Palantir’s CEO Loads Up on Shares as Swiss Central Bank Faces Heat Over $1.1 Billion Stake

The tension surrounding Palantir is building from multiple directions at once. While the company’s co-founder and CEO Alexander Karp has been aggressively buying stock, the Swiss National Bank finds itself under pressure from activists to dump its multibillion-dollar position. With first-quarter earnings due on May 4, the data analytics firm is navigating a storm that pits internal conviction against external criticism.

Insider Buying Sends a Signal

Between late January and April, Karp purchased roughly 1.47 million Palantir shares, marking one of the largest insider accumulation programs in the growth-stock space this year. The buying spree stands in stark contrast to the stock’s recent performance. Palantir closed Friday at €121.86, up a modest 0.36% on thin volume, but still down nearly 15% since the start of 2026. The shares are trading about 32% below their 52-week high from November 2025.

The technical picture remains fragile. The 50-day moving average sits at €123.35, acting as immediate resistance, while the 200-day line runs considerably higher. A sustained breakout above that near-term hurdle would brighten the chart outlook, but the stock has yet to find solid footing.

Swiss National Bank Under Fire

The most unusual drama of the past week unfolded in Bern. A delegation from Minneapolis traveled to the Swiss National Bank’s shareholder meeting to demand the central bank sell its Palantir stake. The SNB holds roughly 6.24 million shares — a position worth over $1.1 billion at current prices.

The activists’ grievance stems from Palantir’s supply of surveillance software to U.S. Immigration and Customs Enforcement. Following deadly shootings involving immigration officers in Minneapolis in January, criticism of that partnership has intensified. SNB President Martin Schlegel defended the central bank’s approach, arguing that its foreign-currency portfolio follows a market-neutral strategy where companies are weighted by market capitalization. Individual stock decisions are not part of the mandate, he said. Norway’s Storebrand Asset Management has already sold its Palantir position.

Should investors sell immediately? Or is it worth buying Palantir?

Government Contracts Keep Flowing

While the governance debate rages, Palantir’s deal pipeline with Washington continues to swell. The U.S. Department of Agriculture signed a $300 million framework agreement to deploy the company’s software in agricultural administration. That follows a $385 million contract from the Veterans Affairs Department and a role in building the “Golden Dome” missile defense system, whose budget stands at $185 billion.

Co-founder Peter Thiel’s political donations have added to the noise, while Karp’s aggressive rhetoric about U.S. AI dominance fuels the company’s expansionist narrative. Together with third co-founder Stephen Cohen, the trio controls Palantir through shares with enhanced voting rights, leaving minority shareholders with little say over strategic direction.

Earnings Day Looms

All eyes now turn to May 4, when Palantir reports first-quarter results. Management has guided for full-year revenue between $7.18 billion and $7.20 billion, following a 70% revenue surge in the fourth quarter. That forecast already exceeds previous market expectations.

Morgan Stanley views Palantir as a potentially dominant enterprise software platform, but warns that the valuation leaves no room for error. The forward price-to-earnings multiple sits at roughly 110. Analyst John McPeake of Rosenblatt Securities reiterated his buy rating on Friday with a $200 price target, citing the successful conversion of pilot projects into large contracts through the new AIP data platform.

For investors hoping for a rally, the May 4 report needs to deliver both strong numbers and a convincing outlook — anything less could deepen the stock’s slide.