In This Article:
While many of the market’s most prominent tech stocks have struggled over the past few months, one company has shaken off most volatility and demonstrated strong resilience.
A few short years ago, most Wall Street analysts didn’t pay much attention to Palantir Technologies, (PLTR) and those who did considered it a data analytics company. Now the company is focused on expanding into other areas such as cybersecurity and defense technology.
💵💰Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰💵
Palantir’s multi-dimensional nature has helped it thrive over the past year as it has successfully leveraged artificial intelligence (AI) technologies. Additionally, it has likely benefited from founder Peter Thiel and CEO Alex Karp’s ties to Elon Musk, who has been working closely with President Donald Trump.
However, Palantir is reportedly eyeing a new project that involves teaming up with one of Musk’s companies directly on an extremely high-profile project.
Palantir may be joining forces with a Musk company
For months, Palantir has likely seemed like one of the safest bets to play the tech market during Trump’s presidency. While high economic uncertainty continued to push down financial markets, Palantir seemed uniquely positioned to ride out the storm and benefit from growing cybersecurity and defense technology demand.
Now it seems to have been tapped by none other than Musk to join a group bidding on a new White House project. President Trump is focused on building a “Golden Dome” missile defense system, likely inspired by Israel’s Iron Dome, and SpaceX is reportedly the leading contender to build parts of it.
Related: Palantir launches controversial new workplace initiative
Given Musk’s position as a special government employee and his close relationship with Trump, this development is not surprising at all. But SpaceX isn’t doing it alone. According to Reuters’ sources, it is partnering with both Palantir and Anduril Industries, a defense company known for building drones.
As the outlet also notes, the founders of all three companies have expressed support for Trump. But this project is still in its early development stages, and nothing has been decided yet in terms of who will build what part of it.
“Despite the Pentagon’s positive signals to the SpaceX group, some sources stressed the decision process for Trump’s Golden Dome is in its early stages,” Reuters reports. “Its ultimate structure and who is selected to work on it could change dramatically in the coming months.”
While details regarding this new defense system are still being released, it has been reported that leaders from all three companies have met with Pentagon officials recently and laid out their plans for contributing to the project.