06:45 AM EDT, 05/30/2024 (MT Newswires) -- Palantir Technologies ( PLTR ) has received a $480 million firm-fixed-price contract for the Maven Smart System prototype, an artificial intelligence tool that assists in combat using image and video analysis.

The US Department of Defense, which awarded the contract to the company, said "one bid was solicited via the Internet with one received."

The estimated completion date for the contract is May 28, 2029.

Shares of Palantir ( PLTR ) rose 2.7% in premarket activity on Thursday.

Price: 21.52, Change: +0.58, Percent Change: +2.77