Peter Thiel's Palantir Technologies Inc (NYSE:PLTR) has won a $178.4 million contract from the US Army to develop a new ground vehicle called TITAN with a "deep-sensing capability" enabled by artificial intelligence.
Under the contract, 10 Tactical Intelligence Targeting Access Node (TITAN) ground station vehicles will be developed and delivered, half of which are 'advanced' and half 'basic'.
Mounted on a truck base the TITAN ground station uses sensors in space, high altitude and on the ground to provide "actionable targeting information" for military commanders and for the firing of long-range precision weapons.
The company said it was building off its prior work delivering AI capabilities for the warfighter and "deploying the Army’s first AI-defined vehicle".
Akash Jain, president of Palantir USG, said the contract award "demonstrates the Army’s leadership in acquiring and fielding the emerging technologies needed to bolster US defense in this era of software-defined warfare.
“Soldiers deserve best-in-class technology that gives them the tactical advantage on the battlefield, allowing for real-time decisions at critical speeds.”
Shares in the company jumped 5% to $25.01.