Palantir stock surged as high as 8.7 percent on Wednesday after the company uncovered it had scored a lucrative contract with the US Army.
The secretive Silicon Valley firm, which was co-founded by tech tycoon Peter Thiel, said late Tuesday that the Army would pay $823 million for its “Gotham” stage, an information and analytics system intended to assist with handling a lot of information from dissimilar sources.
“This capability will handle current information integration, correlation, combination, and logical abilities that set up the Army for the following battle against arising close to peer dangers,” Palantir said in a delivery.
Palantir, which opened up to the world last year and is esteemed at $47 billion, prevailed upon the contract UK defense company BAE Systems. The two companies had been named as finalists for the deal in February 2020.
Around 30 minutes post-retail marketplaces opened Friday, Palantir stock was exchanging up 4.5 percent at $24.26, while BAE stock had fallen 1.3 percent to $30.66, according to information.
Palantir, which depends generally on contracts with government offices for income, has never detailed a yearly benefit in the a long time since it was founded. That hasn’t prevented its stock from flooding 163% since the company opened up to the world last September.
Palantir’s CEO, Alex Karp, rounded up more than $1.1 billion in complete compensation in 2020, making him one of the most generously compensated chief executives ever.