Shares of Palantir Technologies (NYSE:PLTR) popped 7% at the market open on Wednesday after the big data analytics software maker won a major US army contract.
Specifically, the company inked a $178 million deal to design and manufacture 10 prototype ground stations.
These stations, called Tactical Intelligence Targeting Access Node (TITAN), will employ artificial intelligence (AI) and machine learning (ML) to swiftly analyze targeting data collected from sensors in space, in the air, and on the ground, according to a statement from the US Army.
“Palantir’s TITAN solution is designed to maximize usability for Soldiers, incorporating tangible feedback and insights from Soldier touch points at every step of the development and configuration process,” the company said in the press release.
“Building off Palantir’s prior work delivering AI capabilities for the warfighter, Palantir is deploying the Army’s first AI-defined vehicle.”
The solution combines systems, technologies, and software from a collaborative team comprising Northrop Grumman Corp., Anduril Industries Inc., L3Harris Technologies Inc., Sierra Nevada Corp., Strategic Technology Consulting, and World Wide Technology.