Beyond Wall Street, Palantir has a controversial reputation, as its involvement with government programs, and its chief executive Alex Karp's outspoken views, have sparked criticism. Photo by Kevin Dietsch/Getty Images/Postmedia files

Palantir Technologies Inc.’s pricey valuation has long confounded Wall Street but investors have largely ignored those calls, instead pushing the stock to yet another record ahead of earnings.

The shares were priced at 85-times sales expected over the next 12 months, as of Friday, making them by far the most expensive in the S&P 500 Index . Based on price-to-earnings, Palantir was the fourth-priciest company in the index after Albermarle Corp., Warner Bros. Discovery Inc. and Boeing Co. The stock was also the fifth-best performer in the S&P 500

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