Ondas and Palantir set up Regna AI, a standalone sovereign AI company; Q3 results date confirmed as 2 Nov; UK governance tail risk builds
Three threads. (1) On 12 Oct Ondas (ONDS) and Palantir announced Regna AI, which will build 'mission-specific, fine-tuned open-weight' models for defence and mission-critical settings and let governments keep full control of models and data. This stacks another layer upstream of the 'model-neutral orchestration layer' moat.
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Palantir will provide model-training infrastructure and support delivery. The key structure: Regna AI is a standalone private company, initially wholly owned by Ondas, and Palantir takes no stake at the start. (2) Palantir's official BusinessWire release confirms that Q3 2026 results (quarter to 30 Sep) will be published on 2 Nov after the market close, with a call at 5pm. This corrects the 9 Nov date wrongly reported by third-party data sites. (3) UK governance and reputation tail risk is building. According to the BBC, EMSOU will not renew its two-year Foundry trial and has asked for proof that the data was deleted. Meanwhile the Met Police used the same Foundry to catch a senior volunteer officer for misconduct, and he was dismissed, which showed the strength of the product. Palantir's European head Louis Mosley acknowledged that the controversy centres on contracts linked to Gaza and Trump (the US government, the IDF and the UK's NHS).
Key evidence
- 12 Oct: Ondas (ONDS) and Palantir announced Regna AI, a standalone private company that will focus on 'mission-specific, fine-tuned open-weight' AI models for defence, security and mission-critical settings
- Key structure of Regna AI: initially wholly owned by Ondas, with Palantir holding no stake at the start. Palantir will provide model-training infrastructure and support delivery
- Commercial implication: Palantir does not train models itself. It provides the training infrastructure and supports delivery, sitting in the position of the 'foundation everyone building a sovereign model has to use'. That makes it a concrete commercial vehicle for Sankar's argument that institutional sovereignty means choosing your own model and controlling the weights. The release discloses no payment terms
- A note of caution: with no stake at the start there is no equity upside, and with no payment terms disclosed the direct revenue contribution to Palantir cannot be sized. It is still an announced project with no signed order value, so it cannot go into revenue estimates
- Ondas chairman and CEO Eric Brock said Regna can become the foundational AI platform for the Department of War (DoW) and its allies. This is aspirational talk that has yet to be delivered
- Palantir's official BusinessWire release confirms Q3 2026 results (quarter to 30 Sep) will be published after the close on 2 Nov, with a call at 5pm. Third-party data sites had wrongly reported 9 Nov
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- Four things to watch in the Q3 results: NDR (net retention rate), net new customers, the gap between revenue growth and employee/FDE headcount growth, and SBC as a share of revenue and in absolute terms
- EMSOU, the East Midlands regional police unit that fights organised crime, has decided not to renew its two-year Palantir Foundry trial and has asked for proof that the data has been deleted (BBC)
- A contrast at the same time: the Met Police used the same Foundry platform to uncover misconduct by a senior volunteer officer, who was dismissed, a positive demonstration of the product
- Palantir's European head Louis Mosley publicly warned that Europe is 'missing the AI boat' and acknowledged that the controversy centres on contracts linked to Gaza and Trump (the US government, the IDF and the UK's NHS)
Catalysts to watch
- 2 Nov after the close: Q3 2026 results and 5pm call (officially confirmed)
- Regna AI follow-up: whether a signed order value emerges (from announced project to signed contract)
- Whether big contracts such as the NHS are caught up in the Gaza and Trump controversy (the tail-risk node that really matters)
- Whether other countries or institutions follow by adopting sovereign-model schemes built on the Regna AI architecture
Risks
- Regna AI starts with no stake for Palantir, so there is no equity upside. The release discloses no payment terms, so the direct revenue contribution is unclear
- No signed order value: an announced project is still at the vision stage, and the 'foundational AI platform' line from Ondas chairman and CEO Eric Brock has yet to be delivered
- UK governance and reputation tail risk persists: the deeper the penetration of military and law enforcement, the larger the exposure to backlash from any single political or ethical incident
- Losing EMSOU has very little effect on total revenue (noise-level political friction). The real risk lies in big contracts such as the NHS
- If SBC as a share of revenue or the headcount gap moves the wrong way in the Q3 results, volatility is easily amplified given the demanding valuation
Sources (4)
- BusinessWire (Palantir official release)
- BBC (EMSOU not renewing)
- Public remarks by Louis Mosley
- Joint Palantir and Ondas announcement on Regna AI
A brief is a lead for our research, not a verified conclusion or advice.