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Palantir (PLTR) Stock Gains Premarket On $111m Contract Award

Sam Boughedda trader
Updated 28 May 2021

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Shares of Palantir Technologies (NYSE: PLTR) are trading over 3% higher premarket after announcing that it has been awarded a $111 million contract by the United States Special Operations Command (USSOCOM).

The contract will see Palantir continue to work on the enterprise data management and AI-enabled mission command platform as part of the Mission Command System/Common Operational Picture program.

The $111 million contract is inclusive of options, with $52.5 million executed upon award. The total contract includes a base year and one option year.

Palantir said its platform has been used by USSOCOM in real-time mission operations to interoperate with other global situational awareness architecture components since 2016.

“When Special Operators are risking their lives in no fail scenarios, they deserve technology that works. Our partnership with USSOCOM was one of our first in the U.S. military, and we are honored to keep providing technology that gets the job done while we partner on the future of what is possible,” said Doug Philippone, Palantir’s Global Defense Lead.

Palantir's share price is sitting at $23.36 premarket following Thursday's close at $22.70.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.