Posted 3/6/2024, 7:25:16 PM
Palantir Stock Soars 10% on $178M Army Deal, Commercial Growth
- Palantir Technologies stock (PLTR) jumped over 10% on Wednesday after the company won a major $178M Army contract for its AI technology
- The contract could expand to $1B+ as the Army buys 100-150 more Palantir systems
- Palantir is also finding success selling its AI solutions to enterprise customers, with commercial revenue up 70% last quarter
- The company's total contract value soared 107% in Q4 as demand for its generative AI tech increases
- With 215% gains last year and 55% YTD, Palantir stock looks expensive by traditional metrics but high growth justifies its valuation