--- title: "Palantir's $126 million ICE tool profiled people who film ICE agents, a court filing shows" description: "A partially unsealed Maine class action shows, in the government's own paperwork, how Palantir-built Investigative Case Management profiles people who film ICE. The contract line behind it has pulled roughly $126 million since 2022, and Wall Street's bull case prices none of the legal risk." publisher: "The Inference" section: "Policy" published: 2026-10-09T02:49:11.488Z modified: 2026-10-09T02:49:11.488Z canonical: https://theinference.org/article/palantir-s-126-million-ice-tool-profiled-people-who-film-ice-agents-a-court-filing-shows language: en keywords: "Palantir, ICE, Surveillance, Civil Liberties, Valuation" --- # Palantir's $126 million ICE tool profiled people who film ICE agents, a court filing shows > A partially unsealed Maine class action shows, in the government's own paperwork, how Palantir-built Investigative Case Management profiles people who film ICE. The contract line behind it has pulled roughly $126 million since 2022, and Wall Street's bull case prices none of the legal risk. [A redacted court filing made public on October 2, 2026](https://theinference.org/article/a-maine-court-filing-puts-palantir-s-ice-database-in-evidence-weeks-before-britain-s-330m-decision), documents, in the government's own paperwork, how [Palantir](https://theinference.org/markets/companies/palantir)'s Investigative Case Management system gets used in the field [1][2]. DHS agents compiled dossiers on people who watched ICE operations in Maine: photos, license plates, home addresses, cohabitants. Agent J.C. created ICM records on at least six observers, the government's count is eight, and [tagged two people filmed in a Home Depot parking lot](https://www.wired.com/story/ice-has-been-dumping-protester-photos-into-a-palantir-database/) "Threat to Law Enforcement, Professional Protestor" [2]. Their photos went to a CBP officer for facial recognition through Mobile Query; one plaintiff's plate went through LexisNexis's Accurint after she photographed an arrest in Portland [2]. Then J.C. called her spouse and warned that people who "do things like that" might get added to a domestic terrorism watchlist; he testified he warned of arrest and denied referencing a watchlist [2]. DHS calls the suit meritless and denies any "domestic terrorist" database [1][3]. Wired broke the story; [Gizmodo](https://gizmodo.com/ice-reportedly-is-putting-ice-observers-in-a-palantir-database-2000821153) and [Engadget](https://www.engadget.com/2276609/ice-is-reportedly-using-a-palantir-database-to-compile-dossiers-on-protestors/) retold it as a civil-liberties fight [1][2][3]. What none of them did is follow the money. ## Roughly $126 million keeps the product line alive ICM is not an accidental warehouse. ICE awarded Palantir the contract in 2014 on the Gotham platform, and a 2016 DHS privacy assessment shows ICM records auto-share with CBP's TECS system as border screening "lookout records" [2]. In 2022 ICE signed a five-year support contract initially valued at up to about $96 million, then added nearly $30 million in 2025 to develop ImmigrationOS, the deportation-software platform [2]. That is roughly $126 million of public money keeping this one product line alive since 2022. ## What the valuation does and does not price Against an $8 billion annualized run rate, the ICM line is small directly, roughly 1.6 percent of one year's revenue. The stake for shareholders is the vertical, not the line item: [Goldman Sachs](https://theinference.org/markets/companies/goldman-sachs) [upgraded PLTR to Buy on October 8 with a $230 target](https://finbold.com/goldman-sachs-upgrades-palantir-stock-price-target-for-12-months/), citing government-led sovereign AI demand on that $8 billion run rate growing near 100 percent [5]. The stock [closed October 1 up 2 percent at $190.04](https://coincentral.com/palantir-pltr-stock-climbs-2-after-new-ai-infrastructure-partnership/), above GuruFocus's $182.93 fair-value estimate [4]; the analyst average target sits at $204.15 [5]. None of that narrative prices legal risk in the government vertical it rests on. *Chart: **Palantir's quarterly revenue has tripled in two years, annualizing near $8 billion** Line chart of Palantir's quarterly revenue rising from $634 million in the first quarter of 2024 to $1.94 billion in the second quarter of 2026.* *Quarterly revenue in US dollars (billions), from Palantir's SEC filings, Q1 2024 through Q2 2026, retrieved 9 October 2026. Year-over-year growth accelerated from 20.8 percent to 92.8 percent across the same span; Q2 2026 annualizes to roughly $7.7 billion, the near-$8 billion run rate cited in the valuation debate. [6]* *Chart: **PLTR trades above model fair value, below the analyst average and Goldman's $230 target** Bars comparing Palantir's October 1, 2026, close of $190.04 and its October 8 price of $198.05 against GuruFocus fair value of $182.93, the 23-analyst average target of $204.15 and Goldman Sachs' $230 target.* *PLTR share price in US dollars: GuruFocus GF Value and the October 1, 2026, close of $190.04 (CoinCentral, October 3, 2026); the price at Goldman's October 8 upgrade and the TipRanks 23-analyst average target (Finbold, October 8, 2026). Goldman's $230 target is an analyst projection, marked as an estimate. [4][5]* ## Two watch-items: a ruling and a disclosure The suit is unproven and DHS contests every allegation [2]. But the filing, built from government-produced documents and agent depositions, is now the public record: the first inside view of how a contract line investors are buying actually behaves. If a court ever slowed procurement in this vertical, the AI narrative would carry the cost; no source yet shows it has. The watch-items are specific: the ruling on the government's motion to dismiss, and Palantir's next ICE procurement disclosure, which would show whether the $126 million line keeps growing. ## Takeaway DHS's own paperwork, unsealed in a Maine class action, shows Palantir-built ICM profiling people who film ICE agents. The contract line behind it has drawn roughly $126 million since 2022, about 1.6 percent of Palantir's annualized revenue, and no price target on the stock models the legal risk. ## Sources 1. [Gizmodo, ICE Is Reportedly Putting ICE Observers, Protesters in a Palantir Database, 2 October 2026](https://gizmodo.com/ice-reportedly-is-putting-ice-observers-in-a-palantir-database-2000821153) 2. [Wired, ICE Has Been Dumping Protester Photos Into a Palantir Supported Database, 2 October 2026](https://www.wired.com/story/ice-has-been-dumping-protester-photos-into-a-palantir-database/) 3. [Engadget, ICE is reportedly using a Palantir database to compile dossiers on protestors, 3 October 2026](https://www.engadget.com/2276609/ice-is-reportedly-using-a-palantir-database-to-compile-dossiers-on-protestors/) 4. [CoinCentral, Palantir (PLTR) Stock Climbs 2% After New AI Infrastructure Partnership, 3 October 2026](https://coincentral.com/palantir-pltr-stock-climbs-2-after-new-ai-infrastructure-partnership/) 5. [Finbold, Goldman Sachs upgrades Palantir stock price target for 12 months, 8 October 2026](https://finbold.com/goldman-sachs-upgrades-palantir-stock-price-target-for-12-months/) 6. [Palantir, quarterly figures from its SEC filings, retrieved 9 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001321655) --- Palantir's $126 million ICE tool profiled people who film ICE agents, a court filing shows — The Inference. Canonical: https://theinference.org/article/palantir-s-126-million-ice-tool-profiled-people-who-film-ice-agents-a-court-filing-shows