Palantir Technologies Inc. CEO Alex Karp travels to Sun Valley, Idaho, USA, to attend the morning session of the Allen & Co. Media and Technology Conference on Wednesday, July 10, 2024.
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Palantir The company’s shares were up about 6% on Thursday morning declare establish partnership with Microsoft Sells security cloud, analytics and artificial intelligence capabilities to the U.S. defense and intelligence communities.
Palantir, which works closely with governments to provide software for visualizing military positions and other services, will use the partnership to launch its products on Microsoft’s cloud offerings for government agencies, such as Gotham, Foundry, Apollo and AIP.
Palantir reported earnings earlier this week, raising its annual revenue forecast to a range of $2.74 billion to $2.75 billion from $2.68 billion to $2.69 billion. This was higher than the LSEG consensus forecast of $2.7 billion.
Chief Executive Alex Karp said in a letter to shareholders at the time that the company’s revenue from its U.S. government business, which includes Intel and defense agencies, exceeded $1 billion for the first time in the past 12 months. In the second quarter, 54% of the company’s revenue came from government customers.
Microsoft said the partnership will enable U.S. defense and intelligence organizations to build artificial intelligence tools for operational planning and logistics.
Palantir, co-founded by billionaire Peter Thiel, will partner with Microsoft to offer trial services and training courses.
Palantir shares are up about 60% so far this year.
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