stock market ticker

Palantir Has Confidentially Filed to Go Public

The Biggest Tech IPO Since Uber

Palantir Technologies, which is valued at $20 billion, announced that it has confidentially filed to go public. This move lays the groundwork for what could be one of the biggest tech debuts since Uber’s (UBER) IPO last year.

Palantir is a data analytics software company. When it began in 2003, it mainly worked with governments, law enforcement, and the defense industry. It has since expanded and now serves private companies as well.

Investors have speculated about Palantir going public for some time. Until now, some of the company’s leadership has been resistant to the idea of an IPO, partly because of the sensitive data it processes. A public listing will mean that information about Palantir’s work with governments will be more visible than ever before. This is one reason the company is thinking about a direct listing, made popular by Spotify (SPOT) and Slack (WORK), which is a way to bypass the traditional IPO process. It’s also a cheaper option that would allow Palantir to save on investment banking fees.

Palantir’s Story

Palantir was founded in Palo Alto, CA, by Peter Thiel, Joe Lonsdale, Nathan Gettings, Stephen Cohen, and Alex Karp. It now has over 2,500 employees. Thiel, who was an early Facebook (FB) investor, has pushed for the company to stay private for as long as possible. Lonsdale, on the other hand, has been in favor of going public.

Investor interest in Palantir has been strong for some time. The company has received over $3 billion in venture capital funding from Fidelity, Tiger Global Management, In-Q-Tel, the investment arm of the Central Intelligence Agency, and Founders Fund, among others.

A Strong Tech IPO Market

The announcement that Palantir filed for an IPO does not necessarily mean that shares of the company will begin trading anytime soon. Sometimes companies confidentially file for an IPO and then never end up going public. Postmates, for example, filed for an IPO in February 2019, but was acquired by Uber instead.

The tech IPO market has been strong recently, after a period of almost no public debuts during the onset of the pandemic. For example, Lemonade (LMND), an insurance start-up, went public last week and its shares more than doubled on their first trading day. Investors will be carefully watching the tech IPO market and keeping an eye on Palantir’s next moves.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

All your finances.
All in one app.

SoFi QR code, Download now, scan this with your phone’s camera

All your finances.
All in one app.

App Store rating

SoFi iOS App, Download on the App Store SoFi Android App, Get it on Google Play

ABOUT SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit Want an easy and convenient way to manage your financial life? Get the SoFi app. For iOS and Android.

TLS 1.2 Encrypted
Equal Housing Lender