Benzinga | Apr 5, 2021 09:25AM EDT

Palantir Snags $89.9M Nuclear Security Administration Contract

Shares of Palantir Technologies Inc. (NYSE:PLTR) are advancing after the data analytics software company announced a new contract win.

What Happened: Palantir said the National Nuclear Security Administration awarded it a five-year contract, valued up to $89.9 million, to provide a platform for effective knowledge management and data-driven decision making.

Palantir will serve as the platform for NNSA's safety analytics, forecasting and evaluation reporting project. The project will help NNSA to manage nuclear security by allowing it to best allocate its human and financial resources to prioritize safety.

"We are excited to expand our work within the U.S. government and provide the NNSA with a high-tech solution to make the best possible use of its resources in support of the Nation's nuclear security missions," said Palantir USG President Akash Jain.

Related Link: 4 Palantir Analysts Debate Data Analytics Company's Mixed Q4, Eye End Of Lockup Period

Why It's Important: Palantir has been on a contract signing spree since the start of the year.

The company has stitched up partnerships with the likes of BP p.l.c. (NYSE:BP), International Business Machines Corporation (NASDAQ:IBM), 3M Company (NYSE:MMM) and French automotive supplier Faurecia.

The NNSA contract is the first with the agency and underlines the deal momentum Palantir is experiencing.

In premarket trading Monday, Palantir shares were gaining 3.42% to $23.86.

Photo courtesy: Cory Doctorow via Flickr