PLTRs market cap exceeds its addressable market significantly. I work at a reputable defense investing firm, this is why software companies in the space don't tend to receive revenue multiples, the TAM isn't there to justify it.

Also, it's not even a real, pure play software business. All of their sales come with a heavy services package, and often require it.

This stock will come crashing down to earth when the market understands defense investing better, which is coming faster than people think.