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European financial institutions have significantly increased their stakes in Palantir, with investments rising over 60% in 2024 to an estimated $27 billion. This occurs amid ongoing scrutiny over the company’s links to human rights violations and controversial government contracts.
Major European banks and asset managers increased their investments in Palantir by more than 60% in 2024, reaching an estimated total of $27 billion, despite ongoing concerns about the company’s human rights record and controversial government contracts.
According to an investigation coordinated by Follow The Money and involving EL PAÍS, over 100 large European financial entities boosted their holdings in Palantir throughout 2024. Notably, Norges Bank, which manages Norway’s sovereign wealth fund, increased its stake by 60%, becoming the largest European investor with nearly $5.1 billion in shares by December 2025. Other significant investors include French asset manager Amundi, British insurer Legal & General, and several major banks such as Barclays, Deutsche Bank, BNP Paribas, and the Swiss National Bank. The total value of these holdings, derived from entities reporting to the U.S. SEC, is a conservative estimate; actual investments may be higher due to index fund holdings.
Despite Palantir’s controversial associations—such as providing technology to U.S. immigration enforcement, Israeli military operations, and its founder Peter Thiel’s outspoken anti-democratic views—many European investors claim to adhere to OECD guidelines on responsible investing. However, critics question the ethical implications of supporting a company linked to human rights abuses, including its role in surveillance activities in conflict zones like Gaza and its contracts with U.S. security agencies.
Why It Matters
This development is significant because it highlights a growing financial support for Palantir among European institutions, raising questions about the ethical standards guiding their investments. The increased stakes come amid ongoing debates over Palantir’s role in controversial security and surveillance operations, and the potential complicity of investors in human rights violations.
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Background
Palantir, founded in the U.S., has become a key contractor for government security agencies, including ICE and the Pentagon. Its technology is used for data analysis in military and border enforcement activities, and it has been involved in high-profile operations such as missile strikes against Iranian targets. Despite widespread criticism, the company’s share price surged throughout 2024, driven by strong demand for its defense and intelligence products, which contributed to the rise in European investments.
“AI has transformed the battlefield, enabling rapid analysis of vast sensor data that would be impossible for humans alone.”
— Guillermo Pulido, doctoral candidate in Strategic Studies
“Our holdings in Palantir are solely based on client transactions and investment funds, not direct company involvement.”
— A source within BBVA
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What Remains Unclear
It remains unclear how many additional European entities hold indirect investments via index funds or other passive funds that do not report holdings publicly. The true scale of European financial support for Palantir could be higher than current estimates. Additionally, the long-term ethical stance of these investors remains uncertain, given the company’s controversial activities and associations.
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What’s Next
Next steps include further investigation into the actual holdings of European investors, potential calls for increased transparency, and ongoing debate over responsible investing standards. Regulatory bodies and shareholder activists may scrutinize these investments more closely, especially if new allegations or revelations about Palantir’s activities emerge.
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Key Questions
Why are European investors increasing their stakes in Palantir?
Many are attracted by Palantir’s strong financial performance and its role in defense and intelligence sectors, despite ethical concerns. Some also invest through index funds that automatically include Palantir due to its market size.
What are the main ethical concerns associated with Palantir?
Palantir has been linked to human rights violations through its work with U.S. immigration enforcement, military operations, and surveillance activities in conflict zones like Gaza, raising questions about its role in human rights abuses.
Could these investments impact European policies on responsible investing?
Yes, increased scrutiny and public debate may lead to stricter guidelines or calls for transparency, especially regarding investments in companies with controversial activities.
Palantir’s share price experienced a significant rise throughout 2024, contributing to the increase in European investments. The trend continues to be monitored for any reversals or volatility.
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