Palantir stock rallies more than 10% on $823 million Army contract

Palantir Systems Inc. shares rallied in the extended session Tuesday right after the information-program company said it was picked for a U.S. Army intelligence plan contract.

Palantir
PLTR,
+.17%
shares surged and were being final up 14% following hrs, pursuing a .2% increase to shut at $23.21.

The enterprise mentioned it won a $823 million agreement to provide the Army with its Gotham platform, which is “an functioning system for protection determination generating and is specially designed to join the dots amongst disparate sources,” Palantir said in a assertion.

Palantir mentioned the platform will “support Army Intelligence customers around the globe with a globally federated Intelligence data cloth and analytics platform spanning a number of security classifications.” 

“We glance ahead to the ongoing partnership with [Program Executive Officer Intelligence Electronic Warfare & Sensors] and the Army’s Intelligence Neighborhood in offering new and fascinating technological innovation that enable them in their modernization attempts,” reported Doug Philippone, Palantir’s world defense direct, in a assertion.

The contract falls below the Army’s Capability Drop 2 plan. Palantir claimed the CD-2 agreement is “one of several” projects it is doing the job on to modernize Army intelligence.

Go through: The Palantir non-IPO: 5 things to know about the (formerly) secretive software program company’s immediate listing

Palantir began buying and selling publicly under a direct listing a little much more than a year back, with shares rallying to close 31% previously mentioned their $7.25 reference price tag on their first day.

In excess of the previous 12 months, Palantir shares were being up 157%. By comparison, both of those the S&P 500 index
SPX,
+1.05%
and the tech-large Nasdaq Composite Index
COMP,
+1.25%
have risen about 27%.

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