Palantir leaders announced at the World Economic Forum in Davos, Switzerland, on January 20 that the U.S. technology company has secured a significant agreement to provide additional software to HD Hyundai. This move strengthens Palantir's involvement in South Korea's heavy-industry sector.
A source familiar with the matter stated on Tuesday that the deal is valued at hundreds of millions of dollars over several years. Palantir declined to discuss specific financial terms.
The companies arranged a signing ceremony at Palantir's temporary office space in Davos, where the annual forum is being held this week. This agreement represents an extension of the collaboration that began in 2021 between Palantir and HD Hyundai, a leading global shipbuilder.
According to statements from both companies, HD Hyundai has increased its ship manufacturing speed by approximately 30% since adopting Palantir's software to streamline operations.
In an interview in Davos, Palantir CEO Alex Karp expressed strong optimism about the Korean market, describing it as "one of the more innovative, interesting, artistic places in the world." However, Karp noted that sales to non-U.S. companies are not a primary focus for the firm.
"We're doing so well in America, we have to selectively engage abroad," Karp added.