Palantir’s Stock Gains After Extending Army Contract Worth $619 Million | Global News Avenue

Palantir Technology (PLTR) The analytics software provider’s shares rose on Thursday after it said it had extended a contract with the U.S. Army that could be worth more than $500 million.

The company said the agreement is worth $400.7 million over four years and has the potential to reach $618.9 million.

Palantir and the Army have been working together since 2018 on a project called Army Vantage, with Palantir providing the Army with “data and Artificial Intelligence (AI) Perform critical missions more efficiently and facilitate faster decision-making across the force. ”

The company added that through its software, “the Army is able to create AI-enabled data solutions that integrate, analyze and visualize information from multiple disparate data sources to better improve operational efficiency and optimize business processes across the Army enterprise ”

Vantage has supported more than 100,000 users so far, setting a record this year, Palantir said.

Palantir shares rose nearly 4% on Thursday following the news, and have more than quadrupled since the beginning of the year. Inventory is Set up join The Nasdaq 100 next Monday.

Correction – December 19, 2024: This article has been corrected to reflect that Palantir’s contract with the U.S. Army could be worth as much as $618.9 million.