Question: Is data analytics firm Palantir a software or services company? The answer may determine whether you think it’s worth $20 billion or $8 billion.

Palantir uses software it has designed to mine data on behalf of companies and government agencies, helping address everything from cybersecurity to supply chain efficiency. While there’s obviously a software element to its business, some portion of its revenues come from services—setting up and implementing one-time projects, rather than licensing technology.