Palantir is relocating its headquarters to Miami from Denver, the company announced Tuesday in a post to social media platform X.

The software analytics firm is the latest big business to migrate to South Florida as executives seek to transform the region into a hub for innovation.

Florida, which offers a friendlier tax environment, has welcomed a wave of billionaires in recent years. The region is also gaining more executives as California deliberates over a 5% wealth tax on residents with a net worth exceeding $1 billion.

Meta Platforms CEO Mark Zuckerberg has reportedly bought a mansion in Florida and Palantir co-founder Peter Thiel has established a base in Miami.

Palantir, which was founded in Palo Alto, California in 2003, previously moved its headquarters to Denver in 2020. CEO Alex Karp has previously spoken out about the culture in Silicon Valley.

“Our company was founded in Silicon Valley,” he wrote in a letter in 2020. “But we seem to share fewer and fewer of the technology sector’s values and commitments.”

Major tech companies are also building bigger hubs in the region and leasing more office space. Ken Griffin-run hedge fund Citadel is also based out of Miami.