The US technology firm Palantir, specialized in data analysis and known for its collaborations with governments, submitted its application to go public with the US markets supervisor on Tuesday. Palantir, criticized for its reserved nature, has requested Going public under the PLTR label, it already confirmed its intention to list last July, but at that time it did not specify whether it was going to be an initial share offering or a so-called direct listing.
The company in this case has opted for an unconventional direct listing, as Slack or Spotify did in 2019. Through this system, the company does not sell or issue shares, but the existing ones (in the hands of founders or venture capital funds) become available for purchase on the market. It will have the Morgan Stanley bank as its main consultant.
In its application filed with the SEC, the company revealed that its income grew from 500 million euros in 2018 to 629 million in 2019, although its losses were similar in those two years: 491 million euros. Expect to profit this year.
Founded in 2003, Palantir produces data storage and analysis software that it sells to governments and public agencies. The FBI, the CIA, the immigration services are among her clients, from a dozen countries. In-Q-tel, a division of the CIA that invests in startups, was one of Palantir's first shareholders.
The company operates with only a handful of clients (125 according to the brochure), often carrying out tailor-made services, and its activities have earned it numerous criticisms from human rights and freedom groups. In fact, although she is a renowned veteran "start-up", not many details are known about her operations.
The firm has pointed out in the admission brochure that bad press is one of its risk factors. Although it has also indicated as a risk that "despite internal controls, it cannot be guaranteed that some clients will not make use of technology inconsistent with the company's values, which can affect the brand and reputation."
According to specialized media, the company has been valued at up to 20,000 million dollars (17,000 million euros) and this year it expected for the first time to exceed 1,000 million dollars in turnover. The well-known technology investor Peter Thiel, one of the great supporters of the US president, Donald Trump, within Silicon Valley, is one of the co-founders of the company.
Despite being admitted to trading, Thiel and other co-founders have sealed capital with a new class of shares that will allow them to control most of the voting rights at all times.