Thinking of investing into PLTR

Hello, I have been watching Palantir for a while now and believe I will open up a position soon.

Of course I have done tons of research into this company but also would like some input/opinions from current investors both long term and short.

I think there is no doubt Palantir is one of the top AI plays out there and their contracts with the government are impressive and important.

Now onto devils advocate…. While the things I’ve listed are great, can I hear opinions on why Palantir is worth 20x+ their current projected 2023 earnings? At $20 a share this stock would be valued at 20x 2024 earnings.

The stock buyback if continued I would say helps this current valuation but also we must take into consideration that AI valuations in general could one day go down such as how EVs were once valued at a multiple much more than they are now.

I see some calling for $30-$40+ by 2025 but by then this company would be valued at 60-80B while making less than 5B?

Also, government contracts are great, but anyone who has worked for the government knows they give out contracts to the lowest bidder and don’t marry any deal.

Again, just playing devils advocate and see this as a great long term hold. The multiple/valuation is the main question I’m pondering.

Any opinions are welcomed.

Thank you