Palantir CEO Alex Karp to become first major investor in new Ukraine defense firm 

Alex Karp, the billionaire co-founder and CEO of Palantir Technologies, will become the first major investor in a new Ukrainian defense technology company being launched by former Defense Minister Mykhailo Fedorov. 

Karp will serve as the company’s lead investor, according to Fedorov’s press office. The size of his investment was not disclosed. 

The new venture will draw on Fedorov’s experience in Ukraine’s wartime technology sector, with a focus on developing defense systems and other technologies aimed at strengthening the country’s military capabilities. 

“During the full-scale war, our team gained unique experience working with defense technologies in Ukraine and seeing firsthand how technology is transforming modern warfare,” Fedorov said in a statement. 

The company said its broader goal is to develop technologies that can help Ukraine defend itself while contributing to advances in modern warfare.

Karp and Fedorov deepen ties 

Karp has maintained a close relationship with Fedorov for years as Palantir expanded its work with Ukraine. 

“You and your colleagues are launching a company that I think will be defining for the world,” Karp told Fedorov in a video posted on the former minister’s Telegram channel. 

Karp said the two men have worked together for about five years. Their relationship has grown through Palantir’s work in Ukraine, where the company has provided software to support the country’s war effort against Russia as well as government operations. 

Fedorov’s team said the two men met Monday at Palantir’s Washington, D.C., office. Fedorov, 35, was removed as defense minister by President Volodymyr Zelenskyy in July as part of a government reshuffle, after serving in the position for about six months. His departure came after years in which he had pushed for greater use of drones, artificial intelligence and other technology on the battlefield. 

Since leaving government, Fedorov has turned his attention to a number of private-sector projects linked to Ukraine’s defense industry. He has said he plans to launch a defense investment fund and a think tank alongside the new company.

Focus shifts to defense technology 

Fedorov is also seeking U.S. backing for a separate defense technology investment fund that would target areas such as battlefield robotics, interceptor drones and AI-enabled missiles, the Financial Times reported last week. 

His time in government also gave him access to a network of prominent U.S. technology executives. Last month, Fedorov described Elon Musk as one of the most important technology entrepreneurs for Ukraine and praised Starlink’s role in preventing Russian forces from using the satellite internet network. 

For Karp, the investment adds another link between Palantir and Ukraine’s rapidly developing defense technology sector. 

Karp becomes first Black U.S. $20 billionaire

Karp co-founded Palantir in 2003 with Peter Thiel, Stephen Cohen and Joe Lonsdale. He owns about 2.5% of the company, making his personal wealth closely tied to Palantir’s performance. His net worth recently surpassed $20 billion according to the Bloomberg Billionaires Index, making him the first U.S. Black billionaire reported to have a fortune exceeding $20 billion.

Palantir has grown well beyond its early focus on government contracts. The company now sells its artificial intelligence software to businesses while continuing to work with defense and intelligence agencies in the U.S. and other countries. 

For Fedorov, the backing from Karp gives his new venture an early connection to one of the most closely watched technology companies in the global defense industry.