Benzinga - by Shanthi Rexaline, Benzinga Editor.
Palantir Technologies, Inc. (NYSE:PLTR) shares continued their upward momentum in premarket trading on Thursday, building on a 10% surge in the previous session. This follows the company securing a $179 million U.S. Army contract for its first “AI-defined” vehicle, the Tactical Intelligence Targeting Access Node (TITAN).
The premarket gains also come in anticipation of Palantir’s AIP Conference (AIPCon), which will be livestreamed on Thursday. The company has stated that 60 customers will showcase their work utilizing its Artificial Intelligence Platform (AIP) at the conference. Additionally, Palantir expects to make announcements regarding new customers and partners.
The U.S. Army contract, announced on Wednesday, tasks Palantir with developing and delivering 10 prototypes of the TITAN ground station system. This system is designed to be the Army’s next-generation, deep-sensing capability powered by AI and machine learning.
“TITAN is a ground station that accesses Space, High Altitude, Aerial, and Terrestrial sensors to provide actionable targeting information for enhanced mission command and long-range precision fires,” the company explained.
Palantir’s Chief Technology Officer and Executive Vice President, Shyam Sankar, expressed his enthusiasm about the contract win in a post on a social media platform on Wednesday. He used a lighthearted reference to the Marvel Cinematic Universe, stating: “One small step for Tony Stark, one giant leap for the Defense Tech Avengers.”
Sankar further emphasized Palantir’s collaborative approach by commending their partners, including Northrop Grumman, Sierra Nevada Corporation, L3Harris, and Anduril Industries.
In premarket trading on Thursday, Palantir rose 1.99% to $26.68, according to Benzinga Pro data.
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