TL;DR
European financial institutions have significantly increased their holdings in Palantir, reaching an estimated $27 billion by the end of 2025. This surge occurs despite the company’s controversial ties to human rights violations and government security agencies.
Major European banks and asset managers have increased their investments in Palantir by more than 60% in 2024, reaching an estimated total of $27 billion by the end of 2025, despite ongoing concerns over the company’s human rights record and associations with government agencies.
The increase in holdings was identified through an investigation coordinated by Follow The Money, involving data analysis of publicly reported investments and holdings reported to the SEC. Notably, Norges Bank, managing Norway’s sovereign wealth fund, is now the largest European investor with nearly $5.1 billion in Palantir shares, representing a 60% increase from the previous year.
Other major European investors include French asset manager Amundi with close to $3 billion, and UK insurer Legal & General with $2.5 billion. Several banks such as Barclays, Deutsche Bank, BNP Paribas, and the Swiss National Bank also increased their stakes, often through funds that track stock indices, which automatically include Palantir due to its market size.
Why It Matters
This development is significant because it highlights how large European financial institutions are increasingly exposed to a company with controversial links to human rights violations and government security operations. The surge in investment raises questions about compliance with international guidelines like the OECD due diligence standards, especially given Palantir’s work with U.S. Immigration and Customs Enforcement (ICE) and military operations in conflict zones.
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Background
Palantir, founded by Peter Thiel, has become a key contractor for U.S. security and intelligence agencies, providing data analysis tools used in military and border operations. Despite widespread criticism and reports of human rights abuses, the company’s stock has surged in 2024, driven by strong government contracts and broader market gains in its shares.
European investors claim to adhere to OECD guidelines, which mandate due diligence in cases involving human rights concerns. However, the investigation indicates that many of these investors hold Palantir through index funds or asset managers that do not explicitly exclude the company from their portfolios.
“The scale of European investments in Palantir has grown dramatically, despite the company’s links to controversial government activities and human rights issues.”
— Research analyst at Follow The Money
“Our holdings in Palantir are managed through funds that follow index-based strategies, and we do not exclude companies based on their associations.”
— Norges Bank spokesperson
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What Remains Unclear
It remains unclear how European regulators and investors will address the ethical concerns associated with Palantir’s operations, especially if further evidence of human rights violations emerges or if regulatory standards tighten.
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What’s Next
Next steps include increased scrutiny from European regulators, potential policy discussions on ethical investing standards, and ongoing monitoring of Palantir’s activities and its investors’ compliance with international guidelines.
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Key Questions
Why are European investors increasing their stakes in Palantir?
Investors are primarily motivated by market performance, index fund strategies, and the belief that Palantir’s technology offers strategic value, despite ethical concerns.
What are the main concerns about Palantir?
The company’s links to U.S. security agencies, involvement in border control and military operations, and alleged human rights violations raise ethical questions.
Could European regulations impact these investments?
Potentially, if regulators enforce stricter due diligence and human rights standards, some holdings may be reevaluated or divested.
How transparent are these investments?
Most are reported through public filings or index fund disclosures, but the full scope of holdings remains difficult to verify independently.
