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 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 continues to reap the rewards of its decades of AI expertise. The stock is expensive, so investors should exercise care. In the fourth quarter, Palantir generated revenue that accelerated to 36% year over year (and 14% sequentially) to $828 million.

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

Palantir executives welcomed the advent of low-cost artificial intelligence. Other software stocks could also see benefits from cheaper AI.