(CNN Business)Palantir, the Silicon Valley data-analytics company known for taking on controversial work for the US government, filed paperwork Wednesday indicating its intent to go public.
The company, which has long shrouded itself in secrecy, reported that it has never turned a profit and that a large portion of its revenue came from its three biggest customers. In the first six months of 2020, it reported losses of $164 million, down from $280 million the same period a year earlier.
In the 17 years since it was founded, Palantir Technologies has received financial backing from the CIA, become one of the most valuable private companies in the United States, and earned a seat at the table alongside the biggest tech companies in meeting with President Donald Trump. Cofounder Peter Thiel, a member of the so-called “PayPal mafia” and a longtime Facebook board member, supported Trump’s 2016 campaign.
The paperwork indicated the company would go public through a direct listing, the same method used by Spotify and Slack. This method means it lists directly on a stock exchange without relying on underwriters to help assess demand and set a price.
This story is developing and will be updated …