TLDR
- Palantir stock climbed above $190 on September 23, closing near its highest level in almost a year.
- The stock gained more than 3% in one session, pushed by new contract news and analyst support.
- The U.S. Army awarded Palantir a $48.1 million deal to build an ammunition management system.
- CEO Alex Karp met with the leaders of Poland and Lithuania to discuss tech investment.
- Rosenblatt kept a Buy rating and $225 price target, implying about 19% upside from current levels.
Palantir Technologies stock jumped more than 3% on Wednesday, closing above $190 and landing close to its highest point in nearly a year. The move came alongside a string of new contract and partnership news.
At last check, the stock traded around $191.79, up 3.68% on the day. That puts it close to its 52-week high of $207.52.
Palantir Technologies Inc., PLTR
The rally builds on an already strong stretch for the company. PLTR has climbed 69% over the past three months.
Much of that momentum ties back to demand for its Artificial Intelligence Platform, known as AIP. Government and commercial customers have both leaned into the product this year.
A New Army Contract and European Talks
The U.S. Army handed Palantir a $48.1 million contract to build an enterprise ammunition management system. The new platform will replace nine separate legacy systems with one combined setup.
Government work has become a bigger piece of Palantir’s business. Government revenue rose 79% year over year in the second quarter of 2026.
Commercial revenue grew even faster. It rose 110% overall, and U.S. commercial revenue alone jumped 149%.
CEO Alex Karp also met with Polish President Karol Nawrocki and Lithuanian President Gitanas NausΔda this week in New York. The talks centered on possible technology investment and hub locations in the region.
Lithuanian officials floated the idea of their country becoming a defense and security technology hub. That could open more doors for Palantir as European governments expand spending on defense software.
The company also announced new partnerships this month with Nvidia, Nebius, and Method Security. It is separately working with Fujitsu to bring its software to enterprise networks across Japan.
FAA Work Could Grow Through 2027
Palantir’s Foundry and AI Platform are now part of an FAA system called SMART. The tool is live at three major airports serving the Washington, D.C. area and is built to flag congestion before it becomes a problem.
Rosenblatt analyst John McPeake reiterated a Buy rating on the stock and kept his price target at $225. That figure implies roughly 19% upside from where the stock trades now.
McPeake said the FAA’s modernization push involves several vendors rather than a single winner-take-all contract. He expects the agency’s spending tied to Palantir to increase in 2027 if the SMART rollout expands to more airports.
Wall Street’s broader view on Palantir remains split but leans positive. The consensus rating sits at Moderate Buy, based on 16 Buy calls, four Holds, and two Sells.
The average price target across those analysts is $201.74. That works out to about 5% upside from current trading levels.
Palantir’s market cap now sits near $461 billion, making it the 26th largest company trading in the U.S. Daily trading volume on Wednesday came in at 122.9K, below its average volume of 38.4 million.
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