Palantir Gets $10B Contract from US Army
Palantir Gets $10B Contract from US Army
The News
Palantir has inked a contract with the U.S. Army worth up to $10 billion to meet growing warfare demands over the next decade.
As part of the deal, Palantir will help the military streamline efficiencies while preparing for threats, consolidating 75 total contracts into one enterprise deal, the release states.
The agreement creates a “comprehensive framework for the Army’s future software and data needs” that provides the government with purchasing flexibility and removes contract-related fees and procurement timelines, according to a release.
The deal further cements the company’s role in the U.S. government’s clampdown on cost efficiencies by using artificial intelligence tools in President Donald Trump’s administration.
Timeline
Earlier this year, Palantir delivered its first two AI-powered systems in its $178 million contract with the U.S. Army.
In May, the Department of Defense boosted its Maven Smart Systems contract to beef up AI capabilities by $795 million.
More
Trump’s Department of Government Efficiency has cut jobs and programs in an effort to curb spending.
Palantir co-founder and CEO Alex Karp has been a vocal proponent of protecting U.S. interests and joining forces on AI to fend off adversaries.
Shares of the Denver-based artificial intelligence software company have more than doubled year to date.
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