Palantir stock flies higher as company announces new Ukraine deal

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Palantir Technologies Inc. has struck a deal with a Ukrainian government agency that will see the company’s technology used in reconstruction efforts, the parties announced Thursday.

Through the arrangement with Ukraine’s Ministry of Digital Transformation, Palantir

will help catalog and assess damages to buildings and infrastructure.

See also: Cathie Wood’s ARK loads up further on Palantir stock

“Palantir is already making its contribution to Ukraine’s victory by sharing its tools and intelligence,” Mykhailo Fedorov, Ukraine’s minister of digital transformation, said in a release. “We are excited to proceed with a new stage of cooperation within Ukraine’s recovery.”

Palantir currently provides software to Ukraine that helps with the resettlement of refugees, according to the release.

Palantir shares were up 11% in Thursday’s premarket action and on track to extend a sharp recent rally. The stock has added 58% since the session just before the company posted its latest quarterly results earlier this month.

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