Major European banks and asset managers have dramatically increased their investments in Palantir over the past year, despite the controversial US technology company's links to serious human rights violations, El País reported, citing an international investigation coordinated by Follow The Money.
Palantir provides services to the US Immigration and Customs Enforcement and to the Israeli army in the occupied Palestinian territories. In 2020, Amnesty International denounced the company for failing to comply with international standards, while consulting firm MSCI gave it a score of two out of ten for "civil liberties" and "human rights" in a recent benchmark report.
Nevertheless, more than 100 major European banks, asset managers, insurers, and pension funds increased their combined stake in the company by more than 60 percent in the last year. The economic value of these stakes nearly quadrupled in a year, driven by the spectacular rise in Palantir's share price throughout 2024. By the end of 2025, the total value reached $27 billion.
Largest European investors
Norway's sovereign wealth fund increased its investment in Palantir by 60 percent between 2024 and 2025, reaching nearly 29 million shares worth $5.1 billion by the end of December 2025, making it the largest European investor in the company.
French asset manager Amundi ranks second with nearly $3 billion invested, followed by British insurer Legal & General with $2.5 billion.
Among major banks, Barclays holds $2.2 billion, Deutsche Bank $2 billion, BNP Paribas over $1 billion, the Swiss National Bank $1.1 billion, and Dutch asset manager Cardano $1 billion.
Why Palantir is controversial
Palantir has become known for its ability to analyze massive volumes of data, especially using tools designed for armed forces and security services. Its Maven Smart System is considered critical by the Pentagon for gathering classified data and using it for target acquisition, strategic planning, and the guidance of drones and missiles.
Several international media outlets have reported that Palantir's technology was used in the recent US-Israeli aggression on Iran.
In 2024, the company signed a strategic alliance with the Israeli military to support its genocide in Gaza. In the United States, ICE has been using its software to locate migrant families since at least 2020. Palantir's founder and chairman, Peter Thiel, is known for his opposition to democracy and is a major supporter of Donald Trump.
European governments as clients
Several European governments also rely on Palantir's technology.
In Spain, the Ministry of Defense awarded Palantir a €16.5 million contract in 2022 without a public tender. In Germany, the army's cybersecurity division issued an official alert regarding the company's use of sensitive defense data. In the Netherlands, the army uses the firm's software in secret military operations.
Francesca Bria, a professor at University College London, said, "Palantir isn't a private company in the strict sense of the word. It's an arm of the US national security apparatus. When European governments acquire its tools, they aren't just buying software: they're surrendering sovereignty."
Source:Websites
