New York, February 19, 2026, 17:23 (ET) — Trading after the bell.
Shares of Palantir Technologies Inc. edged down 0.3% to $134.89 in after-hours trading Thursday, following a WIRED report that the U.S. Department of Homeland Security inked a five-year blanket purchase agreement with the data-analytics company, potentially valued at $1 billion. The arrangement allows DHS agencies such as Customs and Border Protection and Immigration and Customs Enforcement to buy from Palantir on established terms. WIRED cited Palantir executive Akash Jain, who noted there’s been “increased concern” about the firm’s ongoing work with ICE.
That headline knocked Palantir, a name already whipsawing with every shift in the outlook for high-growth software stocks. After a sharp rally, shares have dropped over 25% in 2026. Traders lately have snapped to every new contract hint or analyst call.
A blanket purchase agreement, or BPA, lets government buyers skip fresh bidding for every order, thanks to pre-arranged terms. According to a DHS contract listing, Palantir landed a single-award BPA, but at the time of award, the obligated amount sat at $0.
Rackspace Technology and Palantir announced Wednesday they’re teaming up to speed up deployment of Palantir Foundry and its Artificial Intelligence Platform, or AIP, into live, managed environments. “Organizations need AI that works in production, not just in demos,” said Rackspace CEO Gajen Kandiah. Rackspace Technology
Mizuho Securities bumped Palantir up to “Outperform” from “Neutral” on Wednesday, sticking to its $195 price target. The firm argued the recent slide has put the stock back in an appealing spot from a risk-reward perspective. Analyst Gregg Moskowitz described Palantir as “in a category of its own,” highlighting margin expansion he called “unmatched in large-scale software.” MarketScreener UK
Palantir’s name has been circulating for issues outside of its financials. On Wednesday, a U.S. judge in Manhattan gave the company a partial win: two ex-employees can’t recruit Palantir staff for their new AI startup, but they’re still allowed to hold on to their jobs there.
Earlier this month, Palantir said fourth-quarter revenue jumped 70% to $1.407 billion. For the full year 2026, the company is projecting revenue between $7.182 billion and $7.198 billion. Palantir also expects to post both GAAP operating income and net income in every quarter of 2026.
The DHS agreement is just a contract vehicle—there’s no promise of funded work here, and the timeline can get tricky even with that hefty ceiling. If federal orders slow down or if there’s backlash over immigration enforcement, the stock might end up depending more on commercial traction.
Regular trading wrapped up, so attention shifts to Friday, February 20, when U.S. markets are back open. Traders are on the lookout for fresh filings or customer updates—specifically, anything that quantifies the DHS setup or puts hard numbers on the Rackspace rollout.
