- Big data company Palantir Technologies is reportedly planning to file to go public in the coming weeks and it could potentially start trading this fall
Big data company Palantir Technologies is reportedly planning to file to go public in the coming weeks and it could potentially start trading this fall, according to Bloomberg’s sources. The S-1 filing was registered confidentially with the U.S. Securities and Exchange Commission
Palantir is reportedly working with bankers for organizing a tender offer for private shareholders in order to help clean up the capital structure ahead of an IPO. Since being founded, Palantir raised about $2 billion and the company’s last disclosed valuation was $20 billion in 2015. However, it is unknown what the valuation will be as the company pursues the IPO. And the final decision about going public this year could be subject to change.
This year, Palantir is expecting to generate around $1 billion in revenue this year. And it would be breaking even for the first time since being founded.
What does Palantir do? Palantir’s software scans through large amounts of personal and commercial data to detect patterns. The company — which was co-founded by billionaire Peter Thiel in 2003 —started out by interpreting intelligence on behalf of the CIA and the Defense Department. Then it started working with large banks for detecting suspicious activity. The CIA’s venture capital arm In-Q-Tel is an investor in Palantir.
There are many law enforcement and government agencies that tap into Palantir to compile and search for data on citizens with a goal of combating crime and tracking terrorists. Plus they are also using the company’s technology to track the spread of COVID-19.
Many privacy advocates believe that Palantir’s technology is questionable in the way that it is used by the police and immigration. Last year, protestors had blocked Palantir’s cafeteria to drop the contracts it had with ICE.
Now Palantir is in the process of expanding on its board. Currently, Thiel and three other men are on the board. And the company is looking to bring on at least two independent members by the end of the year.
