Aug 13, 2020 - Economy & Business

Palantir reportedly plans to go public via direct listing

Palantir CEO Alex Karp. Photo: Scott Olson/Getty Images
Palantir CEO Alex Karp. Photo: Scott Olson/Getty Images

Palantir, the secretive data analysis software company best known for its contracts with government agencies, is reportedly planning to go public via direct listing in late September, according to Bloomberg.

Why it matters: This would be only the third company since 2018 to do a direct listing, after Spotify and Slack. The company is also in the process of raising $961 million, with $550 million of it already secured.

The bottom line: “The Palo Alto, California-based company had long resisted a public offering to avoid getting valued as a consultancy, and to stay out of the public eye while it reduced its dependence on engineers customizing software for each client and worked toward profitability, people familiar with the matter have said.”—Lizette Chapman, Scott Deveau, Bloomberg.

Go deeper: Palantir CEO told "Axios on HBO" in May that Palantir will likely go public within the year

Go deeper