Palantir Technologies Inc (NYSE:PLTR) has announced a new contract with the US Army to help support testing and scaling of its artificial intelligence (AI) and machine learning (ML) capabilities.
Following the news, shares of the data analytics company rose 3.1% to $17.92 in Tuesday premarket trading.
Under the contract, which will run up to three years and is worth up to $250 million through 2026, Palantir said it will provide additional capabilities to the Combatant Commands (COCOMs), Armed Services, Intelligence Community, and Special Forces with testing, utilizing, and scaling their AI and ML.
The company has partnered with the Army since 2018 to provide leading data integration, management, and AI model training. It said this new phase will further the Joint All-Domain Command and Control (JADC2) efforts across these forces.
“We’re honored to expand our partnership with the Army to continue delivering the most innovative technologies and advanced data applications across the Armed Services,” commented Palantir USG president Akash Jain.
“Maturing new concepts for how we deploy solutions in different contexts is key to maintaining our nation’s competitive advantage, and we appreciate the opportunity to support this mission.”
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