\u00e1ci\u00f3hoz).<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Ki a Palantir alap\u00edt\u00f3ja \u00e9s mi k\u00f6ze van a PayPal-maffi\u00e1hoz?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A Palantir alap\u00edt\u00f3i k\u00f6z\u00f6tt szerepel Peter Thiel, Alex Karp, Stephen Cohen, Joe Lonsdale \u00e9s Nathan Gettings. Peter Thiel a PayPal egyik alap\u00edt\u00f3jak\u00e9nt tagja a Silicon Valley-ben inform\u00e1lisan \u201ePayPal-maffi\u00e1nak\u201d nevezett csoportnak, ide tartozik Elon Musk, Reid Hoffman (LinkedIn), Max Levchin (Affirm) \u00e9s t\u00f6bb m\u00e1s meghat\u00e1roz\u00f3 v\u00e1llalkoz\u00f3 is. Thiel volt a Facebook els\u0151 k\u00fcls\u0151 befektet\u0151je \u00e9s a Palantirban ma is 4.1%-os r\u00e9szesed\u00e9ssel (14.5 milli\u00e1rd USD \u00e9rt\u00e9ken) \u0151 az egyik legnagyobb bennfentes. Alex Karp, a CEO neoclassical social theory doktori fokozattal rendelkezik frankfurti tanulm\u00e1nyai alapj\u00e1n, \u00e9s az egyik legszokatlanabb profil\u00fa CEO a nagy szoftverv\u00e1llalatok k\u00f6z\u00f6tt.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi\u00e9rt zuhant 90%-ot a Palantir r\u00e9szv\u00e9ny \u00e1rfolyama 2021-2022-ben?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A 2021 janu\u00e1ri ~45 USD-os cs\u00facsr\u00f3l 2022 v\u00e9g\u00e9re k\u00f6zel 6 USD-ra es\u0151 Palantir r\u00e9szv\u00e9ny n\u00e9gy okb\u00f3l omlott \u00f6ssze: (1) az IPO ut\u00e1ni \u00e9rt\u00e9kelts\u00e9g ~100x P\/E-n abszurd volt; (2) a bev\u00e9teln\u00f6veked\u00e9s 2022-re 17%-ra lassult, ami nem igazolta a pr\u00e9miumot; (3) a r\u00e9szv\u00e9nyalap\u00fa kompenz\u00e1ci\u00f3 m\u00e9g 2021-ben is az \u00e9ves bev\u00e9tel 50%-a k\u00f6r\u00fcl volt, ami sz\u00e9ls\u0151s\u00e9ges h\u00edg\u00edt\u00e1st jelentett; (4) a Fed kamatemel\u00e9si ciklusa 2022-ben az \u00f6sszes vesztes\u00e9ges, magas \u00e9rt\u00e9kelts\u00e9g\u0171 tech r\u00e9szv\u00e9nyt s\u00fajtotta. A vissza\u00fat kataliz\u00e1tora az AIP platform 2023-as bemutat\u00e1sa \u00e9s az azt k\u00f6vet\u0151 amerikai \u00fcgyf\u00e9lsz\u00e1m-robban\u00e1s volt.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Hogyan kell \u00e9rtelmezni a Palantir r\u00e9szv\u00e9ny ~154x P\/E \u00e9rt\u00e9kelts\u00e9g\u00e9t?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A TTM P\/E (~154x) hagyom\u00e1nyos keretek k\u00f6zt \u00e9rtelmezhetetlen. A Palantir eset\u00e9ben az elemz\u0151k jellemz\u0151en az NTM (Next Twelve Months) alap\u00fa mutat\u00f3kat haszn\u00e1lj\u00e1k: a NTM P\/E ~80x, a 2027-es P\/E ~68x, a 2028-as v\u00e1rhat\u00f3 P\/E ~47x k\u00f6r\u00fcli. Ha a 2026-ra v\u00e1rt 72.5%-os bev\u00e9teln\u00f6veked\u00e9s teljes\u00fcl, \u00e9s a marzs kit\u00e1gul, akkor a jelenlegi \u00e9rt\u00e9kelts\u00e9g is normaliz\u00e1l\u00f3dni fog. Ezt nevezi a piac \u201egrowing into the valuation\u201d jelens\u00e9gnek, a n\u00f6veked\u00e9s be\u00e9ri a pr\u00e9miumot. Az igazi k\u00e9rd\u00e9s az, hogy ez a n\u00f6veked\u00e9si \u00fctem tarthat\u00f3-e, vagy a v\u00e1llalat lassulni kezd, \u00e9s emiatt a jelenlegi \u00e1raz\u00e1si pr\u00e9mium leolvad.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Fizet-e osztal\u00e9kot a Palantir r\u00e9szv\u00e9ny?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Nem, a Palantir nem fizet osztal\u00e9kot \u00e9s a k\u00f6zelj\u00f6v\u0151ben sem tervezi. A menedzsment a szabad cash flow-t a n\u00f6veked\u00e9sbe \u00e9s az AIP-platform fejleszt\u00e9s\u00e9be forgatja vissza. \u00c9rdemes kiemelni, hogy annak ellen\u00e9re, hogy a Palantir nem fizet osztal\u00e9kot \u00e9s akt\u00edvan r\u00e9szv\u00e9nyt juttat az alkalmazottaknak (magyar\u00e1n h\u00edg\u00edt), a 2025-\u00f6s szabad cash flow m\u00e1r 2.101 milli\u00e1rd USD volt, ami azt jelzi, hogy az \u00fczleti modell val\u00f3di cash flow-t termel, nem csak pap\u00edron mutat j\u00f3 sz\u00e1mokat.<\/p>\n    <\/div>\n  <\/details>\n  <p class=\"io-faq__disclaimer\">\n    <strong>Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat (aka. disclaimer):<\/strong> a cikkeim mag\u00e1nv\u00e9lem\u00e9nyt tartalmaznak, kiz\u00e1r\u00f3lag a saj\u00e1t \u00e9s az olvas\u00f3k\u00f6z\u00f6ns\u00e9g sz\u00f3rakoztat\u00e1s\u00e1ra \u00edrom \u0151ket. Az itt megjelen\u0151 cikkek semmilyen form\u00e1ban NEM mer\u00edtik ki a befektet\u00e9si tan\u00e1csad\u00e1s t\u00e9mak\u00f6r\u00e9t. Soha nem akartam, nem is akarok \u00e9s a j\u00f6v\u0151ben sem val\u00f3sz\u00edn\u0171, hogy fogok ilyet adni. Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s NEM \u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A v\u00e9lem\u00e9nynyilv\u00e1n\u00edt\u00e1s semmilyen form\u00e1ban NEM tekinthet\u0151 biztos\u00edt\u00e9knak p\u00e9nz\u00fcgyi instrumentumok elad\u00e1s\u00e1ra vagy v\u00e1s\u00e1rl\u00e1s\u00e1ra. A meghozott d\u00f6nt\u00e9seitek\u00e9rt KIZ\u00c1R\u00d3LAG TI vagytok a felel\u0151sek, ennek kock\u00e1zat\u00e1t senki m\u00e1s, \u00edgy \u00e9rtelemszer\u0171en \u00e9n sem, v\u00e1llalom magamra.\n  <\/p>\n<\/div>\n\n\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@graph\": [\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/palantir-reszveny-az-ai-forradalom-nyertese-2026-ban\/#article\",\n      \"about\": {\n        \"@type\": \"Corporation\",\n        \"name\": \"Palantir Technologies Inc.\",\n        \"alternateName\": \"Palantir\",\n        \"tickerSymbol\": \"PLTR\",\n        \"url\": \"https:\/\/www.palantir.com\/\",\n        \"foundingDate\": \"2003\",\n        \"founder\": [\n          { \"@type\": \"Person\", \"name\": \"Peter Thiel\" },\n          { \"@type\": \"Person\", \"name\": \"Alexander C. 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H\u00e1rom f\u0151 platformja a Gotham (korm\u00e1nyzati \u00e9s v\u00e9delmi intelligencia), a Foundry (v\u00e1llalati adatplatform) \u00e9s az AIP (v\u00e1llalati LLM-integr\u00e1ci\u00f3). 2020 szeptember\u00e9ben k\u00f6zvetlen list\u00e1z\u00e1ssal l\u00e9pett a Nasdaqra, 2024 szeptember\u00e9ben ker\u00fclt az S&P 500-ba.\"\n      },\n      \"mentions\": [\n        { \"@type\": \"Corporation\", \"name\": \"Snowflake Inc.\", \"tickerSymbol\": \"SNOW\" },\n        { \"@type\": \"Corporation\", \"name\": \"Microsoft Corporation\", \"tickerSymbol\": \"MSFT\" },\n        { \"@type\": \"Corporation\", \"name\": \"Salesforce, Inc.\", \"tickerSymbol\": \"CRM\" },\n        { \"@type\": \"Corporation\", \"name\": \"Booz Allen Hamilton Holding Corporation\", \"tickerSymbol\": \"BAH\" },\n        { \"@type\": \"Corporation\", \"name\": \"Leidos Holdings, Inc.\", \"tickerSymbol\": \"LDOS\" },\n        { \"@type\": \"Corporation\", \"name\": \"Science Applications International Corporation\", \"alternateName\": \"SAIC\", \"tickerSymbol\": \"SAIC\" },\n        { \"@type\": \"Corporation\", \"name\": \"PayPal Holdings, Inc.\", \"tickerSymbol\": \"PYPL\" },\n        { \"@type\": \"Corporation\", \"name\": \"Tesla, Inc.\", \"tickerSymbol\": \"TSLA\" },\n        { \"@type\": \"Corporation\", \"name\": \"BlackRock, Inc.\", \"tickerSymbol\": \"BLK\" },\n        { \"@type\": \"Organization\", \"name\": \"Databricks, Inc.\", \"description\": \"Adatplatform-v\u00e1llalat, r\u00e9szleges versenyt\u00e1rs a Foundry \u00e9s az AIP piac\u00e1n.\" },\n        { \"@type\": \"Organization\", \"name\": \"Anduril Industries, Inc.\", \"description\": \"V\u00e9delmi technol\u00f3giai v\u00e1llalat, versenyt\u00e1rs a korm\u00e1nyzati kontraktusok\u00e9rt.\" },\n        { \"@type\": \"Organization\", \"name\": \"In-Q-Tel\", \"description\": \"A CIA kock\u00e1zati t\u0151kealapja, amely 2004-ben 2 milli\u00f3 USD-t fektetett a Palantirba.\" },\n        { \"@type\": \"Organization\", \"name\": \"Founders Fund\", \"description\": \"Peter Thiel kock\u00e1zati t\u0151kealapja.\" },\n        { \"@type\": \"Organization\", \"name\": \"The Vanguard Group, Inc.\", \"description\": \"A Palantir egyik legnagyobb int\u00e9zm\u00e9nyi r\u00e9szv\u00e9nyese (~6.04%).\" },\n        { \"@type\": \"Person\", \"name\": \"Peter Thiel\", \"jobTitle\": \"t\u00e1rsalap\u00edt\u00f3 \u00e9s eln\u00f6k\", \"worksFor\": { \"@type\": \"Organization\", \"name\": \"Palantir Technologies Inc.\" } },\n        { \"@type\": \"Person\", \"name\": \"Alexander C. Karp\", \"jobTitle\": \"vez\u00e9rigazgat\u00f3\", \"worksFor\": { \"@type\": \"Organization\", \"name\": \"Palantir Technologies Inc.\" } },\n        { \"@type\": \"Person\", \"name\": \"Stephen Cohen\", \"jobTitle\": \"t\u00e1rsalap\u00edt\u00f3\", \"worksFor\": { \"@type\": \"Organization\", \"name\": \"Palantir Technologies Inc.\" } },\n              { \"@type\": \"Thing\", \"name\": \"Palantir Gotham\", \"description\": \"Korm\u00e1nyzati \u00e9s v\u00e9delmi adatplatform terrorelh\u00e1r\u00edt\u00e1shoz, had\u00e1szati intelligenci\u00e1hoz \u00e9s p\u00e9nz\u00fcgyi csal\u00e1sfelder\u00edt\u00e9shez.\" },\n        { \"@type\": \"Thing\", \"name\": \"Palantir Foundry\", \"description\": \"V\u00e1llalati adatplatform, amely a z\u00e1rt adatt\u00e1rol\u00e1s (data silo) probl\u00e9m\u00e1j\u00e1t oldja meg nagyv\u00e1llalatokn\u00e1l.\" },\n        { \"@type\": \"Thing\", \"name\": \"Palantir AIP\", \"alternateName\": \"Artificial Intelligence Platform\", \"description\": \"2023 m\u00e1jus\u00e1ban bemutatott platform, amely lehet\u0151v\u00e9 teszi nagy nyelvi modellek futtat\u00e1s\u00e1t z\u00e1rt v\u00e1llalati adatokon; a c\u00e9g n\u00f6veked\u00e9si motorja.\" }\n      ],\n      \"citation\": [\n        {\n          \"@type\": \"WebPage\",\n          \"name\": \"Palantir Technologies hivatalos v\u00e1llalati oldal\",\n          \"publisher\": { \"@type\": \"Organization\", \"name\": \"Palantir Technologies Inc.\" },\n          \"url\": \"https:\/\/www.palantir.com\/\"\n        },\n        {\n          \"@type\": \"WebPage\",\n          \"name\": \"Palantir r\u00e9szv\u00e9ny adatlap \u00e9s historikus \u00e9rt\u00e9kelts\u00e9g\",\n          \"publisher\": { \"@type\": \"Organization\", \"name\": \"iO Charts\" },\n          \"url\": \"https:\/\/iocharts.io\/stocks\/PLTR\"\n        },\n        {\n          \"@type\": \"WebPage\",\n          \"name\": \"Palantir p\u00e9nz\u00fcgyi adatok, szegmensbont\u00e1s, NRR \u00e9s \u00e9rt\u00e9kelts\u00e9gi mutat\u00f3k\",\n          \"publisher\": { \"@type\": \"Organization\", \"name\": \"Fiscal.ai\" },\n          \"url\": \"https:\/\/fiscal.ai\/\"\n        }\n      ]\n    },\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/#\/schema\/person\/e285f855a6a9b806cd03c0b62f1c5831\",\n      \"alternateName\": [\"M\u00e1rton J. Bulla\", \"Don Kart\u00e1cs\"],\n      \"givenName\": \"M\u00e1rton\",\n      \"familyName\": \"Bulla\",\n      \"jobTitle\": \"Fundament\u00e1lis elemz\u0151\",\n      \"nationality\": { \"@type\": \"Country\", \"name\": \"Magyarorsz\u00e1g\" },\n      \"knowsAbout\": [\n        \"fundament\u00e1lis r\u00e9szv\u00e9nyelemz\u00e9s\",\n        \"sorozatfelv\u00e1s\u00e1rl\u00f3 v\u00e1llalatok\",\n        \"t\u0151keallok\u00e1ci\u00f3\",\n        \"ROIC \u00e9s tulajdonosi \u00e9rt\u00e9kteremt\u00e9s\",\n        \"koncentr\u00e1lt r\u00e9szv\u00e9nyportf\u00f3li\u00f3\"\n      ],\n      \"worksFor\": { \"@id\": \"https:\/\/iocharts.io\/blog\/#organization\" },\n      \"sameAs\": [\n        \"https:\/\/rendeljkinait.hu\/author\/jackal\/\"\n      ]\n    },\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/#organization\",\n      \"alternateName\": \"iOCharts\",\n      \"description\": \"Magyar nyelv\u0171 befektet\u00e9si elemz\u0151 blog, amely fundament\u00e1lis r\u00e9szv\u00e9nyelemz\u00e9seket, piaci h\u00edreket \u00e9s befektet\u00e9si alapismereteket publik\u00e1l.\",\n      \"knowsLanguage\": \"hu\"\n    },\n\n    {\n      \"@type\": \"FAQPage\",\n      \"@id\": \"https:\/\/iocharts.io\/blog\/palantir-reszveny-az-ai-forradalom-nyertese-2026-ban\/#faq\",\n      \"isPartOf\": { \"@id\": \"https:\/\/iocharts.io\/blog\/palantir-reszveny-az-ai-forradalom-nyertese-2026-ban\/\" },\n      \"inLanguage\": \"hu\",\n      \"mainEntity\": [\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi az a Palantir, \u00e9s mi\u00e9rt nem ismerik sokan?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A Palantir Technologies egy 2003-ban alap\u00edtott adatelemz\u00e9si szoftverplatform, amelynek eredetileg titkos korm\u00e1nyzati \u00e9s titkosszolg\u00e1lati \u00fcgyfelei voltak. A c\u00e9g hossz\u00fa \u00e9veken \u00e1t szinte semmilyen nyilv\u00e1nos kommunik\u00e1ci\u00f3t nem folytatott, nem tartott befektet\u0151i napokat, \u00e9s az \u00fczleti modellj\u00e9t sem ismertette r\u00e9szletesen, ez a rejt\u0151zk\u00f6d\u0151 st\u00edlus sok\u00e1ig megnehez\u00edtette a nyilv\u00e1nos meg\u00e9rt\u00e9st. A Palantir h\u00e1rom f\u0151 platformot \u00fczemeltet: a Gothamet (korm\u00e1nyzati \u00e9s v\u00e9delmi intelligencia), a Foundry-t (v\u00e1llalati adatplatform) \u00e9s az AIP-ot (AI-platform v\u00e1llalati LLM-integr\u00e1ci\u00f3hoz).\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Ki a Palantir alap\u00edt\u00f3ja \u00e9s mi k\u00f6ze van a PayPal-maffi\u00e1hoz?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A Palantir alap\u00edt\u00f3i k\u00f6z\u00f6tt szerepel Peter Thiel, Alex Karp, Stephen Cohen, Joe Lonsdale \u00e9s Nathan Gettings. Peter Thiel a PayPal egyik alap\u00edt\u00f3jak\u00e9nt tagja a Silicon Valley-ben inform\u00e1lisan PayPal-maffi\u00e1nak nevezett csoportnak, ide tartozik Elon Musk, Reid Hoffman (LinkedIn), Max Levchin (Affirm) \u00e9s t\u00f6bb m\u00e1s meghat\u00e1roz\u00f3 v\u00e1llalkoz\u00f3 is. Thiel volt a Facebook els\u0151 k\u00fcls\u0151 befektet\u0151je \u00e9s a Palantirban ma is 4.1%-os r\u00e9szesed\u00e9ssel (14.5 milli\u00e1rd USD \u00e9rt\u00e9ken) \u0151 az egyik legnagyobb bennfentes. Alex Karp, a CEO neoclassical social theory doktori fokozattal rendelkezik frankfurti tanulm\u00e1nyai alapj\u00e1n, \u00e9s az egyik legszokatlanabb profil\u00fa CEO a nagy szoftverv\u00e1llalatok k\u00f6z\u00f6tt.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi\u00e9rt zuhant 90%-ot a Palantir r\u00e9szv\u00e9ny \u00e1rfolyama 2021-2022-ben?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A 2021 janu\u00e1ri ~45 USD-os cs\u00facsr\u00f3l 2022 v\u00e9g\u00e9re k\u00f6zel 6 USD-ra es\u0151 Palantir r\u00e9szv\u00e9ny n\u00e9gy okb\u00f3l omlott \u00f6ssze: (1) az IPO ut\u00e1ni \u00e9rt\u00e9kelts\u00e9g ~100x P\/E-n abszurd volt; (2) a bev\u00e9teln\u00f6veked\u00e9s 2022-re 17%-ra lassult, ami nem igazolta a pr\u00e9miumot; (3) a r\u00e9szv\u00e9nyalap\u00fa kompenz\u00e1ci\u00f3 m\u00e9g 2021-ben is az \u00e9ves bev\u00e9tel 50%-a k\u00f6r\u00fcl volt, ami sz\u00e9ls\u0151s\u00e9ges h\u00edg\u00edt\u00e1st jelentett; (4) a Fed kamatemel\u00e9si ciklusa 2022-ben az \u00f6sszes vesztes\u00e9ges, magas \u00e9rt\u00e9kelts\u00e9g\u0171 tech r\u00e9szv\u00e9nyt s\u00fajtotta. A vissza\u00fat kataliz\u00e1tora az AIP platform 2023-as bemutat\u00e1sa \u00e9s az azt k\u00f6vet\u0151 amerikai \u00fcgyf\u00e9lsz\u00e1m-robban\u00e1s volt.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Hogyan kell \u00e9rtelmezni a Palantir r\u00e9szv\u00e9ny ~154x P\/E \u00e9rt\u00e9kelts\u00e9g\u00e9t?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A TTM P\/E (~154x) hagyom\u00e1nyos keretek k\u00f6zt \u00e9rtelmezhetetlen. A Palantir eset\u00e9ben az elemz\u0151k jellemz\u0151en az NTM (Next Twelve Months) alap\u00fa mutat\u00f3kat haszn\u00e1lj\u00e1k: a NTM P\/E ~80x, a 2027-es P\/E ~68x, a 2028-as v\u00e1rhat\u00f3 P\/E ~47x k\u00f6r\u00fcli. Ha a 2026-ra v\u00e1rt 72.5%-os bev\u00e9teln\u00f6veked\u00e9s teljes\u00fcl, \u00e9s a marzs kit\u00e1gul, akkor a jelenlegi \u00e9rt\u00e9kelts\u00e9g is normaliz\u00e1l\u00f3dni fog. Ezt nevezi a piac growing into the valuation jelens\u00e9gnek, a n\u00f6veked\u00e9s be\u00e9ri a pr\u00e9miumot. Az igazi k\u00e9rd\u00e9s az, hogy ez a n\u00f6veked\u00e9si \u00fctem tarthat\u00f3-e, vagy a v\u00e1llalat lassulni kezd, \u00e9s emiatt a jelenlegi \u00e1raz\u00e1si pr\u00e9mium leolvad.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Fizet-e osztal\u00e9kot a Palantir r\u00e9szv\u00e9ny?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Nem, a Palantir nem fizet osztal\u00e9kot \u00e9s a k\u00f6zelj\u00f6v\u0151ben sem tervezi. A menedzsment a szabad cash flow-t a n\u00f6veked\u00e9sbe \u00e9s az AIP-platform fejleszt\u00e9s\u00e9be forgatja vissza. \u00c9rdemes kiemelni, hogy annak ellen\u00e9re, hogy a Palantir nem fizet osztal\u00e9kot \u00e9s akt\u00edvan r\u00e9szv\u00e9nyt juttat az alkalmazottaknak (magyar\u00e1n h\u00edg\u00edt), a 2025-\u00f6s szabad cash flow m\u00e1r 2.101 milli\u00e1rd USD volt, ami azt jelzi, hogy az \u00fczleti modell val\u00f3di cash flow-t termel, nem csak pap\u00edron mutat j\u00f3 sz\u00e1mokat.\"\n          }\n        }\n      ]\n    }\n\n  ]\n}\n<\/script>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>Mir\u0151l sz\u00f3l a Piaci Impulzus rovat? A Palantir r\u00e9szv\u00e9ny az elm\u00falt \u00f6t \u00e9vben +460%-ot emelkedett, de az \u00fat oda k\u00f6zel 90%-os zuhan\u00e1son kereszt\u00fcl vezetett, majd egy AI-term\u00e9k-bejelent\u00e9sen kereszt\u00fcl indult el a vissza\u00fat. Ma a Palantir az egyik legmegoszt\u00f3bb r\u00e9szv\u00e9ny a piacon: a bik\u00e1k szerint ez az \u00e9vtized meghat\u00e1roz\u00f3 v\u00e1llalati AI-infrastrukt\u00fara c\u00e9ge, a medv\u00e9k szerint egy [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/palantir-reszveny-az-ai-forradalom-nyertese-2026-ban\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":11579,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[272,31],"tags":[411,129,275,410,74,4,115],"class_list":["post-11513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-impulse","category-reszvenyelemzes","tag-ai","tag-iocharts","tag-market-impulse","tag-palantir","tag-portfolioblogger","tag-reszveny","tag-reszvenyelemzes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Palantir r\u00e9szv\u00e9ny: az AI forradalom nyertese 2026-ban?<\/title>\n<meta name=\"description\" content=\"Palantir r\u00e9szv\u00e9ny elemz\u00e9se: 56%-os bev\u00e9teln\u00f6veked\u00e9s, 50%-os EBIT-marzs \u00e9s az enterprise AI-forradalom egyik kulcsszerepl\u0151je. 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