Palantir Technologies stock was climbing Tuesday after the software company said it had secured authorization for its entire product suite to be used in processing sensitive federal workloads.
Palantir stock rose after the cloud computing company was granted FedRAMP High Authorization.
Shares closed higher 6.9% at $70.96 on Tuesday, putting Palantir hitting record high, according to Dow Jones Market Data. As of Tuesday, Palantir was the best S&P 500 performer for the quarter as well as all of 2024. It joined the index in September.
The cloud computing company said its entire suite of products and programs had been granted FedRAMP High Authorization. FedRAMP is a program that promotes the adoption of secure cloud services at the federal level. The authorization allows the U.S. government to process sensitive unclassified workloads using Palantir’s cloud technology.
“Palantir is excited to accelerate our work with other technology partners—big and small, government or commercial—to enable their technology to be securely operated on behalf of USG missions,” President and Chief Technology Officer Akash Jain said in a statement.
Also on the horizon is Palantir’s potential addition to the Nasdaq 100 index. The Colorado company transferred the listing of its Class A common stock to the Nasdaq from the New York Stock Exchange on Nov. 26, making it eligible for inclusion.
It tops the list of stocks that could be added to the Nasdaq 100 during its annual reconstitution, a process in which Nasdaq-listed companies are ranked by market value on the last trading day of November. Changes to the index are set to be announced on Dec. 13.