Palantir — the Silicon Valley data-analysis titan once valued at $20 billion — has filed paperwork to take its stock public.
The Palo Alto, California-based company confidentially submitted a registration statement for a proposed public listing to the Securities and Exchange Commission, it announced late Monday.
Palantir said its shares would start trading publicly after the SEC wraps up its review process, “subject to market and other conditions.”
Founded in 2004, Palantir is reportedly one of the oldest privately held startups in Silicon Valley. The firm has yet to turn a profit despite working with corporations and governments around the world, according to The Wall Street Journal.
Palantir’s announcement didn’t give any hints about what valuation the company would aim for when it goes public. Its most recent funding round in 2015 valued it at roughly $20 billion, though its shares have been recently trading on the private market at a valuation of $10 billion to $12 billion.
Palantir is still deciding whether to list its shares through a traditional initial public offering or a direct listing, a cheaper option that avoids the use of underwriters. Other tech giants including Spotify and Slack have opted for direct listings in recent years.
Palantir’s products help companies and government agencies synthesize and analyze large amounts of data. The company was co-founded by billionaire investor Peter Thiel.
Palantir’s technology is used by American counterterrorism agencies and may have helped the US find Osama bin Laden. Another big client is US Immigration and Customs Enforcement, which uses Palantir software to track down illegal immigrants — a partnership that’s drawn fire from immigrant-rights advocates. The company also reportedly got a contract from the Department of Health and Human Services to help the feds track the spread of coronavirus through a new data platform.
With Post wires
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