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Palantir Technologies signs during the company ‘s IPO at the New York stock exchange.
Michael Nagle / Bloomberg
Palantir Technologies
On Thursday he said he has signed a “significant” multilateral agreement to allow his Furnace analysis platform to the giant Rio Tinto.
Palantir (ticker: PLTR) stated that Rio Tinto (RIO) “will weave raw data from a number of different sources into a representation of emergency mining activity. ”
Rio Tinto said in a statement that the agreement is “an important step in our digital transformation; enabling fast, forward-looking decisions to be observed throughout our activity leading to better results in safety, cost and productivity. Palantir notes that Rio Tinto has petabytes of data from sensors, survey work, and trucks.
Palantir said the agreement builds on a number of previous data integration projects across Rio Tinto’s business units, including connecting people with data in Rio Tinto’s underground mining operations and ‘assists the company with employee safety during the Covid-19 pandemic.
Palantir did not disclose the specific size of the contract, but said in a statement that the agreement is “a major business partnership for us. ”
Palantir stock has rallied in recent sessions, with retail investor interest in the shares stimulated by the WallStreetBets group on Reddit, along with stocks like
GameStop
(GME),
BlackBerry
(BB), and
Nokia
(NOK). This week’s Palantir also hosted a well-attended Demo Day, which featured an hour-long demonstration of the company’s three software platforms: Furnace, for commercial applications, Gotham, for other military and government applications, and Apollo , a basic data set used by both Furnace and Gotham. (An hour is well spent for anyone trying to find out what Palantir is doing; if you only have 30 minutes, I would recommend focusing on the second part of the show, which includes a demo of Gotham that feels a bit like ‘watching a program of Country no 24.)
Palantir just listed on the New York stock exchange on Sept. 30 at $ 10 a share and more than doubled to $ 23.55 by the end of the year. So far in 2021 stocks have jumped more than 70%, based on a recent Tursday price of $ 40.11, and trading as high as $ 45 on an intraday basis.
Write to Eric J. Savitz at [email protected]