After a disappointing last few days for tech stocks, big data company Palantir got a shot in the arm after scoring an $823 million Army contract.
Palantir scored the payday from the U.S. Army, which will use the company’s Gotham Platform. Gotham will serve as the Army’s “operating system for defense decision making” and will help“support Army Intelligence users worldwide.”
This win isn’t a surprise to people who follow the competitive government contracting space. Palantir secured the first phase of the Army contract many years ago — the $823 million contract is “phase two” of that deal.
The news comes days after the company lost its data-sharing contract with the UK’s National Healthcare System. The company might lose another contract with the U.S. Immigration and Customs Enforcement. However, those losses are mince meat for Palantir.
Palantir, which direct-listed last year, has become a darling on public markets among investors who believe its robust data solutions will give it an edge among both governments and private companies.