Why did Palantir's stock stumble?
Palantir operates two data mining platforms: Gotham, which is designed for government agencies, and Foundry, which serves large commercial customers across the energy, industrial, financial, and aerospace sectors. When Palantir went public in 2020, it boldly claimed Gotham could become the "default operating system for data across the U.S. government" as Foundry expanded its reach across the private sector.
Those claims were backed by Palantir's impressive track record. The U.S. military reportedly used Gotham to track down Osama Bin Laden in 2011, Immigration and Customs Enforcement (ICE) used it to track and deport undocumented immigrants for years, and most of America's military and law enforcement agencies already use customized versions of its software. That battle-hardened reputation would likely bolster Foundry's appeal among large companies.