Palantir by Peter Thiel to be filed in a few weeks for the September IPO
The company, co-founded in 2004 by billionaire Peter Thiel (pictured), has been involved in some of the US government’s most politically sensitive projects, from identifying terrorists to tracking illegal immigrants.
The analytics business could file an initial public offering (IPO) by September, people familiar with the matter told Reuters.
California-based Palantir was valued at between $ 10 billion and $ 20 billion in private transactions and reportedly generated $ 700 million in revenue last year, while forecasting $ 4 billion in sales when it goes public.
The company is still deliberating on whether to go public via a traditional IPO or direct listing, but has already appointed Morgan Stanley as an advisor.
Other companies that have successfully launched their IPOs During the pandemic, one example is online used car dealer Vroom Inc (VRM), whose shares nearly doubled from their original price of $ 22 after their launch.
Palantir and Morgan Stanley both declined to comment on the case.
Founded by Thiel and Alex Karp, Palantir is one of the key players in the growing trend known as’Big data‘which seeks to analyze large datasets to extract valuable information for multiple purposes. Thiel is also a co-founder of PayPal.
The company is best known for working with the United States’ Counter Intelligence Agency (CIA) in the capture of al-Qaeda leader Osama bin Laden, collecting and interpreting different types of data to determine the whereabouts of the former terrorist.
Palantir also provides its services to private institutions, including financial services companies, hedge funds and banks.
The tech company is also reportedly helping the US government and other countries in their efforts to contain the spread of the coronavirus in the country by providing valuable information on the progression of the virus.