Palantir jumps 8% after winning $823 million Army contract for global data analytics platform

• Palantir stock jumped as much as 8% on Wednesday after the data analytics company said it won a new Army contract.
• The $823 million contract focuses on providing an intelligence data fabric for the Army.
• Palantir will roll out its Gotham Platform to support Army intelligence users worldwide.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Shares of Palantir surged as much as 8% on Wednesday after the company said it won a $823 million contract from the Army.

The US Army's program manager for intelligence systems and analytics selected Palantir to provide the intelligence data fabric foundation for the Army's Capability Drop 2 program.

The contract is seen as a big win for Palantir, as both it and BAE Systems were named as finalists for the CD-2 program in February of 2020. A total of six companies competed for the contract.

Palantir will be the sole provider of the CD-2 data analytics program going forward. The company will utilize its Gotham platform to support Army Intelligence users worldwide with a globally federated intelligence data fabric and analytics platform that encompasses a wide range of security classifications.

"This capability will field modern data integration, correlation, fusion, and analytic capabilities that prepare the Army for the next fight against emerging near peer threats," Palantir said.