One argument for why Figma could be more likely to be a millionaire-maker than Palantir is that it's much smaller. Figma's market cap of around $40 billion is only a fraction of Palantir's market cap of roughly $440 billion. Generally speaking, smaller companies have more room to grow than larger companies do.

While the operational momentum is clearly solid, investors should pay closer attention to the risks. History shows Palantir stock can fall hard as sentiment shifts.

There's a big hurdle standing in the way of continued increases in the stock price. If you bought $10,000 of Palantir (NASDAQ: PLTR) stock in 2020 when shares first hit the public market, you'd have close to $187,