Palantir Invests in EV Company Faraday Future: What You Should Know

Palantir Technologies (NYSE: PLTR) has quietly been building up stakes in many companies that are going public via SPAC. The company’s latest investment in a SPAC was highlighted in a recent article on The Verge.

What Happened: Palantir invested $25 million in Faraday Future (NASDAQ: FFIE). The investment was part of the PIPE on the company’s SPAC deal.

Faraday Future raised $795 million in its PIPE, which included an investment from Geely, China’s largest private automaker.

Palantir has invested in and signed partnerships with 14 companies that went public via SPAC.

Related Link: Faraday Future Going Public Via SPAC: What Investors Should Know 

Why It’s Important: Along with the investment from Palantir, Faraday Future signed a commercial contract with the data company.

“Neither company disclosed how much Faraday Future is paying, though Palantir’s filing notes the contract will last between four and six years,” according to The Verge. 

Many of the companies that have received investments from Palantir have also signed commercial partnerships that see Palantir receiving revenue.

Palantir’s software serves as a “central operating system” for companies to help with data.

Faraday Future’s first electric vehicle, the FF91, is expected to have many autonomous driving features and to be built with a focus on technology inside the vehicle; Palantir could help power the inner workings of the car.

FFIE Price Action: FFIE shares were trading 7.91% higher to $9.69 Friday.