WASHINGTON, April 23, 2026, 16:16 EDT
Palantir Technologies Inc. landed a $300 million software deal with the U.S. Department of Agriculture, a push further into non-defense business just ahead of its upcoming earnings report. The stock slipped roughly 7.2% late Thursday, with U.S. markets nearing the close.
Timing is crucial here: Palantir announced on April 13 that it’s slated to release Q1 results on May 4. Back in February, the company projected 2026 revenue between $7.18 billion and $7.20 billion, following a 70% jump in fourth-quarter sales and a 66% surge in U.S. government revenue.
The USDA has landed a Blanket Purchase Agreement, or BPA, letting the agency place multiple orders on fixed terms instead of a single bulk buy. According to the USDA, this arrangement backs the National Farm Security Action Plan and its “One Farmer, One File” initiative, which aims to reduce red tape and accelerate service for farmers. acquisition.gov
This goes beyond mere symbolism. According to the USDA, the Landmark system—developed with Palantir—powered February’s $11 billion Farmer Bridge Assistance Program launch, smashing online enrollment records in just over an hour and moving $4.4 billion to farmers within the opening five days.
“Protecting America’s farmland is protecting America itself,” USDA Chief Information Officer Sam Berry said. Palantir’s federal engineering lead Ali Monfre noted the agency was “moving fast” to get improved tools out to farmers. Business Wire
The victory comes amid intense competition for government AI and data deals. Last month, Reuters said Palantir and Anduril were collaborating on software for the Pentagon’s Golden Dome missile shield. Bloomberg, meanwhile, reported the FAA tapped Palantir, Thales, and Air Space Intelligence to vie for an air-traffic management AI project.
Despite landing the USDA contract, Palantir was still valued at around $364 billion as of late Thursday, with shares trading at nearly 337 times trailing earnings. That’s a hefty multiple—investors aren’t letting up on their lofty expectations. Back in February, after Palantir reported results, Reuters noted that analysts cautioned the company would have to keep up outsize growth to support that valuation.
That $300 million figure isn’t booked as immediate revenue. BPAs, as defined by federal acquisition rules, allow agencies to make purchases on an as-needed basis, spreading orders out over time. Palantir, for its part, continues to draw attention for its surveillance contracts and questions remain about government reliance on a handful of data suppliers.
USDA’s selling points—reduced time in field offices, quicker payments, and a cut in outdated systems—are straightforward. For Palantir, this contract lands just ahead of a key date: May 4, when investors weigh whether these fresh government deals can still buoy the shares.
