Growth stocks have helped lead the market higher for most of the past two decades. At this point, there is no reason to think this is going to stop.

Let’s look at three breakout growth stocks that I think are positioned to keep delivering over the next decade.

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1. Palantir Technologies

Palantir Technologies (PLTR 4.14%) has been the single best-performing stock in the S&P 500 over the past two years. That’s not by accident, as its revenue growth has consistently accelerated over this period.

The secret to the company’s success is its artificial intelligence (AI) platform. Instead of trying to build the next great large language model, Palantir has focused on creating a platform that can harness the power of these models. It did this by creating a system that can gather and organize messy data into a clean structure that AI can then put to work. In essence, it has created an AI operating system that helps both secure customers’ data and reduce AI hallucinations, allowing AI to be safely used to help solve real-world problems.

The results speak volumes. Revenue jumped 48% year over year in Q2, hitting $1 billion. U.S. commercial sales nearly doubled, while U.S government revenue soared 53%. The company is quickly adding new customers, while existing customers are also expanding fast, with net dollar retention hitting 128% last quarter.

The big knock on Palantir’s stock is its valuation. Palantir trades at nosebleed multiples, so any slip-up could sting. That said, great companies rarely trade cheap, and with AI adoption still in the early innings, Palantir has all the ingredients to be one of the defining AI winners of the next decade.

2. SoundHound AI

SoundHound AI (SOUN -3.02%) is a smaller company, but its technology could make it a big player in AI. The company started out powering voice assistants in cars and restaurants, but the big story now is its push into agentic AI. Its acquisition of Amelia last year gave SoundHound deep conversational intelligence, which it has merged with its voice-first platform to create Amelia 7.0.

What makes this unique is that SoundHound is merging voice technology with AI agents, so its platform not only answers questions, it can act on them as well. Its voice technology was designed to understand intent, which could be a huge differentiator in this emerging field. It also just added real-time visual recognition to expand its capabilities beyond voice. The company is currently in the process of moving its 15 largest customers onto the platform.

SoundHound is still small with a market cap of around $6 billion; however, it’s in hypergrowth mode, with revenue skyrocketing 217% in Q2. There are still plenty of risks, as the company still isn’t profitable and the competition in the AI agent space is fierce. However, if it can come out on top, the stock could become a megawinner.

3. GitLab

GitLab (GTLB 1.21%) might not get as much attention as flashier AI names, but it’s been a consistent revenue grower, posting eight straight quarters of revenue growth of between 25% to 35%. This included last quarter, when revenue climbed 29% to $236 million. While the company issued conservative guidance following its most recent quarterly results, this is likely more the result of a CFO transition than anything else.

While at its core, GitLab runs a DevSecOps (Development, Security, Operations) platform, the company has expanded to become a complete software development lifecycle platform that helps teams write, test, secure, and deploy code more efficiently. Its Duo Agent solution uses AI to help automate many of the tasks that used to eat up a developer’s time. That’s important because, according to analysts at William Blair, developers typically only spend about 20% of their time actually writing code.

While there has been a fear that AI would lead to fewer coders and hurt GitLab’s business model, it has instead been a tailwind. AI has accelerated the pace of software development, which boosts demand for its platform. Customers have also been moving to higher-tier solutions, with its Ultimate tier now representing more than half of annual recurring revenue. Large enterprise customers, meanwhile, are driving growth, with the number of clients spending over $100,000 up 25% last quarter.

Overall, GitLab is proving to be an AI winner, and the introduction of a new hybrid seat-plus-usage-based model could be a nice future growth driver. While I like the stock over the long run, I would not be surprised if a cloud computing provider eventually acquires it.