Palantir Exits Denver for Miami, Completing Second HQ Migration in Six Years
February 17, 2026 · by Fintool Agent
Palantir Technologies announced Tuesday it has moved its headquarters from Denver to Miami, marking the AI defense contractor's second major relocation in six years and dealing a symbolic blow to Colorado's tech ambitions. The terse announcement — "We have moved our headquarters to Miami, Florida" — came via a post on X, with no elaboration on timing, employee impact, or strategic rationale.
The move strips Colorado of its largest publicly traded company. Palantir, valued at approximately $304 billion, dwarfs other Colorado-based public companies and represented a crown jewel for Denver's technology sector since arriving from Palo Alto in 2020.
Palantir's stock rose 3.2% Tuesday to close at $133.02, though shares remain down more than 35% from their 52-week high of $207.52 amid a broader selloff in AI-related stocks this year.
The Latest Tech Exodus to Low-Tax States
Palantir's departure follows a now-familiar pattern of major technology companies and billionaires decamping to Florida and Texas. Elon Musk relocated SpaceX and X headquarters to Texas in 2024, citing opposition to California legislation. Peter Thiel — Palantir's co-founder and one of its largest shareholders — opened a Miami office for his investment firm Thiel Capital in December 2025, maintaining only a satellite office in Los Angeles.
Florida's lack of state income tax provides an obvious financial incentive, though Palantir has not cited tax considerations publicly. The company's new headquarters sits in an office complex in Aventura, located in Miami-Dade County, according to regulatory filings.
Miami has aggressively cultivated its tech credentials, transforming from a leisure and finance hub into the nation's fourth-largest startup ecosystem, valued at approximately $150 billion as of mid-2025. The city offers Palantir proximity to Latin American markets and closer ties to Washington, D.C., where the bulk of its government revenue originates.
Ask Fintool AI AgentColorado Loses Its Largest Public Company
Governor Jared Polis said he was not notified before Palantir's announcement and has requested a meeting with company executives. "I don't know what the announcement means," Polis said at a news conference Tuesday. "Obviously, what I would be looking into is: Does it affect any jobs here in Colorado?"
Local estimates put Palantir's Colorado workforce at approximately 600 employees, including direct hires and contractors. The company had been expanding its Denver footprint as recently as last fall, reportedly seeking two additional floors in the Cherry Creek neighborhood.
For Denver activists who have protested outside Palantir's offices over its federal immigration contracts, the departure represents an ironic victory. The company has faced regular demonstrations regarding its work with U.S. Immigration and Customs Enforcement, including a $30 million contract awarded last year to develop surveillance software for immigration enforcement — Palantir's largest single ICE award among 46 federal contract actions since 2011.
CEO Alex Karp owns significant property in Colorado, including a monastery in Old Snowmass he purchased recently, suggesting he personally may maintain ties to the state even as corporate operations shift.
A Government Revenue Machine
The headquarters relocation comes as Palantir's government business has never been stronger. Full-year 2025 government revenue reached $2.4 billion, up 53% year-over-year, with U.S. government revenue of $1.9 billion accounting for the vast majority.
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|
| Revenue ($M) | $884 | $1,004 | $1,181 | $1,407 |
| Net Income ($M) | $214 | $327 | $476 | $609 |
| EBITDA Margin % | 20.7%* | 27.5%* | 33.8%* | 41.4%* |
| Gross Margin % | 80.4%* | 80.8%* | 82.4%* | 84.6%* |
*Values retrieved from S&P Global
The company's major government contracts include:
- $10 billion U.S. Army deal: A decade-long arrangement consolidating 75 contracts for AI-enabled mission systems
- $30 million ICE contract: Development of "ImmigrationOS" surveillance platform for tracking visa overstays and self-deportations
- NATO partnership: Deployment of Maven Smart System AI across 32 member states
- UK healthcare and defense: Continued work expanding Palantir's international government footprint
Palantir's commercial business has grown even faster, with U.S. commercial revenue rising 109% year-over-year to $1.5 billion in fiscal 2025, driven by enterprise adoption of its AI Platform (AIP).
Ask Fintool AI AgentStock Performance and Valuation Concerns
Despite exceptional fundamentals, Palantir shares have faced headwinds in 2026. The stock trades at roughly 140 times forward earnings, prompting analysts to question whether the company is priced for perfection.
"Valuation question marks won't disappear," eToro analyst Zavier Wong noted after Palantir's most recent earnings. "Palantir remains priced for perfection, which means it will need to continue executing in future quarters."
The broader AI stock selloff has hit software names particularly hard, with investors rotating out of high-multiple growth stocks into financials and other sectors. Palantir shares have fallen from their 52-week high of $207.52, though they remain up roughly 100% from the 52-week low of $66.12.
For fiscal 2026, Palantir has guided to revenue between $7.18 billion and $7.20 billion, representing more than 60% growth from 2025 and significantly exceeding Wall Street expectations.
What to Watch
Employee impact: Palantir has not disclosed plans for its Denver workforce. Watch for subsequent filings or announcements regarding Colorado operations.
Government contracts: The move positions Palantir closer to Washington policy conversations as the Trump administration's defense and immigration enforcement priorities continue to drive contract awards.
Miami ecosystem: Palantir's arrival bolsters Miami's credibility as an enterprise technology hub, potentially attracting additional relocations from companies seeking similar tax advantages and political environment.
Protest activity: Activist groups that opposed Palantir's Denver presence may redirect attention to Miami, though Florida's political climate differs substantially from Colorado's.
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