Palantir Stock Gains As Trump Expands Company's Role in US Government Agencies

Palantir Technologies (NASDAQ:PLTR) stock surged on Friday amid reports indicating the Trump administration has expanded the company's work across the federal government in recent months.

Palantir is also discussing buying its technology with the Social Security Administration and the Internal Revenue Service (IRS), the New York Times reported on Friday, citing six government officials and Palantir employees familiar with the matter.

According to the report, Palantir has secured more than $113 million in contracts (new and additional funds from existing) since Trump took office. This does not include the $795 million DoD contract awarfed last week.

Also Read: Tech Analyst Expects Palantir Stock To Rise Above $400 As AI Revolution Kicks Into Gear

In March, President Trump signed an executive order directing federal agencies to enhance data sharing, effectively introducing Palantir's key platform, Foundry, to at least four agencies, including DHS and the Department of Health and Human Services.

The Trump administration has also pursued access to various data points on citizens and others through government databases and bank accounts, the report said.

Palantir's government contracts span the Defense Department and Centers for Disease Control and Prevention.

Palantir stock has 75% year-to-date and 504% in the last 12 months.

Palantir is in discussions for a permanent contract with the IRS after joining them in April to organize data, the New York Times cited government officials familiar with the matter.

Palantir also recently began helping Immigration and Customs Enforcement's enforcement and removal operations team under a $30 million deal they inked in April, the New York Times cited Palantir employees and DHS officials familiar with the matter.

Palantir also discussed organizing the Social Security Administration and the Department of Education's data, the New York Times reported, citing Palantir employees and officials in those agencies.

Price Action: PLTR stock is up 3.51% at $126.80 at last check Friday.

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