Palantir scores US$480m US Army contract
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The news: Controversial US spy-tech firm Palantir has secured a contract with the US Department of Defense for work on a project called the Maven Smart System, with an estimated completion date of May 2029.
The numbers: Palantir has yet to comment on the Defense Department's disclosure of the the USD480 million ($723.34 million) award announced on Wednesday. Palantir, co-founded by Peter Thiel has a current market cap of USD46.6 billion.
The context: The contract is set to extend Palantir’s ongoing relationship with the US military, making use of the firm’s AI offering. The Maven Smart System is an advanced AI and machine learning platform used to improve decision-making capabilities particularly in defence and intelligence. It incorporates data from a variety of sources including satellite imagery and video feeds to provide real-time analysis that can help military quickly and accurately identify potential targets.
According to the US Army Brigade, Maven fuses data from various Intelligence Surveillance & Reconnaissance (ISR) systems to identify areas of interests.
The sources: US Department of Defense press release, Bloomberg
