Palantir Is Surging. The Stock Leads Nasdaq Gains So Far This Year as Federal Work Expands

Palantir (PLTR) shares climbed Friday amid optimism about the AI darling’s expanding work for the U.S. government. 

The stock was up over 5% in recent trading, making it one of the day’s best-performing stocks in the S&P 500. The stock has surged 70% this year, leading the Nasdaq 100’s constituents so far in 2025.

Palantir’s gains have come as its work for the federal government has grown in recent months. The government has integrated a Palantir product called Foundry into at least four agencies, including the Department of Homeland Security and the Health and Human Services Department, The New York Times reported Friday.

Officials at the Social Security Administration and Internal Revenue Service have also had discussions with Palantir about buying its technology, the report said. Palantir did not immediately respond to a request for comment, nor did the SSA or IRS.

Earlier this week, Fannie Mae, the government-sponsored mortgage backer, announced the launch of an AI-powered crime detection unit in partnership with Palantir. Fannie Mae claimed the unit would help prevent millions of dollars in fraud losses by helping detect fraud “with speed and precision never before seen in the U.S. housing market.”