The AI-focused Palantir joins a group of less than 50 public American companies worth at least $200 billion, quite the turn of events for the government contractor worth less than $20 billion two years ago.

Palantir surged more than 23% in premarket trading after reporting stronger-than-expected fourth-quarter results and guidance driven by AI CEO and co-founder Alex Karp called the momentum within its commercial and government segments "unlike anything that has come before.

Palantir Technologies stock was soaring after the company posted a big beat with its fourth-quarter results on Monday afternoon. Earnings per share were up annually by 75% to 14 cents, compared with Wall Street’s consensus estimate of 11 cents,

Palantir Technologies reported strong revenue growth last quarter as the company that made its name providing software to the U.S. government said demand for its artificial intelligence products continues to expand.

Palantir Technologies Inc.’s hefty premium will be in focus when the data analysis software giant reports earnings after the market close on Monday — with the stock trading at levels some see as difficult to maintain.

In the 17 reporting periods since it became public, Palantir has beaten the analyst consensus for sales in all but one quarter.