Palantir Technologies (NYSE: PLTR) stock saw a modest decrease in value on Friday after announcing a partnership with Voyager Space.
Palantir Technologies (PLTR) has inked a Memorandum of Understanding (MOU) with Voyager Space, a pioneer in space exploration. This collaboration aims to integrate Palantir’s advanced artificial intelligence (AI) and machine learning (ML) technology into the commercial space sector. Their shared goal is to advance the development of the Starlab project.
Shyam Sankar, the CTO of Palantir, expressed his views on the partnership with Voyager Space. He stated that this collaboration represents a joint commitment to expanding the frontiers of global commerce besides civil and national security capabilities.
Sankar further underscored the industry’s crucial role in introducing cutting-edge technology to the dynamic field of space exploration and security.
Under the terms of the memorandum, Palantir Technologies and Voyager Space have agreed to collaborate to investigate the application of edge computing and artificial intelligence in the initial development phase of the Starlab project. This collaborative initiative aims to improve space awareness and provide secure data processing and distribution capabilities to the partner nations.
It is not a new venture for Palantir into the realm of space. The company has already established multiple partnerships with the U.S. Air Force and Space Corps, providing data to bolster national security.
Palantir (PLTR) announced its Q4 FY2023 results last week. The results beat Wall Street forecasts, with a year-on-year revenue increase of 19.6% to $608.4 million. However, the company’s revenue projection for the next quarter, at around $614 million, falls slightly short of analysts’ predictions. Palantir reported a non-GAAP profit of $0.08 per share, marking an improvement from the $0.04 per share surplus in the corresponding quarter of the previous year.
Palantir (NYSE: PLTR) Stock Reaction
PLTR stock declined 0.53% to close at $24.38 on Friday. The traders had exchanged hands with 148,510,618 (148.51 million) shares compared to the average daily trading volume of 67.38 million.