Palantir Secures $480M U.S. Army Contract for AI System Through 2029

May 29, 2024, 11:54 PM

Palantir Technologies has secured a significant contract with the U.S. Army valued at $480 million. The contract is for the development and deployment of the Maven Smart System, an artificial intelligence-assisted intelligence system. This project, which will run through 2029, will provide Palantir with $96 million annually. The Maven Smart System aims to enhance the Army's capabilities in target identification using AI and computer vision technology. This deal marks a deepening of Palantir's relationship with the Department of Defense, highlighting the company's growing influence in defense technology. Palantir's stock is up 1.2% following the announcement. The company was initially funded by the CIA's venture capital arm.