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Investing.com – Palantir Technologies stock (NYSE:PLTR) soared more than 8% in Wednesday’s premarket trading as the company secured an $823-million order from the U.S. Army.
Palantir will sell its Gotham analytics platform to the army to help build fighting capabilities against emerging near peer threats, the company said in a statement late on Tuesday.
The Gotham platform is an operating system for defense decision-making and is specifically designed to connect the dots between disparate sources. The Army intelligence community will use this capability to modernize its data foundation by migrating legacy programs to Capability Drop 2 program. The Army will also use CD-2 to serve as an enabler for future modernization efforts supporting joint all-domain operations.
Palantir said the CD-2 contract is “one of several” projects it is working on to modernize Army intelligence.
The software company, focused on defense contracts from government agencies, aviation, healthcare and financial services, said in August its second-quarter revenue rose 49% to $376 million.
Palantir had a direct listing a little more than a year ago. The shares have rallied 157% in a year.
