Palantir Stock To Continue Stellar Run After Anduril Partnership Rumors To Bid For Pentagon Contracts: Retail Guarded Amid Overbought Levels
By Stocktwits Inc | First Published Dec 23, 2024, 6:21 PM ISTPalantir and Anduril reportedly plan to announce in January that they have reached agreements with tech companies such as SpaceX, OpenAI, autonomous shipbuilder Saronic and AI data group Scale AI.
Palantir Technologies, Inc. ($PLTR) shares, which topped the $80 threshold on Friday, are poised to build on gains. Following rumors of a potential industry partnership, the stock is up 1.12% at $81.45 in Monday’s premarket as of 6:31 a.m. ET.
On Sunday, a Financial Times report said that Palantir and privately held defense technology company Anduril are in talks with other industry players to form a consortium to jointly bid for Pentagon contracts. The consortium will likely threaten the oligopoly of “prime contracts,” such as General Dynamics Corp. ($GD), Boeing Co. ($BA), Northrop Grumman Corp. ($NOC), and Lockheed Martin Corp. ($LMT).
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Palantir and Anduril plan to announce in January that they have reached agreements with tech companies such as Elon Musk’s SpaceX, Sam Altman’s OpenAI, autonomous shipbuilder Saronic and artificial intelligence (AI) data group Scale AI, the report added.
A person involved in developing the group reportedly said, “We are working together to provide a new generation of defense contractors.”’
The consortium seeks to snag a bigger slice of the government’s $850 billion defense budget.
The report said these defense startups have been attracting record funding this year, as investors believe they would be outsized beneficiaries of higher defense spending on national security, immigration and space exploration under the incoming administration under President-elect Donald Trump.
Palantir and Anduril have an ongoing partnership, with the former’s AI Platform integrated with Anduril’s autonomous software, “Lattice,” to deliver AI for national security purposes.
Anduril has also partnered with OpenAI to combine its counter-drone defense systems with the latter’s advanced AI models to jointly work on US government contracts related to “aerial threats.”
On Stocktwits, sentiment toward Palantir stock remains ‘neutral’ (52/100), with message volume remaining ‘low.’
A retail watcher said Palantir is growing its lead daily and the stock could rally to $1,000 by 2027.
Another pointed out that the stock’s fair value is only $21, compared to the current $80+ level it is trading.
In premarket trading, Palantir stock rose 0.70% to $81.11. This year, the stock has gained about 370% and is the top S&P 500 gainer.
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