New Delhi, Feb. 18 -- Data analytics firm Palantir on Tuesday (local time) announced that it is moving its headquarters from Denver, Colorado, to Miami, Florida, according to a post on X.

The development comes at a time when more tech firms are moving their bases to Florida as the city's civic leadership tries to turn it into the next Silicon Valley, Bloomberg reported.

While Palantir did not state the exact reason for relocating its headquarters to Florida, a CNBC report suggests that Florida offers many benefits, including a favourable tax environment. The city has welcomed a wave of billionaires in recent years. Additionally, the region is attracting more executives as California deliberates a 5% wealth tax on residents with wealth e...