Peter Thiel’s Palantir set to file to go public ‘within weeks’
Palantir, the data analytics firm co-founded by billionaire Peter Thiel, is said to be preparing documents to file for an initial public offering (IPO) within the next few weeks.
People familiar with the matter told Reuters that Palantir has been encouraged by recent successful IPOs on Wall Street, and wants to cash in on the current market.
However becoming a publicly listed company would shine an increased spotlight on Palantir’s financials and activities. The company is known for working on sensitive US government projects, such as tracking illegal immigrants and terrorist networks.
Palantir also holds a contract with the NHS which gives it unfettered access to anonymised personal data of thousands of Brits, documents released by whistleblowers showed last Friday. The firm’s London office is now its largest, despite originating in California.
It is understood Palantir is still debating whether to pursue a traditional IPO or opt for a direct listing, with the potential to float as soon as September.
“I wonder about these reports… Often it’s the bankers trying to gee up the board to get on with things because they’re bored and want to get in on it,” said Markets analyst Neil Wilson.
Palantir has not publicly raised money since a funding round in 2015, which valued the firm at $20bn. Reports last September suggested Palantir was seeking to raise another round at a valuation of $26bn.
A Palantir spokesperson did not immediately respond to a request for comment.
Palantir reportedly expects revenue in 2020 to grow to $1bn this year, and $1.5bn next year. In 2015, the company had told investors it anticipated revenues of around $4bn by the time it went public, one source told Reuters.