Palantir Technologies (PLTR 2.15%) probably has helped make some investors millionaires in recent times. After all, the software company saw its stock soar more than 1,000% over the past three years. This was as demand for Palantir's products -- including an artificial intelligence-driven (AI) platform -- surged and revenue climbed in the double digits quarter after quarter.

And considering the latest demand trends and Palantir's forecasts, this revenue momentum may be far from over. Still, these incredible gains have left Palantir trading at steep valuations. And uncertainty about the economy ahead remains a risk -- if President Donald Trump's tariff plan weighs too heavily on prices, Palantir's customers might cut back on spending. That clearly would hurt revenue prospects, at least in the near term.

So, there are reasons to be positive about Palantir, as well as reasons to worry about revenue growth in the coming quarters. Considering the full picture, is Palantir stock a ticket to becoming a millionaire? Let's find out.

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Palantir's commercial business growth

It's clear that Palantir has delivered fantastic results over the past few years. The company, which in its earlier days relied on government contracts, today has built a growing commercial business too -- serving customers from United Airlines to Tampa General Hospital. These customers have flocked to Palantir for the company's Artificial Intelligence Platform (AIP), an AI-driven system that allows users to aggregate their data and optimize the use of it. The results can offer customers a significant advantage, helping them become more efficient, launch new strategies and products, and become more competitive in their fields.

For example, mining giant Rio Tinto is using AIP to access data that were previously out of reach -- and thanks to this, the company is able to tackle problems it couldn't address in the past.

In the most recent quarter, Palantir's U.S. commercial revenue jumped 64%, and Palantir also continues to generate significant revenue growth from the U.S. government, with revenue from that source advancing 45% year over year. Deal value is surging too. The company closed 129 deals in the quarter that were valued at $1 million or more, and 32 deals valued at least $10 million.

Chief executive officer Alex Karp said in his latest letter to shareholders that this growth story is in its "earliest stages," and the momentum he's seeing across government and commercial businesses is "unlike anything that has come before."

Trump's tariff plans

All this offers investors reason to be confident about growth ahead. However, these comments came in before Trump announced his tariff plans and economists warned about the impact tariffs may have on the economy. If Trump's tariffs do come in at a level that's high enough to hurt the economy, Palantir, like most other U.S. companies, may feel some impact. So, no matter how strong a particular company may be, it still could face some headwinds in the quarters to come.

But a strong company is more likely to successfully manage the difficult times and grow over the long term. And Palantir is in this category, thanks to its long track record of government business growth, its recent gains in the commercial market, and its ability to balance profitability with growth. The company has shown this balance by achieving a Rule of 40 score of 81% in the recent quarter. Generally, delivering a score of 40% is considered good, and Palantir has far surpassed that.

Finally, a note on valuation. Palantir looks pricey, trading for more than 200x forward earnings estimates -- so it's not the best buy for a value investor, though some growth investors who aim to hold for the long term might still consider this top AI stock. After all, this measure includes near-term earnings estimates -- not growth five or 10 years from now.

The ticket to millions?

With all of this in mind, let's return to our question: Is Palantir stock your ticket to becoming a millionaire? It's important to note that even over the past few years of incredible gains, investors would have had to buy many Palantir shares for that stock alone to make them millionaires. For example, if you invested $100 in the stock three years ago, today you would have $1,100. Your initial investment would have to have been more than $90,000 for the value today to reach $1 million.

It's not a good idea to put all of your eggs in one basket in investing, and instead, you're more likely to score a win if you diversify across quality companies. So I wouldn't bet everything on Palantir with the hope that it would make me a millionaire -- it's risky, and unless I'm investing a huge sum, I'm not likely to be successful.

But, as part of a diversified portfolio, Palantir could play a valuable role in achieving your wealth goals -- so it could be part of your ticket to becoming a millionaire over the long run.