Palantir Technologies PLTR climbed more than 3% on Wednesday, closing above $190 and nearing its 52-week high of $207.52. The rally was driven by new government contract news and a supportive analyst note from Rosenblatt Securities, which reiterated a Buy rating and $225 price target.
The Federal Aviation Administration launched its SMART system—Strategic Management of Airspace, Routes, and Trajectories—using Palantir’s AI technology at three major Washington-area airports. Rosenblatt said the deployment “highlights the FAA opportunity for Palantir” and validates its government AI capabilities, with possible additional FAA spending tied to Palantir expected in 2027 if the rollout expands.
Separately, the U.S. Army awarded Palantir a $48.1 million contract to build an enterprise ammunition management system, replacing nine legacy systems. CEO Alex Karp also met with Polish and Lithuanian leaders to discuss defense-tech investment and regional hubs. Palantir recently announced partnerships with Nvidia, Nebius, Method Security, and Fujitsu. In commercial use, Chipotle is piloting a Food Safety Risk Management Platform built on Palantir’s Foundry.
Revenue growth remains strong: government revenue rose 79% year-over-year in Q2 2026, while commercial revenue rose 110%, and U.S. commercial revenue jumped 149%. Palantir’s market cap is near $461 billion. Despite Rosenblatt’s bullish view, Michael Burry disclosed he had added to short positions in Palantir and questioned the durability of the AI and semiconductor boom.
