Palantir Stock Increases after Extending Army contract Worth $619 M

The Key Takeaways

• Palantir Technologies’ shares rose Thursday, after the analytics-software provider announced that it had extended a deal with the U.S. Army worth up to $618.9 millions.
• With Thursday's gains, the stock has more than quadrupled in value since the start of the year.
• Next Monday, the stock will join Nasdaq 100 Index.

Shares of Palantir Technologies (PLTR), a provider of analytics software, rose Thursday following the announcement that it had extended a deal with the U.S. Army. The contract could have a value exceeding half a million dollars.

According to the company, this agreement is worth $400.7 for a maximum of four years and could reach up to $618.9 millions.

Palantir has partnered with the Army since 2018, in an Army Vantage program. Palantir provides the Army with a variety of tools. “data and artificial intelligence (AI) to more effectively perform essential missions and enable faster decision-making across the force.”

Its software also added this feature. “the Army is able to create AI-enabled data solutions that integrate, analyze, and visualize information from multiple disparate data sources to better enable operational efficiencies and optimize business processes across the Army enterprise.”  

Palantir has said that Vantage currently supports more than 100,000 customers, with this year’s record-breaking number.

Palantir’s shares rose by close to 4 percent on Thursday, and their market value has more than quadrupled since the beginning of this year. Next Monday, the stock will be added to the Nasdaq 100 Index.

CORRECTION—Dec. 19, 2024: This article has been corrected to reflect Palantir's contract with the U.S. Army could be worth up to $618.9 million.

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