US Special Operations Command Awards Contract to Palantir

Rhea-AI Summary

Palantir Technologies Inc. has been awarded a multi-year contract worth up to $463 million from the US Special Operations Command (USSOCOM) to deliver technology solutions. The contract will support enterprise capabilities and help ensure the competitive advantage of USSOCOM. Palantir's software capabilities enable decision-making by parsing large amounts of data. The company is driving innovations in Large Language Models (LLMs) and edge processing to enhance warfighters' ability to integrate and utilize real-time information.

DENVER, June 5, 2023 /PRNewswire/ -- Palantir Technologies Inc. (NYSE: PLTR) today announced it was awarded a contract from the US Special Operations Command (USSOCOM) to deliver technology solutions to support enterprise capabilities. The multi-year contract is worth up to $463 million. 

Palantir provides best in class software capabilities for America's warfighters, including the men and women of USSOCOM, and this contract award will help ensure their continued competitive advantage in this next phase of competition. Palantir helps USSOCOM to parse the petabytes of data emanating from today's environments and enables decision-making. 

Palantir is driving rapid innovations across its Defense Portfolio. These include advancements in Large Language Models (LLMs) to reduce cognitive load on warfighters and commanders; as well as advancements in edge processing and edge AI to maximize the warfighter's ability to integrate and utilize real-time information. 

"Our partnership is an example of converting software innovation into real battlefield advantage. USSOCOM is at the forefront of adopting leading edge technology," said Akash Jain, President, Palantir USG. "Just as they are the pointy end of the spear on the battlefield, they often find themselves playing that same role in innovation. We look forward to helping the command maintain its decision advantage into the next era of competition, and are deeply appreciative of the opportunity to continue serving this critical community."

This contract is the result of the trust built on more than a decade of work between our communities, and is a reaffirmation of Palantir's commitment to always provide the most capable software for the US warfighters who need it most. 

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.

Media Contact 
Lisa Gordon 
media@palantir.com

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SOURCE PALANTIR TECHNOLOGIES INC.

FAQ

What is the contract awarded to Palantir Technologies Inc. for?

Palantir Technologies Inc. has been awarded a contract from the US Special Operations Command (USSOCOM) to deliver technology solutions to support enterprise capabilities.

How much is the contract worth?

The multi-year contract is worth up to $463 million.

What are some of the innovations Palantir is driving across its Defense Portfolio?

Palantir is driving rapid innovations in Large Language Models (LLMs) to reduce cognitive load on warfighters and commanders. The company is also focusing on advancements in edge processing and edge AI to maximize the warfighter's ability to integrate and utilize real-time information.

What is Palantir's role in helping USSOCOM?

Palantir helps USSOCOM parse large amounts of data and enables decision-making. The company's software capabilities provide support to America's warfighters, including the men and women of USSOCOM.

What is Palantir's commitment to the US warfighters?

Palantir is committed to providing the most capable software for the US warfighters who need it most. The company's contract with USSOCOM is a reaffirmation of this commitment.