Palantir is a top performer today after the company announced a new government security award that would expand its ability to sell its cloud services to the U.S. government. The designation, known as FedRAMP High Baseline, “enables the U.S. government to process the most sensitive unclassified workloads in Palantir’s cloud offering,” the company said in a statement.

Such bureaucratic updates aren’t typically the stuff that particularly excites tech stock traders.

But the sales to the government — particularly the prospect that the company could benefit from a new Trump administration with close ties to powerful right-wing tech billionaires Elon Musk and Peter Thiel, a co-founder of Palantir — are a big part of the story has made Palantir a much-talked-about retail favorite over the last year.

On a pure dollar basis, the company’s sales to governments are larger and growing faster – $408 million in the third quarter, up 32.5% – than its commercial division, which was worth $317 million, up 26 .4% in the third quarter compared to the previous year. (Palantir’s U.S. government business grew even faster, up 40% in the third quarter, the company told analysts during a conference call.)

But sales have to be really massive to justify the valuations that the stock market assigns to the company. To put it into context, the collective wisdom of world capitals currently projects Palantir’s price-to-sales ratio at an insane 45x.

To put that in perspective, here’s how Palantir’s current valuation compares to the highest price-to-book ratios of some of the most well-known and popular tech companies of the past few decades.

Seems like there’s an unrealistic enthusiasm in the price! But for now, the Palantirians are enjoying their current status as kings of the S&P 500. Up more than 300%, Palantir is currently the best-performing stock in the index this year – just ahead Vistra Corp – despite only joining the blue chip index in September.