DENVER--(BUSINESS WIRE)--Palantir Technologies Inc. (NYSE: PLTR) announced today that it is one of two companies awarded a prime contract by the Army to build a prototype for the Tactical Intelligence Targeting Access Node (TITAN), the first Intelligence ground station enabled by Artificial Intelligence and Machine Learning (AI/ML). The $36 million contract award is for the competitive prototyping phase that will span 14 months.
The TITAN program brings together a variety of systems, technologies, and vendors to ensure scalability. Palantir’s Modular Open System Architecture (MOSA) will be the critical backbone that provides correlation, fusion, and integration of sensor data alongside insights from AI/ML overlaid at the tactical edge. With TITAN, the Army will be able to merge varied data from a rapidly proliferating series of sensors, enabling frontline forces to gain situational awareness and make real-time decisions at transformative speeds. This effort is a critical enabler that advances the Army towards JADC2 and deters the near-peer threat.
“Now more than ever, the Nation’s warriors and allies are being asked to make more decisions, at a faster speed, with more available data,” said Aki Jain, President of Palantir USG. “TITAN is the crucial combination of the Defense Industry’s best technology from both emerging and enduring DOD partners, and we’re proud to serve as a non-traditional prime contractor for this effort.”
This award is a successful progression of the Army’s competitive software-centric approach to the January 2021 design phase of the TITAN Program in which both Palantir and Raytheon were selected for a 12-month competitive effort. Both vendors will build a prototype in the next phase for evaluation and testing by soldiers and the community. As a non-traditional prime contractor, Palantir is committed in its approach to partnering with the nation’s best traditional and non-traditional partners like Anduril Industries, L3 Harris, Pacific Defense, Sierra Nevada Corporation, Strategic Technology Consulting, and World Wide Technology to build open and interoperable systems for the military operator at lower cost points. Palantir’s MOSA approach allows for easy integration of vendor capabilities, like SpaceX’s Starlink system or Forcepoint’s security offerings, to be quickly onboarded and offboarded as needed, ensuring the seamless collection and sharing of Intelligence across the Army, Joint Force, and Intelligence community from Joint, Space, Aerial, and terrestrial sensors.
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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.