European banks and asset managers have poured money into Palantir despite the firm’s work for ICE and the Israeli army. Data from Follow The Money shows more than 100 institutions lifted their combined stake by over 60% in the past year, pushing the portfolio’s market value to roughly $27 billion by end‑2025. Positions sit in index funds that automatically own Palantir, and firms cite OECD compliance.

The biggest holder is Norges Bank, Norway’s sovereign fund, which raised its position to 29 million shares worth about $5.1 billion. French manager Amundi follows with nearly $3 billion, while Britain’s Legal & General reports $2.5 billion. Barclays, Deutsche Bank, BNP Paribas and the Swiss National Bank each sit between $1 billion and $2 billion in exposure. All disclosed holdings are reported to the SEC.

Critics point to Amnesty International’s 2020 condemnation and MSCI’s 2‑out‑of‑10 civil‑liberties rating, yet most investors cite passive index funds and the absence of Palantir on exclusion lists as justification. The firm’s Maven Smart System, powered by Anthropic’s Claude, underpins Pentagon targeting and has been linked to recent strikes, illustrating how lucrative defense AI can outweigh reputational risk. The controversy fuels activist campaigns yet flows persist.