Palantir Technologies Inc. shares rallied in the extended session Tuesday after the data-software company said it was selected for a U.S. Army intelligence program contract.
shares surged and were last up 14% after hours, following a 0.2% rise to close at $23.21.
The company said it won a $823 million contract to provide the Army with its Gotham platform, which is “an operating system for defense decision making and is specifically designed to connect the dots between disparate sources,” Palantir said in a statement.
Palantir said the platform will “support Army Intelligence users worldwide with a globally federated Intelligence data fabric and analytics platform spanning multiple security classifications.”
“We look forward to the continued partnership with [Program Executive Officer Intelligence Electronic Warfare & Sensors] and the Army’s Intelligence Community in providing new and exciting technology that help them in their modernization efforts,” said Doug Philippone, Palantir’s global defense lead, in a statement.
The contract falls under the Army’s Capability Drop 2 program. Palantir said the CD-2 contract is “one of several” projects it is working on to modernize Army intelligence.
Palantir started trading publicly under a direct listing a little more than a year ago, with shares rallying to close 31% above their $7.25 reference price on their first day.