Palantir Technologies, Inc. ( PLTR ) shares are trading higher Thursday following reports suggesting it will finalize a £750 million five-year deal with the UK Ministry of Defense to expand the use of its AI software.

What To Know: According to Bloomberg, the new agreement will replace a current £75 million, three-year contract that is set to expire. The deal is expected to be finalized by the end of the year.

Palantir ( PLTR ) also pledged to invest £1.5 billion in the UK by 2030 as part of a broader plan to expand its work across health, policing, defense and other sectors. The initiative is projected to create about 350 jobs, including 200 at Palantir ( PLTR ) and the rest through partner organizations.

The details of the partnership are expected to be announced Thursday during. President Donald Trump's visit to the region.

See Also: Jeff Bezos-Backed CEO Warns US Against Selling AI Chips To China Amid National Security Issues: ‘It May Be The Only Advantage We Have’

PLTR Price Action: At the time of publication, Palantir ( PLTR ) shares are trading 4.07% higher at $175.15, according to data from Benzinga Pro.

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