Colorado’s most valuable publicly traded company relocated to Florida this week without telling the governor. Palantir Technologies — worth $312 billion at the time of the announcement, more than every other Colorado company combined at its peak — cited the state’s own AI regulation law as a business risk in the same SEC filing that changed its address.
The company posted a single sentence on X on February 17: “We have moved our headquarters to Miami, Florida.” No advance notice went to Governor Jared Polis or Denver Mayor Mike Johnston. Polis learned the news while holding an unrelated press conference at the Capitol. The 10-K annual report filed with the SEC the same day swapped Palantir’s Denver address for a coworking space inside a shopping mall in Aventura, a Miami suburb.
That filing named Colorado’s Consumer Protections for Artificial Intelligence Act directly. Palantir told investors compliance with the law “may be difficult, onerous, and costly, and could adversely affect our business.” The company also flagged climate-related risks at its Colorado headquarters, citing drought, wildfires, and power shutoffs.
Florida charges no state income tax. Colorado takes 4.4%.
Polis signed that AI law — Senate Bill 24-205 — in May 2024 “with reservations,” urging lawmakers to fix it before it took effect. He called a special legislative session in August 2025 to do exactly that. Over 150 lobbyists flooded the Capitol for six days. Four competing reform bills failed. The only result was a five-month delay, pushing the effective date to June 30, 2026.
Palantir reported $4.5 billion in revenue for 2025. The company projects $7.2 billion for 2026. The direct economic hit to Colorado remains unclear — neither the governor nor the mayor could say how many jobs would be affected. Johnston’s office downplayed the loss, saying Palantir lacked a significant employee presence in Denver.
After SB 24-205 passed, investors told Boulder venture capital firm Foundry they would refuse to fund any Colorado-based AI company.
The Colorado Chamber of Commerce reported in December that 45% of surveyed business leaders plan to invest out of state. The state’s cost-of-living ranking dropped to 47th nationally. Denver Metro Chamber CEO J.J. Ament called Palantir’s exit a “wakeup call” for policymakers.
Polis has requested a meeting with Palantir executives. The AI law he signed, tried to fix, and failed to change takes effect June 30.
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