Big Data Provider Palantir Has Already Raised $550M According to SEC Filing

Published on July 2, 2020
Image Credit: [Pixabay]

The sometimes controversial and always secretive big data and analytics provider, Palantir, has supposedly been eyeing up a public listing this autumn. Palantir works with governments and other private and public organizations to increase national security, health and other services. In the meantime, however, it’s pushing ahead in the private markets.

Palantir has filed a Form D for the first time in four years. The form shows that Palantir is in the process of raising almost $1 billion, $961,099,010, specifically. It’s important to note that $549,727,437 of that has already been secured.

It’s so far unclear if this fundraiser would complement a public listing, or if it would it delay it. It’s also unclear whether the filing is also covering previously undisclosed funding to precede a public listing. The filled out Form D shows that there are 58 investors that have already invested in the offering. That indicates that at least part of this is secondary.

The filing seems to validate a report from September 2019 that states that Palantir was looking to raise between $1 and $3 billion for the first time in four years. That report also noted that Palantir was going for a $26 billion valuation, which is $6 billion up from it’s $20 billion evaluation four years ago. A June article by Reuters put its valuation on secondary market trades at somewhere between $10 billion and $14 billion.

The more interesting part of that Reuters report is that Palantir confirmed in June two investors that both work with the company. They got $500 million from Sompo Holdings, a Japanese insurance company, and $50 million from Fujitsu. Those two alone easily account for $550 million already sold that is noted on the recently filed Form D.

According to PitchBook data, Palantir has raised $3.3 billion in funding so far, with a total of 108 named investors.

Digging deeper into the PitchBook data shows that Palantir has raised a number of undisclosed amounts through other rounds of funding. Some of that funding may also be part of this Form D amount.

There are some data points that point to a bigger valuation today as compared to Palantir’s $20 billion evaluation when it last raised money four years ago.

The company notified investors in April sharing with them documents that showed that Palantir expects to make $1 billion in revenues this year alone. That’s up 38% as compared to 2019. This will be the first break-even point for Palantir since Nathan Gettings, Joe Lonsdale, Peter Thiel, Stephen Cohen, and current CEO, Alex Karp founded the company 16 years ago.

Featured Image Credit: [palantir]

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