TL;DR
European financial institutions have dramatically increased their stakes in Palantir, a controversial U.S. tech firm linked to human rights issues. The total investment reached an estimated $27 billion in 2025, driven by a surge in Palantir’s share price.
European banks and asset managers increased their investments in Palantir by more than 60% in 2024, reaching an estimated total of $27 billion in 2025, amid ongoing concerns over the company’s human rights record.
The increase in holdings is based on data from an investigation coordinated by Follow The Money, involving over 100 major European financial institutions. Notably, Norges Bank, which manages Norway’s sovereign wealth fund, became the largest European investor with nearly $5.1 billion in Palantir shares by December 2025, a 60% increase from the previous year.
Other significant investors include French asset manager Amundi with nearly $3 billion, British insurer Legal & General with $2.5 billion, and several major banks such as Barclays, Deutsche Bank, BNP Paribas, and the Swiss National Bank. Spanish banks Santander and BBVA also increased their holdings, with Santander’s investment rising 16-fold over 12 months.
Despite the substantial investment, many of these entities claim to adhere to OECD guidelines on human rights and due diligence, even as Palantir’s links to U.S. immigration enforcement, military operations, and controversial use of AI remain under scrutiny.
Why It Matters
This development highlights a paradox: major European financial institutions are investing heavily in a company criticized for human rights violations, raising questions about the effectiveness of their adherence to ethical investment standards and due diligence procedures. The surge in Palantir’s valuation underscores its growing influence in global security and intelligence sectors, which has implications for how financial markets evaluate ethical risks.
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Background
Palantir, founded in the early 2000s, has become a leading provider of data analysis tools for military, intelligence, and law enforcement agencies. Its contracts with U.S. agencies, including ICE and the Pentagon, have been controversial, especially given reports of its software being used in immigration enforcement and military strikes. Despite widespread criticism, Palantir’s share price soared throughout 2024, prompting increased institutional investment.
European investors’ participation has grown amid broader interest in AI and data analytics, but concerns about ethical standards persist, especially given Palantir’s links to human rights violations and its founder’s outspoken political views.
“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 investment in Palantir is part of a diversified portfolio, and we adhere to strict ethical guidelines.”
— Norges Bank spokesperson
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What Remains Unclear
It remains unclear how these European institutions reconcile their investments with their public commitments to human rights and ethical standards. The actual extent of Palantir’s use in sensitive operations and the influence of these investments on company practices are still under investigation.
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What’s Next
Next steps include further scrutiny of European investors’ due diligence processes, potential regulatory responses, and ongoing monitoring of Palantir’s contracts and ethical practices. Additional disclosures from the involved institutions are expected in the coming months.
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Key Questions
Why are European banks investing so heavily in Palantir?
European banks see Palantir as a key player in AI and data analysis, which are critical for security and financial services, despite the controversy surrounding its human rights record.
Are these investments legal given Palantir’s links to human rights issues?
Yes, these investments are legal, as they are made through funds that track stock indices or via asset managers. However, they raise ethical questions about due diligence and adherence to international standards.
What is Palantir’s main area of business?
Palantir specializes in data analysis software used by government agencies, military, and private sector clients for security, intelligence, and strategic operations.
Will these investments affect Palantir’s future operations?
It is currently unclear how investor pressure or regulatory scrutiny might influence Palantir’s policies or contracts, but increased investment could strengthen its market position.
