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Palantir Raising Nearly $1B From Investors

July 02, 2020 at 04:26PM

Palantir Technologies has a lot of irons in the fire as it reportedly gets ready for an initial public offering (IPO), including its current drive to raise nearly $1 billion from investors.

In federal filing Wednesday (July 1), Palantir said it was offering securities totaling $961,099,010. The amount sold so far, the U.S. Securities and Exchange Commission (SEC) filing said, is $549,727,437. The amount remaining to be sold is $411,371,573.

The filing said that, “of the total remaining to be sold,” the bulk of that ($671,576) “represents shares of common stock already subscribed for.”

The company declined to disclose its revenues.

Palantir, founded in 2003, sells software to government agencies and companies for managing and analyzing their data. The company’s board, headed by well-known tech entrepreneur Peter Thiel, has other options, too.

A big one is what course of action is next for the company, and whether to file for an IPO. That could reportedly come as soon as this fall.

CEO Alex Karp told Axios on HBO recently that his Silicon Valley company has taken its time to seek an IPO because it wanted to build confidence in its products.

“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 internally and externally,” he said. “As opposed to every other tech company in the Valley, our plans, if anything, were stronger.”

Last month, Palantir Technologies landed $500 million in funding from Sompo Japan Nipponkoa Holdings.

In 2019, Sompo and Palantir created a joint venture, with each owning half of Palantir Technologies Japan Co. Palantir previously told investors in 2020 that it expects to break even on $1 billion in revenue this year worldwide.

The Palo Alto, California-based company has recently faced criticism for working with U.S. immigration officials and police agencies accused of using the tools to discriminate and perform surveillance.

Palantir Raising Nearly $1B From Investors …

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