Defense rearmament to Palantir revenue and valuation appropriation cut ceiling under-delivers Geopolitical competition rearmament pressure Battlefield lessons autonomy in combat US defense topline a request, not an enacted budget AI command-and-control autonomous systems procurement Palantir software layer Maven first, then broad enterprise vehicles Consolidated contracts fewer renewals, higher switching cost Recurring government revenue contract flow becomes recurring US commercial growth faster growth adds to total Investors price the growth extreme valuation multiple contract flow continues Multiple holds priced on today's contract flow Multiple reprices appropriation cut, revenue slows