Palantir posts record high, switch from NYSE to Nasdaq 

Palantir continued its wild run on Friday after the software developer revealed plans to move its listing from the New York Stock Exchange to the Nasdaq. 

The shares have nearly quadrupled in value this year, up more than 45% since Palantir’s better-than-expected earnings report last week. The market valuation of the software firm is  $150 billion.   

Palantir stated late Thursday that it began trading on the Nasdaq on November. 26, using the current ticker symbol “PLTR.”.  

In a post on social media site X, board member Alexander Moore, a partner at venture firm 8VC, implied that the move might benefit retail investors because “it will force” billions of dollars in purchases by exchange-traded funds, even though changing listing sites does not affect a company’s fundamentals. 

Palantir released a fourth-quarter forecast ahead of Wall Street’s expectations last Monday after the market closed, along with third-quarter earnings and revenue that exceeded projections.  

CEO Alex Karp stated that the company is “absolutely eviscerated this quarter,”  driven by demand for artificial intelligence technologies.  

The business announced a five-year agreement to spread its Maven technology throughout the United States. Palantir founded Maven in 2017 to supply the Department of Defense with AI tools. 

Government revenue reached $320 million, up 40% from the previous year, while Commercial revenue reached $179 million, a 54 percent increase.