Palantir shares climbed about 6% on Thursday morning after the company announced a partnership with Microsoft to sell secure cloud, analytics and artificial intelligence capabilities to the U.S. defense and intelligence communities. Palantir, which works closely with governments to provide software to visualize army positions, among other services, will use the partnership to launch its products — such as Gotham, Foundry, Apollo and AIP — on Microsoft’s cloud products for government agencies.
CEO Alex Karp said in a letter to shareholders at the time that the company’s trailing 12-month revenue in its U.S. government business, which includes intel and defense agencies, surpassed $1 billion for the first time. The company earned 54% of its revenue from government clients during the second quarter. Microsoft said the partnership would allow U.S. defense and intelligence organizations to build AI tools for action plans and logistics, among other things.
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