Palantir Technologies has filed for an IPO

Daniel Fowler
July 9, 2020

Co-founded in 2004 by billionaire Peter Thiel, the company has been involved in some of the USA government's most politically sensitive projects, from identifying terrorists to the tracking of illegal immigrants.

The secretive Silicon Valley company, which sells data analysis software used by governments and large companies worldwide, is seeking to go public by the fall, Bloomberg previously reported, though the timing could change. However, a confidential filing doesn't always translate to an IPO.

Palantir's announcement didn't give any hints about what valuation the company would aim for when it goes public. It is anticipated that public listing would take place after the completion of the SEC review process, subject to market and other conditions. Now, headquartered in Palo Alto, California, after 17 years of its foundation, it has expanded into several other areas of work.

Palantir has built its work with US government agencies such as the CIA and Federal Bureau of Investigation, and lauds its ability to administer and secure data at an enormous scale, but reveals little about which corporations or governments purchase its services.

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Dozens of law enforcement and government agencies around the world use Palantir to compile and search for data on citizens with the intent of combating crime, hunting terrorists and in recent months, tracking the spread of Covid-19. Although the start-up has sometimes been involved in scrutiny for its work with USA intelligence agencies, it also works with a range of nonprofits and commercial businesses.

There have been a few controversial cases with which the company has been involved. The company also reportedly received a contract from the Section of Health and fitness and Human Solutions to help the feds monitor the unfold of coronavirus via a new data platform.

It has been a long wait for potential investors for a public listing by Palantir. Under traditional accounting principles, Palantir's revenue previous year was under $750 million, two investors have said.

Palantir is continuing to push ahead in the private markets with the capital raising of ~ US$960 million including ~US$550 million of that already sold, and a further ~ US$411 million remaining to be raised. With an improvement for tech stocks, shares of insurance start-up, Lemonade, rose on their first day of trading. The company was co-founded by billionaire investor Peter Thiel, a Board member at Facebook and co-founder and former CEO of PayPal.

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