Palantid Technologies is the latest technology company to hit its highs as investors rally on its new-found cash flow and revenue growth.
Shares of the company, which makes a cloud-based platform for digitizing and storing data for business intelligence, rocketed more than 1,000 per cent on Wednesday, rising above $30,000 before hitting $30.1.
Palantive, a Palo Alto, California-based company that has become one of the fastest-growing tech companies in recent years, gained $12.4 per share in the session.
Palance, which counts Google, Microsoft and Facebook among its core customers, announced that it had been acquired by Salesforce for $3.7 billion.
Palante, which sells software and data for big data analytics and data analytics, is valued at more than $6 billion, according to Bloomberg.
It is also one of a handful of Silicon Valley tech firms to hit record highs.
The Nasdaq Composite index gained 1.7 per cent, or $3,400, to close at 1,931.21.
PalantiShares, which includes Palantib, was up more than 5 per cent to $32.20, the biggest gain since the day of the IPO.
Palantisetrics shares jumped 7 per cent in after-hours trading, to $41.77.
The tech sector has also enjoyed record profits over the past year, with Facebook, Google, LinkedIn and other tech companies posting record profits.