Palantir Technologies Inc. (NASDAQ:PLTR) stock fell Friday as mounting corporate governance scrutiny and a high-profile legal clash with AI startup Percepta weighed on sentiment — even as a newly finalized U.S. Department of Homeland Security purchasing framework underscored the company's deepening ties to federal immigration and border enforcement programs.
Michael Burry Sounds Alarm On Palantir
Investor Michael Burry has criticized Palantir after its 2025 filing revealed the company reimbursed CEO Alex Karp $17.2 million for the use of his privately owned jet, a 123% jump from 2024.
Analysts flagged the spending as unusually high compared with peers like Meta Platforms Inc. (NASDAQ:META) CEO Mark Zuckerberg and Palo Alto Networks Inc. (NASDAQ:PANW) CEO Nikesh Arora, raising corporate governance concerns.
Burry has also issued a bearish technical outlook on PLTR, citing a head-and-shoulders reversal pattern and projecting a potential drop to the $50–$60 range, implying a possible decline of over 50% from recent levels.
Palantir Vs. Percepta
Bloomberg reports that a judge said three former Palantir employees may have broken privacy and non-solicitation agreements in founding their artificial intelligence startup, Percepta. But the court refused to halt their work at the company.
Palantir sued Percepta co-founder and Chief Executive Officer Hirsh Jain last year for initiating a campaign to recruit numerous Palantir employees after leaving the company in August 2024.
Palantir also mentioned two other names: Radha Jain and Joanna Cohen, who stole confidential documents, Bloomberg adds.
District Judge J. Paul Oetken issued a one-page order on Wednesday. Palantir had asked for a ruling to bar these people from working at Percepta, but Oetken rejected that injunction.
Government Deal Spotlight
Amid the partial legal victory, a major U.S. government purchasing agreement surfaced at Palantir. The deal expands the software maker's presence in federal immigration and border enforcement programs.
The Department of Homeland Security recently finalized a blanket purchasing framework that allows agencies to buy Palantir products more easily.
The agreement covers software licenses, implementation and support services, and simplifies procurement rules departmentwide, WIRED reports.
According to Benzinga Pro, PLTR stock has gained over 24% in the past year. Investors can gain exposure to the stock via GraniteShares 2x Long PLTR Daily ETF (NASDAQ:PTIR).
PLTR Price Action: Palantir Technologies shares were down 1.48% at $132.88 at the time of publication on Friday, according to Benzinga Pro data.
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