Palantir Stock (PLTR) stock broke above $18 per share in Tuesday’s premarket after the prominent data miner announced it had received a three-year, $250 million contract from the US Army.

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US equity futures are higher early Tuesday after the Monday market showed that the Israel-Hamas conflict may prove to be more of a blip on the global economy. Even oil prices have returned to their downward trajectory after initially rising more than 3% on Monday. The Dow Jones, S&P 500 and NASDAQ 100 futures have all risen on the margin ahead of the opening bell.

Palantir stock news: Army contract follows rumored NHS project

As is usual for top-secret military contracts, the announcement is short on details. What we know is that Palantir was awarded the contract, which runs through 2026, to aid the US Army’s Combatant Commands, or COCOMs in Army parlance, as well as the Armed Services, Intelligence Community and Special Forces.

The contract is worth up to $250 million if a number of performance goals are met and involves helping these segments of the US Army develop their artificial intelligence (AI) and machine learning capabilities. The contract seeks to help integrate informational sharing and AI modeling through the Joint All-Domain Command & Control (JADC2).

"We’re honored to expand our partnership with the Army to continue delivering the most innovative technologies and advanced data applications across the Armed Services," said Akash Jain, President of Palantir USG, the segment of the company that deals with US government contracts. "Maturing new concepts for how we deploy solutions in different contexts is key to maintaining our nation’s competitive advantage, and we appreciate the opportunity to support this mission."

Palantir stock closed 6% higher on Monday as a number of stocks related to the military and defense benefited from US politicians announcing their intention to put together an aid package for Israel in light of its bombing campaign against the Hamas-controlled territory of Gaza. Israel is also readying a ground campaign.

Palantir was rumored last week to have secured a $579 million, multiyear contract with the National Health Service (NHS) of the United Kingdom. Additionally, the company has recently broadened its partnership with PwC to distribute its Foundry and Artificial Intelligence Platform (AIP) to corporate partners of the global accounting firm.

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