Palantir’s Year-long Rally Gains Momentum with New Voyager Space Partnership

04 Jul, 2024

Palantir’s Year-long Rally Gains Momentum with New Voyager Space Partnership

Palantir Technologies (NYSE: PLTR) is a leading provider of AI software systems that empower enterprises with advanced data analysis solutions. Known for its flagship products like the Palantir Artificial Intelligence Platform (AIP) and Palantir Foundry, the company is at the forefront of big data analytics. As of July 1, Palantir’s stock has surged over 52% year-to-date (YTD) and 8.06% in the past five days, trading at $25.49 during pre-market hours.

This impressive growth is partly driven by a recent announcement to deepen its partnership with Voyager Space, which builds on the June 20 deal with Starlab Space. Under this expanded alliance, Palantir will provide exclusive software data management solutions for the upcoming Starlab commercial space station and integrate its technologies into Voyager’s defense solutions. Despite a recent "Sell" rating from Monnes, Crespi, and Hardt and concerns about Palantir’s high valuation, the company's stock continues to perform well.

Palantir has secured several new defense contracts, including a $90 million extension of the Maven Smart System (MSS) contract and a $480 million agreement with the DoD Chief Digital and AI Office. The company also saw a 21% YoY increase in revenue for the quarter ending March 31, with significant gains in both government and commercial sectors.