Why Palantir Is Trading Higher Today

Palantir Technologies Inc PLTR is trading higher Friday morning after the company won a $111 million contract with U.S. Special Operations.

What Happened: Palantir announced it was selected by the U.S. Special Operations Command, or USSOCOM, to continue its work as their enterprise data management and artificial intelligence enabled mission command platform.

The $111 million contract includes one base year and one additional option year. Palantir's platform has been used by USSOCOM in mission operations since 2016.

See also: How to Buy Palantir Technologies (PLTR) Stock

"When Special Operators are risking their lives in no fail scenarios, they deserve technology that works. Our partnership with USSOCOM was one of our first in the U.S. military, and we are honored to keep providing technology that gets the job done while we partner on the future of what is possible," said Doug Philippone, global defense lead of Palantir.

Related Link: Palantir and Space Force Expand Partnership

On Monday, Palantir announced it will support the U.S. Space Force and U.S. Air Force by providing its software for critical missions in a $32.5 million deal. 

Price Action: Palantir traded as high as $45 and as low as $8.90 over a 52-week period. 

At last check Friday, the stock was up 2.42% in premarket trading at $23.25.

Photo by Cory Doctorow from Flickr.