New York, Feb 23, 2026, 05:15 EST — Premarket
- Rackspace looked set to open at about $1.68, right around where it finished on Friday.
- Rackspace shares have seesawed since the company announced its AI tie-up with Palantir.
- Attention shifts to Rackspace’s Feb. 26 results, where investors want specifics on how revenue was affected.
Rackspace Technology was trading near $1.68 ahead of the open Monday, almost flat versus Friday’s close. Last week’s surge still lingered.
The cloud outfit out of San Antonio has been on a tear, catching traders’ attention after announcing a collaboration with Palantir Technologies. The partnership is aimed at helping clients roll out Palantir’s Foundry and Artificial Intelligence Platform. “Organizations need AI that works in production, not just in demos,” said CEO Gajen Kandiah. Shares, stuck near 42 cents at the week’s open, soared to $1.68 by Friday’s close. San Antonio Express-News
Timing’s key here: Rackspace heads into earnings week with a chart that’s looking for some confirmation. The company’s set to report its fourth-quarter 2025 numbers at 8 a.m. ET on Feb. 26, then Kandiah and CFO Mark Marino get on the conference call at 8:30 a.m. ET.
Rackspace is touting its partnership with Palantir as a route for customers to push AI projects straight into production, not just run more pilots. The company says its “governed operating model” comes with managed security and compliance, so clients get built-in guardrails. Rackspace also outlined plans to host Palantir’s software on its Private Cloud and in UK sovereign data centers, targeting customers bound by data sovereignty laws. “Palantir AIP is taking completion timelines from years to days,” Palantir’s U.S. commercial chief Sameer Kirtane said in the announcement. Rackspace Technology
Rackspace shares surged 36.7% Friday, closing sharply higher after ranging from $1.30 to $2.08 throughout the session, according to Markets Insider data.
Palantir was flat in early action, with shares holding at $135.24.
With Rackspace, the main concern isn’t just the headline deal. Traders want to know how fast the Palantir partnership can actually produce signed contracts and steady managed-services income. There’s also the issue of whether the company will have to front-load spending to hire and operate teams for those deployments.
The usual unwind risk hasn’t gone away. If management skips the numbers on the partnership, or hints that “interest” is not turning into revenue as quickly as hoped, a rally into results can just as easily flip into a vacuum.
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