The Palantir Group, a mass data processing company, which works in particular for the American intelligence community, announced on Tuesday that its IPO on the New York Stock Exchange will take place on September 30. Palantir Technologies, which goes public through a direct listing, without raising new money, will see its shares trade on the New York Stock Exchange, according to documents submitted to the SEC’s stock authorities.
The IT and data processing services group, created after the September 11, 2001 attacks with CIA money, expects to achieve $ 1.05 billion in revenue in 2020, he said in a statement. This represents growth of 41% to 43% over the year. Its operating profit excluding charges is expected to be between $ 116 million and $ 126 million. The group’s stock documents suggest it is currently worth around $ 10 billion, according to firm Renaissance Capital. This is more than half of what the band was worth many months ago.
A controversial practice
Palantir lost 580 million last year on a turnover of 743 million. Its activities are used in the area of public security, particularly in the controversial practice of “predictive management of public order”, which is supposed to help the authorities to make deployment decisions, to detect medical insurance fraud or to fight against the coronavirus pandemic. The company does not disclose how it processes data or its algorithms.
Its customers include the aircraft manufacturer Airbus, the bank Credit Suisse, the German pharmaceutical company Merck KGaA and the Danish police. Its largest shareholder is Peter Thiel, a controversial figure in the tech industry who was an early investor in Facebook and supported Donald Trump in 2016.