Palantir stock soared 600% on deportation policies, AI, and its contracts with the U.S. military—but Trump sent it spiraling after a call to slash costs at the Pentagon

Alex Karp in the hallway of the U.S. Capitol looks at the camera. (Credit: Graeme Sloan/Bloomberg—Getty Images)

• Software company Palantir, which had seen a nearly 600% stock surge since early 2024, saw its share price drop nearly 20% in less than two days following a report that the Pentagon will slash its budget. Palantir gets about half of its revenue from government contracts.

Data analytics software company Palantir is coming back down to earth after an early stock surge this year. Best known as a defense contractor for the U.S. military and other agencies, Palantir’s share price fell about 8% on Thursday, piling on a 10% slide Wednesday following a report of U.S. plans to slash military spending.