Palantir Technologies Inc., the secret big data firm, plans to file to make public in the coming weeks and may start trading as early as the fall, people familiar with the matter said.
The Palo Alto, California-based company is preparing to confidentially register an S-1 file with the United States Securities and Exchange Commission, said the people, who asked not to be identified because the matter is not public.
Palantir is working with bankers to organize a takeover offer for private shareholders to help clean up its capital structure before an initial public offering, people said. He is also working with a consultant in preparation for the IPO, they said.
Private investors valued Palantir for the last time at $ 20 billion in 2015. It is unclear what valuation it could seek in an IPO.
No final decision has been made and his plans may still change.
A representative of Palantir declined to comment.
Co-founded by venture capitalist Peter Thiel, Palantir’s software exploits treasures of personal and commercial data and searches for patterns. The company, founded in 2003, began interpreting information for the U.S. Central Intelligence Agency and the Pentagon then migrated to the banks, helping them monitor suspicious behavior.
Dozens of law enforcement and government agencies around the world are using Palantir to locate missing children, investigate tax fraud, and track the spread of Covid-19. The pandemic has boosted business, particularly with business customers who use its products to determine how to reopen.
He has long resisted a public offering to avoid being valued as a consultant and to stay out of public view while working toward profitability, said people familiar with the subject.
The company could go public within a year, CEO Alex Karp said in an interview with Axios Media on HBO last month.
Palantir is expanding its board of directors – made up of Thiel and three other men – to improve corporate governance and diversify perspectives. The companyis interviewing candidates and intends to elect at least two independent members by the end of the year, people familiar with the matter said in April.
– With the help of Crystal Tse, Scott Deveau and Gillian Tan