Can you believe it? The stock price of a leading data analytics company broke through $187 in August this year, with a market capitalization soaring to $443 billion, directly surpassing the combined scale of the three major military industrial giants.

This company was only $10 when it went public in 2020, now it has increased nearly 19 times. From its lowest point at $5.92 to now, the cumulative increase is an astonishing 31 times. Since the beginning of this year, it has risen another 145%.

Even more outrageous is that this growth is not driven by selling consumer products, training AI models, or manufacturing chips. Its client list is incredibly impressive—the most secretive U.S. intelligence agencies and defense departments are all lining up to use their data systems.

But there is a logical flaw here. The forward P/E ratio is as high as 245, while the industry average is only 24. To compare, a certain chip giant often criticized for bubbles has a P/E ratio of just 35. How can a data company's valuation be so absurd?

From being labeled as an "evil enterprise" in Silicon Valley to now transforming into a "national destiny stock," what has this company experienced?

Behind it is a re-pricing of strategic value. Against the backdrop of geopolitical tensions and AI militarization, companies controlling data flows are being re-evaluated. No matter how big the valuation bubble is, the market has already bet on a new era logic.