{"id":18550,"date":"2023-06-05T18:56:16","date_gmt":"2023-06-05T22:56:16","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/palantirs-stock-surges-toward-17-month-on-news-of-special-ops-contract-valued-at-up-to-463-million\/"},"modified":"2023-06-05T18:56:18","modified_gmt":"2023-06-05T22:56:18","slug":"palantirs-stock-surges-toward-17-month-on-news-of-special-ops-contract-valued-at-up-to-463-million","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18550","title":{"rendered":"Palantir\u2019s stock surges toward 17-month on news of special-ops contract valued at up to $463 million"},"content":{"rendered":"
\n

Shares of Palantir Technologies Inc. headed toward a 17-month high Monday, after the software company said it was awarded a multiyear contract worth up to $463 million from the U.S. Special Operations Command, or USSOCOM.<\/p>\n

Palantir
\n PLTR,
\n +4.96%<\/bg-quote>
\n said the contract follows more than a decade of work between the company and Americas warfighters, including USSOCOM. The contract award will help USSOCOM parse petabytes of data to enable decision-making.<\/p>\n

\n

\u201cWe look forward to helping the command maintain its decision advantage into the next era of competition, and are deeply appreciative of the opportunity to continue serving this critical community,\u201d said Akash Jain, president of Palantir USG.<\/p>\n

Palantir, which has seen its stock get a recent boost from the artificial-intelligence craze, has made advancements in large-language models (LLMs) and edge AI to reduce cognitive load on warfighters and commanders.<\/p>\n

The stock was up 4.5% in afternoon trading, putting it on track to close at the highest level since Jan. 14, 2022.<\/p>\n

Analyst Louie DiPalma at William Blair said the award was a renewal of an existing contract, but he said he believes the renewal is at a higher revenue run rate.<\/p>\n

Based on conversations within the industry, DiPalma believes the period of performance is five years, he said, and also believes the revenue run rate is in the mid\u2013$80 million range, compared with the prior revenue run rate of $65 million.<\/p>\n

\u201cAs a result, there is a net increase of roughly $20 million for the annual revenue run rate,\u201d DiPalma wrote in a note to clients. \u201cBased on Palantir\u2019s $2.2 billion annual revenue run rate, this renewal does not move the needle.\u201d<\/p>\n

Palantir\u2019s stock has rocketed 136.6% to date in 2023, while the SPDR S&P Software & Services exchange-traded fund
\n XSW,
\n -0.21%<\/bg-quote>
\n has climbed 17.5% and the S&P 500 index
\n SPX,
\n -0.20%<\/bg-quote>
\n has advanced 11.2%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Palantir Technologies Inc. headed toward a 17-month high Monday, after the software company said it was awarded a multiyear contract worth up to $463 million from the U.S. Special Operations Command, or USSOCOM. Palantir PLTR, +4.96% said the contract follows more than a decade of work between the company and Americas warfighters, including […]<\/p>\n","protected":false},"author":1,"featured_media":18551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-18550","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nPalantir\u2019s stock surges toward 17-month on news of special-ops contract valued at up to $463 million | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of Palantir Technologies Inc. headed toward a 17-month high Monday, after the software company said it was awarded a multiyear contract worth up to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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