The secret big data and analytics startup Palantir, co-founded by Peter Thiel, said late Monday that it had submitted confidential documents to the U.S. regulators to go public.
His statement said little more. "Listing is expected to occur after the SEC review process is completed, subject to market and other conditions."
Palantir has not announced when it plans to go public, nor has there been other information such as the number of shares potentially sold or the price range for the IPO . Confidential IPO filing enables companies to bypass traditional IPO filing mechanisms that provide insights into their inner workings such as financials and potential risks. Instead, Palantir can examine the early stages of preparation for public listing without the associated public scrutiny. The strategy was used by companies like Spotify, Slack and Uber. However, a confidential submission does not always lead to an IPO.
When a Palantir spokesman was reached, he declined to comment further.
Palantir is one of the most secret companies in Silicon Valley, a provider of big data and analytics technologies, including the U.S. government and intelligence agencies. Much of this work has sparked controversy among activists for privacy and civil liberties. For example, research shows that the company's data mining software was used to profile immigrants and thus support ICE's deportation efforts.
As the corona virus pandemic spread across the world, Palantir deployed its technology to use big data for tracking.
Last week, Palantir submitted its first Form D in four years, which shows that it will raise $ 961 million. According to the application, $ 550 million has already been raised and capital commitments have been secured for the remaining allocation.
With today's news, fundraising complements the company's ambitions to go public. A report estimates that the company's valuation is $ 26 billion.
The Palantir filing is another example of how the IPO market is warming up despite the freeze on COVID-19 at so many companies. Last week, the insurance company Lemonade debuted in the public hot water market. Accolade, a healthcare company, is also selling more shares than expected.