Palantir Technologies, Inc. (NYSE:PLTR) shares are trading higher in the premarket session on Thursday.
The company has been named the exclusive supplier of enterprise-wide software data management solutions for the Starlab commercial space station, a U.S.-led global joint venture involving Voyager Space, Airbus SE (OTC:EADSY), Mitsubishi Corporation, and MDA Space.
"We could not be more enthusiastic about our partnership as we work to extend our competitive edge through the provision of decisive and real-time intelligence around the world and in space," said Alexander C. Karp, co-founder and chief executive officer of Palantir Technologies Inc.
Starlab Space and Palantir will leverage data modeling through digital twins and AI technologies to enhance Starlab's operations throughout the enterprise.
Palantir Technologies also received a contract from Advanced Research Projects Agency for Health worth $19 million over two years.
ARPA-H has teamed up with Palantir to establish the data infrastructure essential for its core operations.
This partnership aims to make data-driven decisions from diverse sources, maintaining rigorous security and privacy standards in healthcare.
Palantir's AIP and Foundry software will help the agency drive key workflows.
This method will facilitate essential workflows aligned with industry-leading practices, and ROI analysis.
Palantir said its platform guarantees that ARPA-H programs adhere to a cohesive data strategy and framework set by the agency.
"ARPA-H is an incredible investment in the next generation of life-changing healthcare outcomes," said Hirsh Jain, Head of Public Health and Senior Vice President, Federal at Palantir.
This initiative leverages Palantir's expertise in delivering data infrastructure and AI tools for public health efforts, the company said. This includes establishing secure collaborative research platforms like N3C, ongoing support for disease surveillance at HHS and CDC, and enhancing drug review efficiency at the FDA.
Earlier this month, Argus Research analyst Joseph Bonner initiated coverage on the stock with a Buy rating and announced a price target of $29, highlighting momentum around the company's commercial business.
The Argus Research analyst noted that Palantir has significantly improved its profitability and cash flow in recent years.
Price Action: PLTR shares are trading higher by 2.4% to $26.44 premarket at last check Thursday.
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