By Nate Wolf
Palantir stock was climbing Tuesday, putting the software maker on track for a record high amid an impressive yearlong run.
The company's shares rose 7.9% to $127.84, making it the top-performing stock in the Nasdaq 100 and one of the top performers in the S&P 500 on a day equities have largely have rallied.
Palantir is on pace to close above the $300 billion market cap threshold for the first time.
Reasons for Tuesday's jump weren't clear, though the air taxi manufacturer Archer Aviation disclosed Tuesday it is now working with Palantir.
The move upward continues a banner year for the AI leader, which sells operating systems to government and commercial clients.
Palantir stock has leapt 69% so far in 2025 and a staggering 496% over the last 12 months, buoyed by investor enthusiasm for both AI and defense stocks.
Write to Nate Wolf at nate.wolf@barrons.com
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May 13, 2025 12:41 ET (16:41 GMT)
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