Enterprise AI software company C3.ai (NYSE: AI) established a new five-year Production-Other Transaction Agreement worth $500 million with the U.S. Department of Defense (DoD).
The agreement allows for an accelerated timeline to acquire C3 AI's suite of Enterprise AI products. It enables any DoD agency to acquire C3 AI products and services for modeling and simulation.
"The new Agreement has a DoD-wide scope, accelerating research projects in simulation and modelling and production deployments for operations and sustainment," said CEO Thomas M. Siebel.
The deal accelerates the adoption of the C3 AI Suite and C3 AI defense and intelligence applications like those currently in use at the U.S. Air Force, Space Command, RSO, F35 JPO, DISA, and others.
Price Action: AI shares traded higher by 16.8% at $37.48 in the premarket session on the last check Friday.
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