Economy

Palantir moves toward stock listing with confidential filing

Palantir moves toward stock listing with confidential filing”

Data analytics company Palantir Technologies Inc said on Monday it has confidentially filed paperwork with the U.S. Securities and Exchange Commission (SEC) to go public.

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.

Timing of the listing, Palantir said, would depend on the SEC completing its reviews, as well as market conditions and other factors.

Palantir's announcement didn't give any hints about what valuation the business would goal for when it goes general public. Furthermore, it allows companies to evade the traditional filing process and keep sensitive information such as financial figures and potential risks out of the hands of competitors, investors, and customers until the date for listing shares gets closer. Under traditional accounting principles, Palantir's revenue past year was under $750 million, two investors have said.

More news: 'I disagree' with Fauci on COVID-19 in the US

It was not immediately clear whether the company plans to list its stock through an IPO or through the direct listing process used recently by companies like Slack and Spotify. However, a confidential filing doesn't always translate to an IPO.

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 today's news, the cash raise looks complementary to the company's ambitions to go public. The online mobile-based insurance startup Lemonade launched its IPO last Wednesday and saw its shares jump more than 30% before closing up almost 140% on Thursday. The firm has yet to turn a profit despite working with corporations and governments around the world, according to The Wall Street Journal. The company was co-founded by billionaire trader Peter Thiel. For example, investigations show that the company's data mining software was used to create profiles of immigrants and consequently aid deportation efforts by the ICE.

The department quoted the "unusual and compelling urgency" of the COVID-19 as its reason for awarding the no-bid contracts.



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