TL;DR
European financial institutions have significantly increased their investments in Palantir, raising concerns over human rights violations linked to the company. The total European investment reached an estimated $27 billion by end-2025, driven by rising share prices.
Major European banks and asset managers have increased their investments in Palantir by more than 60% over the past year, reaching an estimated $27 billion by the end of 2025, despite widespread criticism over the company’s links to human rights violations and controversial activities.
According to an investigation coordinated by Follow The Money, over 100 European financial entities, including banks, pension funds, and asset managers, have collectively increased their stakes in Palantir, a U.S. technology firm known for its data analysis tools used in military and security contexts. The investment surge is primarily driven by Palantir’s share price rally throughout 2024, which nearly quadrupled the value of these holdings.
Notably, Norges Bank, which manages Norway’s sovereign wealth fund, became the largest European investor, increasing its holdings to nearly 29 million shares valued at approximately $5.1 billion by December 2025—a 60% rise from the previous year. Other major investors include French asset manager Amundi with nearly $3 billion and British 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 significantly.
Despite the substantial financial involvement, these entities claim to support OECD guidelines on human rights and conduct due diligence on their investments. However, Palantir’s controversial activities—such as its contracts with U.S. Immigration and Customs Enforcement (ICE), its work with the Israeli military in Palestinian territories, and its founder Peter Thiel’s outspoken anti-democratic views—continue to draw criticism from human rights organizations.
Why It Matters
This development highlights a growing disconnect between financial interests and ethical considerations in Europe. The increased investment in Palantir, a company with documented links to human rights abuses, raises questions about the effectiveness of existing oversight and the willingness of major European investors to prioritize profits over ethical standards. It also underscores the influence of large institutional investors in shaping the future of AI and security technologies used worldwide.
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Background
Over the past year, Palantir’s share price experienced a significant rise, driven by increased demand for its data analysis tools used in military and security operations. The company’s contracts with U.S. agencies, including ICE and military defense, have been publicly criticized for ethical reasons. Despite this, major European investors have continued to increase their stakes, often through index funds that automatically include Palantir due to its market size. This trend persists even as human rights organizations have raised alarms about the company’s activities in conflict zones and its links to controversial government programs.
“AI has transformed the battlefield, enabling rapid analysis of massive data volumes that would be impossible for humans alone.”
— Guillermo Pulido, doctoral candidate in Strategic Studies
“Our investment decisions are guided by our commitment to responsible investment standards and OECD guidelines.”
— Norges Bank spokesperson
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What Remains Unclear
It remains unclear how European regulators and public opinion will respond to this surge in investment, especially given the ongoing human rights concerns. The true extent of the total European investment may be underreported, as some holdings are managed through index funds that do not disclose specific company details. Additionally, the long-term impact of these investments on Palantir’s corporate behavior is still uncertain.
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What’s Next
Next steps include increased scrutiny from regulators and advocacy groups, potential calls for divestment, and ongoing monitoring of Palantir’s activities and investments. Investors and policymakers will likely debate the ethical implications of funding a company involved in controversial security and military projects, with possible regulatory or legislative responses in the future.
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Key Questions
Why are European investors investing so heavily in Palantir?
European investors are primarily motivated by the company’s strong financial performance and share price growth in 2024, often through index funds that automatically include Palantir due to its market size. Some also see strategic value in its data analysis capabilities.
What are the main concerns about Palantir’s activities?
Concerns include its contracts with U.S. immigration authorities, military and security agencies, its work in conflict zones like Palestinian territories, and links to human rights violations, as well as its founder’s controversial political views.
Could these investments lead to regulatory action?
It is currently unclear. While some regulators and advocacy groups have called for increased oversight, no specific regulatory measures targeting these investments have been announced as of now.
Will Palantir change its practices because of this controversy?
It is uncertain. The company has continued to defend its work and expand its contracts, but ongoing public and regulatory scrutiny could influence future corporate behavior.
