Palantir Files Confidentially for IPO

Big data analytics company Palantir Technologies has confidentially filed to go public, the company said Monday evening.

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The company has filed a draft S-1 registration document with the U.S. Securities and Exchange Commission, meaning right now the public can’t get a glimpse at Palantir’s financials or other business information. But it’s a significant step for the notoriously secretive company, which was founded in 2003 and remained private for so long.

Monday’s statement from Palantir confirms a Bloomberg News report last month that the company was aiming to file confidentially to go public in the next few weeks. CEO Alex Karp also said on Axios on HBO in May that the company may go public this year after nearly two decades as a private company.

“The real holdup at Palantir was we were building products and we needed to kind of get enough of them out so that people would see the robustness of our company, both internally and externally,” Karp said, according to Axios.

Just last month it was announced the company raised $500 million in a new round of funding from Japanese insurance holding company Sompo Holdings and $50 million from Fujitsu. Palantir has at least $2.6 billion in funding, according to Crunchbase.

The company, which is based in Palo Alto, California, is backed by firms including Founders Fund, Manhattan Venture Partners and REV, per Crunchbase data. More of its investors can be found here.

Palantir is among a wave of tech companies looking to go public in recent weeks after a COVID-19-induced lull in the IPO market. Companies like ZoomInfo, Vroom and Lemonade have all gone through IPOs and been well-received by public investors. Other companies including Snowflake and Amwell Health have reportedly filed confidentially to go public. And just last week, Minneapolis-based Jamf filed a public S-1 with the SEC.

Illustration: Li-Anne Dias

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