Palantir Technologies is ditching Colorado ahead of state regulations targeting the use of artificial intelligence and following protests against the company in Denver. It’s new digs? Business-friendly Miami.
The publicly traded AI software firm, led by Alex Karp, said in a brief X post on Tuesday that it moved its headquarters from Denver to Miami, the Denver Post reported.
The firm, with a market value of $312.2 billion and about 4,000 employees, hasn’t announced its office location.
The planned move aligns with Miami’s yearslong effort to become a magnet for tech firms and gives a boost to the city’s push to grow its AI sector.
The company has faced regulatory and political headwinds in Colorado.
Palantir has faced protests in Denver partly due to its work using AI to aid Immigration and Customs Enforcement deportations.
A Colorado law will take effect in June creating more stringent regulation for data mining and predictive tools, though it didn’t target Palantir directly.
In its move to Miami, Palantir is following the footsteps of its co-founder and board chair Peter Thiel, whose San Francisco-based venture capital firm Founders Fund opened a Miami office in 2021, first in Brickell and then moved to Wynwood. His Los Angeles-based Thiel Capital investment firm opened a Miami office last year.
Palantir isn’t the only one opting for a Miami headquarters.
Private equity firm Trinity Investments moved its headquarters to Miami from Honolulu; Canadian waste management firm GFL Environmental moved to Miami Beach from Vaughan, Ontario; and Danish retailer Danish Flying Tiger Copenhagen announced it will open its Americas administrative base at Miami Beach’s Lincoln Road.
Trinity, founded in 1996 and led by Sean Hehir, kept a Honolulu office and also has outposts in Los Angeles and London, a company news release states. Its recent investments include the 240-key The Hoxton, Poblenou hotel in Barcelona, and the 450-room Fairmont Olympic Hotel in downtown Seattle.
It leased 3,000 square feet at Comras Company’s The Canopy Offices at 2982 Grand Avenue in Miami’s Coconut Grove neighborhood.
In South Florida, Trinity, in partnership with Credit Suisse Asset Management, owns the 1,000-key oceanfront Diplomat Beach Resort in Hollywood. They paid $835 million for it in 2022.
Publicly traded GFL Environmental leased at the Eighteen Sunset building at 1759 Purdy Avenue in the Sunset Harbour neighborhood, the South Florida Business Journal reported.
Developers Deco Capital Group and RWN Real Estate Partners developed the five-story office building with retail and restaurant space.
Flying Tiger, which offers home goods, toys and other items, will open at an Industrious co-working space at 350 Lincoln Road, the South Florida Business Journal reported. Jens Aarup Mikkelsen, CEO International at Flying Tiger Copenhagen, will move to South Florida to become a regional director.
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