Silicon Valley data-analysis titan Palantir files to go public

Silicon Valley data-analysis titan Palantir files to go public

Confidential IPO filings permit companies to find a way around the traditional IPO filing mechanisms that give additional insights about their inner working like financial records and probable risks.

While we are progressing with a new normal on the economic front, we are witnessing boosted confidence among the investors, with a flurry of USA technology companies that drove NASDAQ to cross the level of 10,000 points.

The company did not disclose the size of the offering in its statement.

Buzzy companies like Vroom and ZoomInfo have also listed themselves on the stock exchange in recent weeks. Such announcements typically specify a company is planning an IPO when that is the case.

Palantir Technologies, one of the most valuable private secretive data firms of the Silicon Valley tech industry, files to go public with Initial Public Offering (IPO).

Its statement said little more.

Palantir did not say when it plans to go public nor did it provide other information, such as how many shares it would potentially sell or the share price range for the IPO.

Palantir Technologies Inc. said it filed confidentially with USA regulators for a public stock listing, taking a major step toward a market debut that has been many years in the making.

Did you read; Capital Raising and Share Purchase Plan: Is Bigger, the better? A possible IPO discussed in autumn 2018 is still said to be on the cards, although current estimates of the company's value appear to fall well short of the $41 billion touted then - figures of between $10bn and $26bn are reported.

Palantir - one of Silicon Valley's oldest startups - filed preliminary documents for a share sale this week. This move of adding new board member could be ascertained as preparation to go public. Investors also embraced the IPOs of the auto sales start-up Vroom and ZoomInfo, the sales software company. It's valued more than US$20 billion and has raised over US$ 3 billion since its formation. While this work helped it generate revenue of $750 million previous year, the company's still struggled to turn a profit - as is the case with many tech IPOs.

Dozens of law enforcement and government agencies around the world use Palantir to compile and search for data on citizens with the intent of combating crime, hunting terrorists and in recent months, tracking the spread of Covid-19.

However, Palantir is highly controversial for the way its tools have been used to compromise privacy and enable surveillance. Its use by police and immigration officials, in particular, has sparked numerous protests.

Did you read How are the Unicorns doing?

Some reports suggest that the latest round of funding may relate to the up-front investments required for its current work tracking the pandemic, for a range of national governments: it has recently been in the news in the United Kingdom for working with the NHS and in the USA working with the federal government on projects compiling and analysing Covid-19 data. The department cited the "unusual and compelling urgency" of the pandemic in awarding the no-bid contracts.

Furthermore, The Company is providing Coronavirus monitoring to the Centers for Disease Control and Prevention (CDC) and is helping governments determine where to send equipment.

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