Palantir Technologies’ former headquarters in Palo Alto, Calif.
David Paul Morris/BloombergPalantir Technologies, the secretive data-analytics company, made public the regulatory filing for its long-awaited initial public offering.
Palantir plans to trade on the New York Stock Exchange under the ticker PLTR. The company has opted to go public via a direct listing and is not using any investment banks to underwrite its deal. Instead, shareholders may sell their class A stock if they want to, an Aug. 25 SEC filing said. These sales can be made through brokerage transactions on the NYSE. Spotify (ticker: SPOT) and Slack Technologies (WORK) also went public via direct listings.
The data analytics company is the latest to file for an IPO. Snowflake, Asana, and Ant Group have each filed to go public. Palantir, like Snowflake and Asana, is expected to go public in September.
Palantir, which will relocate its headquarters to Denver, provides tools to help companies, nonprofits, and government agencies analyze huge data sets. (The name is a reference to magical stones in J.R.R. Tolkien’s Lord of the Rings books.)
Palantir currently has two classes of common stock. Each Class A share is entitled to one vote, while each share of Class B gets 10 votes and can convert at any time into Class A stock. Palantir has also created a Class F stock. Each share of Class F will have a variable number of votes and can convert at any time to one share of Class B. The Class F stock is meant to give Palantir’s founders—Co-founder and Chairman of the Board Peter Thiel, CEO Alex Karp, and President Stephen Cohen—roughly 50% of total voting power.
Thiel, the founder of PayPal and an early Facebook (FB) investor, helped launch Palantir in 2003 in Silicon Valley. Thiel has publicly supported President Donald Trump and contributed to his 2016 campaign, which caused a backlash among some in Silicon Valley, where Palantir was founded.
CEO Karp, in a letter to investors, also took aim at some companies in Silicon Valley. Palantir has repeatedly turned down opportunities to sell, collect, or mine data, he said. “Other technology companies, including some of the largest in the world, have built their entire businesses on doing just that,” Karp said in the letter.
Palantir also won’t do business with China. The company said it won’t do business with “customers or governments” whose positions or actions are inconsistent with “Western liberal democracy and its strategic allies,” the filing said.
Palantir is not profitable. The company reported $164.7 million in net losses for the six months ended June 30 on $481.2 million in revenue. This compares to $280.5 million in losses for the same time in 2019 on $322.7 million in revenue, the filing said. It has 125 customers.
A Palantir spokeswoman declined to comment.
Write to Luisa Beltran at luisa.beltran@dowjones.com
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