Big data analytics company Palantir Technologies (NYSE:PLTR) might be known for providing counter-terrorism-focused intelligence to U.S. government agencies. Yet, there are other angles for PLTR stock traders to consider.

For one thing, Palantir doesn’t exclusively work with the government. Indeed, the company has established business ties with a number of private enterprises.

As a completely separate matter, PLTR stock has become a target of interest among some Reddit and Robinhood traders. If there’s a short squeeze, the share price could go much higher.

Finally, there’s a headline that’s getting buried as Palantir has invested in a variety of businesses – and if you’re a shareholder, you’re indirectly investing in those businesses as well.

A Closer Look at PLTR Stock

To bring us back to the beginning, PLTR stock started trading on the New York Stock Exchange on Sept. 30, 2020, via a direct listing.

The shares clung to the $10 area for a while, but then the buyers took control. On Jan. 27, 2021, the stock reached a 52-week high of $45.

I’ve said it many times, and I’ll keep on saying it: price chasers often get punished. PLTR stock provides a textbook example of this, as it promptly retraced back to the $24 area in February.

So far, waiting for a recovery hasn’t been productive. As of July 2, Palantir shares were still trading at $24 and change.

On the other hand, there’s an old saying among technical traders: the longer the base, the higher in space.

Just maybe, then, PLTR stock is basing for a significant move to the upside.

With that in mind, let’s see if there’s anything happening at Palantir that could catalyze investor interest, and hence higher share prices.

Partners in High Places

The list of Palantir’s partnerships just keeps on growing, it seems. It’s hard to even keep up with the company’s list of clients.

I’ll cite a recent example of a major coup for Palantir. On June 18, the company revealed a contract with the Federal Aviation Administration (FAA).

Reportedly, Palantir will provide a data analytics tool to help advance the FAA’s modernization objectives for aviation safety.

It’s a one-year contract, but it includes two additional option years and has a maximum value of $18.4 million.

Moreover, the Palantir Foundry platform will support the FAA’s aircraft certification and continued operational safety activities. Importantly, this is to include the ongoing monitoring of the 737 MAX fleet’s return to service.

Understandably, Palantir USG President Akash Jain said that his company is “proud to be partnering with the Federal Aviation Administration to support their critical safety mission.”

This could represent one of Palantir’s most significant deals, as it may position the company as a go-to provider of data analytics services in the aviation industry.

A Surprising SPAC Investor

And now, something completely different. I’ll bet you didn’t know that Palantir is a frequent investors in special purpose acquisition companies (SPACs).

Actually, I should be more precise in my wording. Palantir, quietly but aggressively, has invested in at least eight businesses that are merging, or have merged or will merge, with SPACs.

A 10-Q filing reveals $132 million in total PIPE (private investment in public equity) stakes in these businesses.

If you’re a current or prospective PLTR stockholder, then you should definitely want to know what these businesses are. Here are the ones I’m aware of, in no particular order:

• Connected vehicle information services provider Wejo
• Online retailer of sold-in-bulk consumer goods Boxed.com
• Prescription-based digital therapy provider Pear Therapeutics
• App-based healthcare delivery specialist Babylon Health
• German-based electric-powered air taxi developer Lilium
• Biopharmaceutical company Roivant Sciences
• Pharmaceutical firm Celularity
• Industrial robot developer Sarcos Robotics

So, as you can see, an investment in Palantir is more diversified than you probably thought.

The Bottom Line

The markets are truly strange and wonderful. Who would have ever imagined that Palantir would become an ambitious SPAC target company investor?

It’s unexpected, but true. And with that, traders can bypass the meme-stock chatter and take a stake in one great company – and at least eight diversified ones – through PLTR stock.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.