Palantir Technologies (PLTR) is reportedly the frontrunner for a major contract to overhaul the United Kingdom’s National Health Service (NHS). The contract, valued at up to $579 million, would involve Palantir helping the agency analyze medical data and revamp its entire system. While the U.K. government is expected to announce Palantir as the winner of the bid, the deal is still subject to final approvals and legal agreements. This news led to a surge in PLTR stock, which closed up 5.6% at 15.73.
Palantir’s involvement with the NHS began during the Covid-19 pandemic, where it played a role in managing the country’s vaccine rollout. However, the company’s pursuit of the new contract has faced controversy, as consumer and civil rights groups have raised concerns about one company having access to such large amounts of personal data. Despite this, Palantir recently secured a $250 million U.S. Army research and development contract related to artificial intelligence, further bolstering its standing.
Palantir is a Denver-based software company that offers platforms such as Palantir Gotham, primarily used by government agencies, and Palantir Foundry, used by corporate clients. The company has also introduced a new offering called the “Artificial Intelligence Platform,” which has seen a significant increase in user numbers. Although PLTR stock has pulled back from its 52-week high of 20.24, it has still seen substantial gains of over 130% this year.
