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The stock rose as much as 26%, the most since its direct listing in September. Many investors expect defense spending would be cut under a Biden administration.
Palantir, which was co-founded by Peter Thiel, counts the U.S. Defense Department among its largest customers and could benefit from reduced spending because its software often costs less than what’s made by traditional defense contractors.
Palantir has now gained about 32% since the U.S. election was held on Nov. 3. The company is scheduled to report financial results for the first time as a publicly traded company on Nov. 12.
©2020 Bloomberg L.P.
