Palantir's meteoric rise is pushing the company's valuation further into record territory, forcing bullish investors to bank on increasingly robust future growth to justify its current level. Shares of the defense maker closed at another all-time high Friday, bringing gains since its 2021 debut to near 2,500%. The stock is up almost 150% this year, a rally underpinned by the company's growing use of artificial intelligence, business ties to the U.S. government and most recently, a stellar earnings report. That surge has made Palantir eye-wateringly expensive compared to its peers: trading at 245 times forward earnings, it is the most richly-valued company in the S&P 500 Index.

Fascination with AI shows no sign of abating in Europe. While established companies may still be slow to pick the technology up, new start-ups in the sector continue to grow – in France by as much as 38% this year already. There is also no shortage of investment, with $4bn pumped into the sector globally in Q3 compared to $2.8bn in the same period last year, while the UK continues to set the research and development standard in Europe with 623 AI-related patents. It's often said numbers like this are not intended to discourage entrepreneurs, but to motivate them to work smarter and harder. Unfortunately, it's more than just hard work that sets a company up for success – and for those who are looking to scale up their AI venture, the best lessons to be learned can be drawn from those who've been in the same position – and thrived.