Palantir Expands Partnership with U.S. Space Systems Command

Rhea-AI Summary

Palantir Technologies (NYSE:PLTR) has received a contract modification from the U.S. Space Systems Command, increasing its existing contract value by $53.9 million to a total of $175.4 million. This contract, awarded on May 24, 2022, supports national security objectives through March 2023. The funding enhances Palantir's Data-as-a-Service platform, which aids military decision-making and information sharing among the Air Force, Space Force, and NORAD-NORTHCOM. Palantir's president emphasizes the importance of this partnership in maintaining Western security.

Positive

• Contract modification increases total value to $175.4 million, supporting national security.
• Enhances Palantir's Data-as-a-Service capabilities for military decision-making.
• Continued partnership with U.S. military strengthens strategic position.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Palantir Technologies Inc. (NYSE:PLTR) announced today that the U.S. Space Systems Command (SSC) Battle Management Command, Control, and Communications (BMC3) awarded Palantir a $53,899,333.40 increase on May 24, 2022, to its 2021 award of $121,500,000.00. This increase brings the total value of the contract to $175,399,333.40 and ensures the continuous delivery of Palantir’s data and decisions platform to support national security objectives through March 2023.

This contract modification continues Palantir’s Data-as-a-Service platform capabilities which allow mission areas within the Air Force, Space Force, and NORAD-NORTHCOM to integrate, clean, share, and leverage data to help make decisions on personnel management, strategic and operational planning, cross-space situational awareness, and collaboration across combatant commands. The extension includes capabilities for decision support tooling for echelon planning and continuity of leadership operations.

“The readiness of our nation’s Space and Air Force is vital to Western security,” said Akash Jain, President of Palantir USG. “We’re incredibly honored to continue our partnership with Air Force, Space Force, and NORAD-NORTHCOM as they establish information dominance through scalable and mature software.”

About Palantir Technologies Inc.

Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220602005192/en/

Lisa Gordon

media@palantir.com

Source: Palantir Technologies Inc.

FAQ

What is the total value of Palantir's contract with the U.S. Space Systems Command?

The total value is $175,399,333.40 after a recent increase.

When was the contract modification awarded to Palantir Technologies?

The contract modification was awarded on May 24, 2022.

What is the purpose of the contract increase for Palantir?

The increase supports national security objectives through the delivery of data and decision-making platforms.

How long is the contract extension for Palantir Technologies?

The contract extension is effective through March 2023.

Which military branches will benefit from Palantir's Data-as-a-Service platform?

The Air Force, Space Force, and NORAD-NORTHCOM will benefit from the platform.