As data mining firm Palantir’s shares continue to climb, Thiel is cashing out. He’s not the only Palantir insider doing so.

Peter Thiel sold almost $600 million of Palantir Technologies Inc. stock this week, bringing his total disposals this year to more than $1 billion.

Palantir’s stock has outperformed the S&P 500 by a wide margin in recent years, but Raymond James has concerns about the stock’s valuation.

Palantir Technologies ( PLTR 0.60%) continues to rack up new contracts. The latest is a deal with the U.S. government to bring artificial intelligence (AI) capabilities to the various military branches through its Maven Smart System. The contract will pay Palantir up to $99.8 million over the next five years.

Palantir Technologies Inc. (NYSE: PLTR) began trading as a member of the S&P 500 index on September 23, 2024. Inclusion in the index was a long-time goal of Palantir. It’s also a significant milestone for retail investors who have largely driven the growth of PLTR stock since it went public via a direct listing in 2020.