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Palantir stock jumps as tech firm wins big US Army contract


Palantir stock surged as large as 8.7 % on Wednesday following the organization disclosed it had scored a worthwhile deal with the US Army.

The secretive Silicon Valley organization, which was co-established by tech tycoon Peter Thiel, mentioned late Tuesday that the Army would pay back $823 million for its “Gotham” system, a info and analytics method developed to aid process substantial quantities of information and facts from disparate resources. 

“This capacity will industry present day details integration, correlation, fusion, and analytic capabilities that prepare the Army for the upcoming combat against emerging close to peer threats,” Palantir reported in a release. 

Palantir, which went community previous yr and is valued at $47 billion, won the agreement in excess of United kingdom protection business BAE Methods. Both of those firms experienced been named as finalists for the deal in February 2020. 

About 30 minutes right after marketplaces opened Friday, Palantir inventory was investing up 4.5 percent at $24.26, though BAE stock had fallen 1.3 per cent to $30.66, according to MarketWatch facts. 

Palantir's sign outside NYSE
The secretive company, which went community previous calendar year, is valued at $47 billion.
Bloomberg by using Getty Photos

Palantir, which depends mostly on contracts with govt organizations for revenue, has by no means documented an once-a-year gain in the 17 a long time because it was established. That has not stopped its stock from surging 163 per cent considering the fact that the corporation went general public very last September. 

Palantir’s CEO, Alex Karp, raked in more than $1.1 billion in complete payment in 2020, building him just one of the greatest-paid chief executives in historical past.

Palantir CEO Alex Karp
Palantir CEO Alex Karp is amongst the maximum-compensated main executives in historical past.
Getty Photos


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