Palantir joins the wave of businesses and billionaires moving to Florida

By William Gavin

Some experts say Florida's more business-friendly policies are helping the state attract more corporations

Palantir was founded in California before relocating to Colorado - and then Florida.

Palantir Technologies on Tuesday announced it had moved its headquarters to Florida, leaving Colorado behind in a potential bid for a more business-friendly climate.

The company said on X that it had moved its corporate headquarters to Miami. A regulatory filing listed those new headquarters at an office space in Aventura, Fla., which is in Miami-Dade County. The company has at least one listing for a Miami-based job, an executive team assistant role.

A spokesperson for Palantir (PLTR) didn't immediately respond to MarketWatch's request for comment.

Palantir was founded in Palo Alto, Calif., in 2003 but relocated to Denver in 2020.

Although the company hasn't said why it decided to leave Colorado, Florida has become a growing hub for technology firms and venture capital.

In left-leaning states like California and Colorado, "the regulatory and tax environment is simply becoming too much of a hurdle," Andrew Rocco, a stock strategist at Zacks Investment Research, told MarketWatch. Last fall, 65% of senior executives surveyed by the Colorado Business Roundtable claimed state policy was having a negative impact on business.

Palantir stock rose about 1% on Tuesday.

According to Palantir's annual report, the company did not pay federal income taxes last year. More than $400 million in taxes was written off thanks to a tax break on research and development costs, according to the Institute on Taxation and Economic Policy.

The company also only paid about $1.5 million in state taxes.

See: Palantir's stock pops against a bleak software backdrop

Florida has been attracting companies and wealthy individuals in recent years through a combination of low taxes and nice weather, among other things. In a social-media post on Tuesday, former Miami Mayor Francis Suarez called Palantir's announcement the "tipping point" and a "watershed moment" for Miami.

"Like so many companies choosing to plant their flag here, you'll find a city built for growth, low taxes, smart regulation and a skilled workforce ready to get to work," Florida Rep. Maria Elvira Salazar, who represents Miami in Congress, wrote on X in reply to Palantir's move.

Read: Crucial questions about wealth taxes could be answered this year - including whether wealthy people move to avoid them

Earlier this month, the billionaires Ken Griffin and Stephen M. Ross gave $10 million to fund a campaign urging executives and investors to relocate to Florida's Gold Coast, which includes Miami. Citadel, the hedge fund founded by Griffin, moved its headquarters to Miami in 2022, while Ross's Related Ross is based in West Palm Beach.

Meta Platforms (META) CEO Mark Zuckerberg is reportedly looking to purchase a property on Miami's Indian Creek, a man-made barrier island where Amazon (AMZN) founder Jeff Bezos has also planted roots. Amazon and Apple (AAPL) have recently expanded their footprint in the state, while ServiceNow (NOW) plans to open an office in West Palm Beach in 2028.

Peter Thiel, who co-founded Palantir and chairs its board, opened an office for his private investment firm in Miami last December as billionaires expressed disdain for a potential new tax on wealthy individuals in California. His venture-capital firm also has an office in Miami.

Several other companies have also relocated to Florida over the past few years, including software maker Anaplan, which is reportedly exploring a public listing, and the private-equity firm CREO Capital Partners. A handful of foreign companies have also established U.S. bases in Miami, including Galderma (CH:GALD) and MSC Group.

"A lot of people are coming here for tax efficiency, and as a result of that the ecosystem has really matured here in South Florida," Anthony De Yurre, a partner at Miami-based law firm Bilzin Sumberg, told MarketWatch. He added that the executives moving to Florida have their "own center of gravity," since they can sometimes pull employees and families with them.

Palantir had 4,429 full-time workers at the end of 2025, with offices in California, New York, Washington, D.C., Colorado and London, according to filings. It also leases additional office spaces in other locations.

See: They bet everything on Palantir and became millionaires. Inside the market's ultimate cult stock.

-William Gavin

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02-17-26 1603ET