We dive into Palantir's finances, Apple defends itself against Epic Games and the Lambda School raises money. This is your daily crisis for August 21, 2020.
The big story: Palantir documents show a net loss of $ 579 million
Danny Crichton received the confidential S-1 filing for secret data analytics company Palantir and unzipped the details. Palantir posted sales of $ 742 million in 2019, up 25% year over year, with a net loss of $ 579 million. At the end of the first half of 2020, it had exactly 125 customers.
In addition, several sources have told us that Palantir will have a blackout period after being listed directly. The combination of direct listing and embargo is unusual, as Danny explains:
The lockdown will almost certainly help stabilize Palantir's stock post debut, which will be less volatile as insiders won't be able to trade their stocks. However, it is definitely not a vote of confidence that a 17-year-old company believes it needs to control the selling decisions of its workforce and investors in order to maintain its share price in the public markets.
The technology giants
Apple claims the ban on Epic was a "self-inflicted" prelude to playing in the App Store. Apple characterizes the entire controversy as a "carefully coordinated, multi-faceted campaign" aimed at bypassing the 30% cut required for the privilege of doing business on iOS.
Sony WH-1000XM4 Headphone Review – Brian Heater says they're still top of the class at $ 350.
Facebook Attempts To Expand Portability Tools Before FTC Hearing – Facebook is considering expanding the types of data that users can port directly to alternative platforms.
Startups, Financing and Venture Capital
Lambda School is raising $ 74 million for their virtual coding school, where you don't pay tuition until after you get a job. The payments for the Lambda School courses are based on a season that begins only after you find a job that makes at least $ 50,000 per year.
Triller threatened to sue over a report suggesting its downloads have been inflated – Triller has tried to capitalize on recent events regarding its main competitor, TikTok.
No parties allowed in Airbnb's IPO – The latest installment of Equity covers Airbnb's decision to ban parties, as well as private filing of requests to go public.
Advice and analysis with extra crunch
How to Earn Your First VC Fund – First, understand the mindset of an LP.
Anu Duggal on COVID-19, Boosting Diversity, and Building a Fund – In 2020, the investor says there will be a generation of successful venture-backed companies built by women that you cannot avoid.
According to Box CEO Aaron Levie, frugal founders have more control – "Put yourself in a position of spending as little money as possible."
(Reminder: Extra Crunch is our subscription membership program designed to democratize information about startups. You can sign up here.)
Trump's official campaign app had to reset its rating after being trolled by TikTokers – An attempt by TikTok users to troll President Trump's official campaign app with thousands of one-star ratings seems to have had an impact, though not even the impact the banter wanted.
Submit your pitch deck to Disrupt 2020's Pitch Deck Teardown – At the Pitch Deck Teardown, top venture capitalists and entrepreneurs rate and suggest corrections to participants' pitch decks.
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