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Illustration: Eniola Odetunde/Axios

Palantir, the secretive data analysis software company known for working with governments, has filed to go public via a direct listing on the New York Stock Exchange.

The big picture: Palantir long eschewed going public until changing its tune recently. The company is also confirming recent rumors that it's choosing a rare alternative to the traditional IPO. Direct listings skip the underwriting process of an IPO, typically letting investors cash out shares without raising fresh capital for the company.

By the numbers:

  • In the first half of 2020, Palantir saw $164.7 million in losses on $481.2 million in revenue.
  • In full year 2019, the company had $579.6 million in losses on $742.6 million in revenue. That top-line total was up 25% from Palantir's 2018 revenue.
  • In 2019, the company's average revenue per customer was $5.6 million. The average revenue for its top 20 customers for 2019 was $24.8 million.
  • In the first half of 2020, its tools were used by 125 customers, and about 54% of the revenue they generated came from government customers.
  • Palantir's largest shareholders are Peter Thiel, co-founder and CEO Alex Karp, co-founder Stephen Cohen, SOMPO Holdings, and Founders Fund.
  • According to its most recent secondary trades, Palantir's stock traded at a volume-weighted average price of $5.42 per share in 2019, and $5.35 per share in 2020 (through Aug. 21).

Also: In addition to its existing two classes of stock (with one giving holders 10 votes per share), the company plans to introduce a third class, "F," to its three founders to enable them to effectively remain in control of the company with just under 50% of the voting.

  • This is not novel among Silicon Valley tech companies, but Palantir is doing it via an unusual structure with a share class with a variable number of votes.

Editor's note: The story has been updated with more details about the listing.

Go deeper

Nov 12, 2020 - Economy & Business

Disney touts 73 million Disney+ subscribers amid tumultuous year

Photo: Disney

Disney's stock skyrocketed after market close Thursday when the company reported better-than-expected subscriber additions for its streaming service Disney+, offsetting losses in the company's studios, parks and resorts divisions.

Yes, but: Revenue fell 23% from this time last year to $14.7 billion and the company's profits disappeared. Still, the losses weren't as bad as investors anticipated and the company saw a boost from some successes in the reopening of sports and engagement in its broadcast network, ABC, around the election.

Trump set to appear at Pennsylvania GOP hearing on voter fraud claims

President Trumpat the White House on Tuesday. Photo: Chip Somodevilla/Getty Images

President Trump is due to join his personal lawyer Rudy Giuliani in Gettysburg, Pennsylvania, Wednesday at a Republican-led state Senate Majority Policy Committee hearing to discuss alleged election irregularities.

Why it matters: This would be his first trip outside of the DMV since Election Day and comes shortly after GSA ascertained the results, formally signing off on a transition to President-elect Biden.

Scoop: Trump tells confidants he plans to pardon Michael Flynn

Photo: Alex Wroblewski/Getty Images

President Trump has told confidants he plans to pardon his former national security adviser Michael Flynn, who pleaded guilty in December 2017 to lying to the FBI about his Russian contacts, two sources with direct knowledge of the discussions tell Axios.

Behind the scenes: Sources with direct knowledge of the discussions said Flynn will be part of a series of pardons that Trump issues between now and when he leaves office.