Palantir’s Rackspace Partnership and $195 Target Drives ETF’s 8.32% Weight
Palantir Technologies, representing 8.32% of IGV, rose 2.71% premarket after Mizuho upgraded it to Outperform with a $195 target and unveiling a partnership with Rackspace to expand Palantir-trained engineers from 30 to 250. The ETF’s AI exposure could attract inflows as Palantir’s momentum increases.
1. Palantir Upgrade and ETF Position
The ETF holds Palantir as one of its top positions at 8.32%, after Mizuho raised its rating to Outperform and set a $195 price target, underscoring stronger growth expectations for its AI software platforms.
2. Rackspace Collaboration Accelerates AI Rollout
Palantir’s strategic partnership with Rackspace will scale its trained engineering workforce from 30 to 250 within a year, aiming to speed enterprise adoption of Foundry and AIP solutions and boost recurring service revenues.
3. ETF Flow and Performance Implications
Following a 2.71% premarket jump in Palantir shares on the combined upgrade and partnership news, IGV may see increased inflows as investors target high-conviction AI software exposure, supporting the ETF’s near-term performance.