Back to Back Wins Reaffirm Our Bullish Palantir Stance

Palantir CEO Alex Karp

Palantir (PLTR) stood out as yesterday’s pop pushed the shares back over the $160 level, adding further to their post-February rebound.

The catalyst for that move was a report from Reuters:

"Palantir’s Maven artificial intelligence system will become an official program of record, Deputy Secretary of Defense Steve Feinberg said in a letter to Pentagon leaders, a move that locks in long-term use of Palantir’s weapons-targeting technology across ‌the U.S. military."

We see that as a big win for Palantir, and it highlights a number of remarkable government contract wins for the company. As background, Maven is a command-and-control software platform that digests battlefield data and pinpoints targets. The system pulls in satellite imagery, drone feeds, radar data, sensor outputs, and intelligence reports, then uses machine learning to flag potential threats in near real time.

Here’s the thing, an “official program of record” is a classification that guarantees long-term funding and forces adoption across every service branch. This bodes extremely well for Palantir’s total contract values in the coming quarters, its visibility, and earnings prospects. There will be more to come on this front, but we will also need to see how the company navigates its use of Anthropic’s Claude AI tool given that the Pentagon recently classified Anthropic as a supply chain risk.

Today, we are reading that Palantir has been awarded a three-month trial contract by the U.K.'s Financial Conduct Authority (FCA). This trial, which is expected to cost more than GBP 30,000 per week (~$40,000) for a total of around $0.5 million, has the potential to become a much larger contract should FCA tap Palantir to oversee the 42,000 firms it regulates.

The commonality between both Palantir announcements is rising AI adoption and usage, and that keeps us bullish on our AI and data center-related infrastructure plays in the Pro Portfolio. We’ll add these developments to what we learn from today’s Oracle (ORCL) event in London, as well as the Shoptalk Spring 2026 event we touched on in today’s opening comments.

These developments also give us ample evidence to reiterate our $220 price target and One rating. In today’s Market Recon, Sarge Guilfoyle pointed out the resistance PLTR shares face near $164, which is the 200-day moving average. We’d note the additional resistance near $166, which is the 100-day moving average, and a breakthrough of those resistance levels has the potential to attract even more interest in the shares.

More Pro Portfolio:

At the time of publication, TheStreet Pro Portfolio was long PLTR.