TL;DR
European financial institutions have dramatically increased their investments in Palantir, totaling an estimated $27 billion by late 2025. This growth occurs despite ongoing allegations of human rights violations and controversial government contracts.
Major European banks and asset managers have significantly increased their investments in Palantir, with the total holdings reaching an estimated $27 billion by the end of 2025, despite widespread criticism over the company’s links to human rights violations and controversial government contracts.
According to an investigation coordinated by Follow The Money and involving EL PAÍS, more than 100 European financial entities increased their combined stake in Palantir by over 60% during 2024 and 2025. The total value of these investments nearly quadrupled in a year, driven by Palantir’s rising share price. Notably, Norges Bank, managing Norway’s sovereign wealth fund, became the largest European investor, holding approximately $5.1 billion worth of shares. French asset manager Amundi and UK insurer Legal & General also increased their holdings significantly, with investments of nearly $3 billion and $2.5 billion respectively. Several banks, including Barclays, Deutsche Bank, BNP Paribas, and the Swiss National Bank, also expanded their positions. The investments are primarily through funds that track stock indices, which automatically include Palantir due to its market size. Despite these holdings, most entities claim to support OECD guidelines on due diligence and human rights, even as Palantir’s controversial client list and human rights record have raised concerns. Palantir’s founder, Peter Thiel, has publicly expressed anti-democratic views, and the company’s work includes contracts with U.S. immigration enforcement and military operations, including in Gaza and other conflict zones.
Why It Matters
This development is significant because it highlights a growing financial backing for a company with a controversial human rights record, raising ethical questions for European investors. It also underscores the complex intersection of lucrative investments and moral considerations, especially when investments are made through index funds that automatically include Palantir’s shares. The increasing European stake in Palantir may influence future debates over responsible investing and human rights compliance in the financial sector.
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Background
Over the past year, Palantir has seen its stock price surge, driven by lucrative government contracts and its expansion into defense and intelligence sectors. The company’s work includes data analysis tools used by U.S. security agencies and military operations, including controversial applications in conflict zones. Despite widespread criticism from human rights organizations such as Amnesty International, Palantir continues to secure government contracts and attract institutional investors. European entities, claiming adherence to OECD guidelines, have increased their holdings amid this backdrop, raising questions about the oversight and ethical standards of large-scale institutional investing.
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“Our investments are guided by strict adherence to ethical standards and OECD guidelines, and we continuously review our holdings.”
— Norges Bank spokesperson
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What Remains Unclear
It remains unclear how European regulators or public opinion might respond to the rising investments in Palantir, especially given the company’s controversial links. The full extent of the investments made through indirect funds or unreported holdings is also still being assessed. Additionally, Palantir’s future contracts and ethical compliance are ongoing issues that could influence investor sentiment.
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What’s Next
Next steps include regulatory reviews of institutional investments, potential scrutiny of Palantir’s contracts, and ongoing monitoring of European investor positions. Further investigations may reveal more about the ethical implications of these investments, and Palantir’s management might face increased pressure to address human rights concerns.
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Key Questions
Why are European investors increasing their stakes in Palantir?
Many are driven by the company’s strong stock performance and the inclusion of Palantir in index funds, which automatically purchase shares of large publicly traded companies. Some claim to adhere to ethical guidelines, but the investment growth raises questions about oversight.
What are the main concerns associated with Palantir?
Palantir has been linked to human rights violations through its contracts with U.S. immigration authorities and military operations in conflict zones like Gaza. The company’s work involves analyzing sensitive data, raising ethical and legal questions.
Could European regulations impact these investments?
Potential regulatory actions or increased oversight of responsible investing and due diligence could influence future holdings. However, current regulations primarily focus on transparency and compliance, not outright bans.
How might Palantir respond to these developments?
The company may emphasize its compliance with legal standards and its efforts to address human rights concerns, but specific strategic responses remain to be seen as scrutiny increases.
