Palantir Technologies filed to go public through a direct listing, whilst the data analytics company known for dealing with the Central Intelligence Agency and other government groups prepares for one of the market debuts that are biggest of the year.
The company, that has been founded in 2003 by way of a group including Donald Trump backer Peter Thiel, unveiled losses that are set to test the appetite of capital market investors who have in recent years shown an increasing wariness of backing loss-making startups, such as WeWork, which botched its IPO year that is last.
The proceed to raise the lid on its business for enough time that is first a major moment for Palantir, that will be widely seen as perhaps one of the most reclusive companies in Silicon Valley.
The company reported a loss that is net of $580 million in 2019, about the identical to its loss in 2018. Income arrived in at $742 million year that is last compared to $595 million in 2018. (https://
For the first six months of 2020, the company posted revenue of $481 million, up 49% from the period that is year-earlier. The business expects income in 2020 to grow to $1 billion in June, Reuters reported, citing sources.
“Notwithstanding losses, its business model continues to leverage off existing customers by offering more value through better data on longer duration contracts,” said Matt Novak, managing partner at All Blue Capital, a Palantir investor.
The firm that is thiel-backed confidentially filed to go public in July.
A direct listing does not raise fresh funds as opposed up to a traditional initial public offering. In a model that is direct-listing existing investors get to sell their stocks.
Palantir, which derives its name from a artifact that is magical “The Lord of the Rings”, specializes in analyzing large quantities of information. The company is widely seen as a tech company with a streak that is rebellious Silicon Valley, along with its recent decision to go its headquarters to Denver.
“Our company was founded in Silicon Valley. But we seem to share fewer and fewer of the technology sector’s values and commitments,” Palantir said in its filing.
Thiel, known for his tech investing credentials as a co-founder of PayPal and Facebook Inc ‘s (O:FB) first major investor, may be the chairman of Palantir, with fellow co-founder Alexander Karp the main executive officer that is current.
Thiel was also an investor that is early LinkedIn (NYSE:LNKD) and part for the so-called “Paypal Mafia” in Silicon Valley, referring to a number of very successful business owners who went on to start and invest in prominent tech startups.
Morgan Stanley (NYSE:MS), Credit Suisse (SIX:CSGN) and Goldman Sachs (NYSE:GS) are one of the advisers that are financial Palantir’s listing. Palantir Technologies filed to go public through a direct listing.