Palantir Technologies (NASDAQ:PLTR) is set to sign a roughly $1B deal (£750M) with the U.K. military as part of President Trump’s trip to the country, The Times of London reported.
Palantir shares fell 3.4% in midday trading on Wednesday.
The U.K.’s Ministry of Defence will spend the amount on Palantir’s artificial intelligence technology. The Royal Navy will also be a part of the contract, the news outlet added, citing a person familiar with the deal.
As per the terms of the deal, Palantir will collect information from various databases across the U.K. military and identify recruitment gaps and whether a person is suitable to be deployed. It will also allow Palantir to identify parts and maintenance periods for the U.K.’s military assets.
It will also coincide with a commitment from Palantir to invest up approximately $2B in the U.K. over five years, sources told the news outlet.
Palantir did not immediately respond to a request for comment from Seeking Alpha.
