Palantir (NYSE: PLTR) shares are rallying Wednesday after the company revealed on Tuesday evening that it has been selected by the U.S. Army’s Program Manager for Intelligence Systems and Analytics to deliver the Army’s Intelligence data fabric and analytics foundation for the Capability Drop 2 (CD-2) program.
Palantir was chosen to advance to the next phase of the Army’s $823m indefinite delivery, indefinite quantity (IDIQ) contract.
After a successful “Test, Fix, Test” process, Palantir will help the Army proceed through final testing and fielding.
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Palantir will deploy its Gotham Platform to support Army Intelligence users with a globally federated Intelligence data fabric and analytics platform crossing multiple security classifications.
CD-2 is one of several efforts Palantir is working on with PEO IEW&S to modernize the Army’s intelligence enterprise.
“We look forward to the continued partnership with PEO IEW&S 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.
Palantir shares climbed over 12% in after-hours trading on Tuesday evening. However, they were up over 8% premarket and opened up Wednesday’s session at $24.88. At the time of writing, Palantir’s stock price is sitting at $24.8 per share.
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