Palantir Technologies Inc (NYSE:PLTR) will join the S&P 500 on Monday, marking a significant milestone for the data analytics company.
Dell Technologies and Erie Indemnity will also be added to the index as part of S&P Global’s quarterly rebalancing.
These three companies will replace American Airlines, Etsy, and Bio-Rad Laboratories, which will move to other indices based on their market capitalization. American Airlines and Bio-Rad will join the S&P MidCap 400, while Etsy will move to the S&P SmallCap 600.
Set up in 2003 by PayPal co-founder Peter Thiel, Alex Karp, Nathan Gettings, Stephen Cohen, and Joe Lonsdale, Palantir is known for its data analytics platforms, primarily used by government agencies and large corporations for intelligence gathering, security, and operational efficiency.
The company has seen significant growth in recent years, particularly in areas like artificial intelligence and big data.
As of Friday's close, the company was valued at $83 billion with shares up 124% year to date.