Palantir has shown a clear trend of accelerating revenue growth and improving profitability, setting the stage for potentially strong Q2 results.

Palantir is scheduled to report second-quarter earnings in the next week, and expectations are sky high. Is now a good time to invest?

In this photo illustration, a smartphone displays the logo of Palantir Technologies Inc. (NYSE: PLTR), an American big data analytics and software company, in front of a screen showing the company's latest stock market chart on July 30,