Palantir Technologies, the Big Data analysis and machine learning company that went public last year, this afternoon announced it has been awarded a contract by the U.S. Army to provide analytics for the service's Capability Drop 2 program.
The announcement drove up Palantir stock by 7% in late trading.
Palantir said its software called Gotham Platform will be used to "support Army Intelligence users worldwide with a globally federated Intelligence data fabric and analytics platform spanning multiple security classifications.
"This capability will field modern data integration, correlation, fusion, and analytic capabilities that prepare the Army for the next fight against emerging near peer threats," said Palantir.
The award is the next phase in an $823 million "indefinite delivery, indefinite quantity (IDIQ) contract," said Palantir. This is the next stage of work, said Palantir, following a successful completion of a "Test, Fix, Test" process between Palantir and the Army.
Palantir also worked under contract for the U.S. Army's Capability Drop 1 project and a "Tactical Intelligence Targeting Access Node" project, or TITAN.
Palantir's Gotham software, its first product, was specifically crafted for defense and intelligence services' use. The company later introduced Foundry, a software product designed for corporations.