Alex Karp’s Palantir lands AI deal with HD Hyundai

Palantir Technologies, the artificial intelligence and data analytics firm co-founded by Alex Karp, the richest Black person in the United States, has secured a major multi-million-dollar deal with South Korea’s HD Hyundai. The agreement, spanning several years, expands Palantir’s work in heavy industry, an important development in the company’s global commercial growth.

The contract builds on a deal that began in 2021, when HD Hyundai one of the world’s top shipbuilders started using Palantir software to improve operations. It now reports building ships 30 percent faster thanks to the data platform, which integrates multiple sources of information and highlights actions through automation and AI.

Karp told reporters at Davos that he is “very bullish” on the Korean market, calling it “one of the more innovative, interesting, artistic places in the world.”

Enterprise expansion fuels U.S. demand

Palantir’s software allows enterprises to consolidate data from materials, machinery, finances, and other sources into a single platform, helping companies identify steps to improve efficiency. With HD Hyundai, the engagement now covers the entire enterprise, following earlier targeted work in areas such as construction equipment and oil.

On Palantir’s broader business, Karp said demand in the United States is outpacing the company’s capacity. The U.S. market represented roughly 75 percent of Palantir’s business as of September 30, 2025, growing 77 percent year over year to $883 million. Public-sector projects, including work for immigration authorities and foreign governments have occasionally sparked protests and criticism from former employees thus highlighting the challenges of balancing commercial growth with political sensitivity.

Palantir expands AI across governments, industry

Founded in 2003 by Karp, Peter Thiel and others, Palantir initially focused on counterterrorism and fraud detection. Under Karp who boasts a net worth of $16.6 billion, the company has expanded into commercial clients alongside defense and intelligence agencies. Palantir reported $1.18 billion in revenue in the third quarter of 2025, a 63 percent increase from a year earlier.

The HD Hyundai deal follows a mid-December renewal of a multi-year contract with France’s domestic intelligence agency, DGSI, and an August 2025 U.S. Army contract worth up to $10 billion over the next decade. These agreements position Palantir at the center of modernizing military and government data operations while supporting commercial expansion, thus reflecting the company’s growing role in global AI applications.