Palantir Says It Doesn't 'Unlawfully' Spy On Americans, Calls Report Alleging Use By Trump Administration For Surveillance 'Blatantly Untrue'

On Tuesday, Palantir Technologies pushed back against a report alleging the company is aiding the Donald Trump administration in building detailed profiles of American citizens using federal data.

What Happened: The New York Times reported that the Trump administration is using Palantir's Foundry platform to implement a March executive order that expands federal data sharing.

The report claims Foundry is being used by agencies such as the Department of Health and Human Services and the Social Security Administration to combine personal data, including bank records, medical claims and student debt, raising alarms about potential privacy violations.

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Palantir strongly denied the report, calling it "blatantly untrue."

In a statement posted on X, formerly Twitter, the company said, "Palantir never collects data to unlawfully surveil Americans, and our Foundry platform employs granular security protections. If the facts were on its side, the New York Times would not have needed to twist the truth."

The report also revealed internal concerns at Palantir, with 13 former employees signing a letter urging the company to cut ties with the Trump administration.

The Times did not immediately respond to Benzinga's request for comments.

Why It's Important: Palantir shares have surged more than 500% in the past 12 months, fueled by the company's strong foothold in the AI sector.

The company currently has a market cap of $311.60 billion, making it the 30th most valuable company in the world.

In May, Palantir reported first-quarter revenue of $883.86 million, surpassing analyst expectations of $862.83 million. Adjusted earnings came in at 13 cents per share, matching forecasts.

This marked the seventh consecutive quarter in which Palantir has met or outperformed analyst projections for both revenue and earnings.

Price Action: Palantir shares have climbed 77.11% year-to-date. As of the time of writing, the stock was trading at $133.19 in after-hours, up 0.015%, according to Benzinga Pro.

Benzinga's Edge Stock Rankings highlight Palantir’s strong price momentum across short-, medium and long-term timeframes. More in-depth metrics are available here.

Photo: Courtesy: Sundry Photography / Shutterstock

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.