Data analytics company Palantir Technologies (PLTR) has won a $178.4 million U.S. contract from the American Army.
The contract is for a project known as “TITAN,” an acronym that stands for “Tactical Intelligence Targeting Access Node.”
In short, the contract will see Palantir help build mobile ground stations for the U.S. Army that are powered by artificial intelligence (A.I.) and machine-learning technologies.
The mobile ground stations are vehicles that help the U.S. Army with missile targeting and the long-range precision firing of missiles.
Palantir shares rose 7% on news of the contract win.
The company said that, as a first step, it will help build 10 TITAN prototype stations. Palantir’s partners on the project include Northrop Grumman (NOC) and L3Harris Technologies (LHX).
The latest contract follows a $36 million U.S. award given to Palantir in 2022 to build an initial prototype for the TITAN project and demonstrate that it works.
The new contact, which runs over two years, is Palantir’s fourth-largest contract by annual revenue.
While Palantir has been working to secure more business in the private sector, it continues to get most of its annual revenue from government contracts.
Before today (March 6), Palantir’s stock had risen 188% over the last 12 months to trade at $23.81 U.S. per share.
