Palantir Technologies is the latest in a recent flurry of tech companies to signal plans for an IPO.
Known as the oldest startup in Silicon Valley, the data analytics software company said in a press statement that it has filed confidential paperwork with the U.S. Securities and Exchange Commission (SEC) informing the agency of its plans.
Founded in 2004 by CEO Alex Karp and venture capital tycoon Peter Thiel, Palantir specializes in Big Data, working with major corporations and government agencies to crunch large volumes of information.
The move comes just days after Palantir informed the SEC that it is well into the process of raising more than $961 million from investors.
In its filing, Palantir said it has already raised more than $549 million. Of the remaining $411.3 million, all but $671,576 “represents shares of common stock already subscribed for.”
Palantir did not offer a timeline for its IPO, though the firm is reportedly looking at a fall date. The filing with the SEC comes after years of internal debate among top Palantir executives over whether the privately held firm should go public.
In an interview with Axios on HBO, Karp noted that the company has not been rushing toward an IPO because it wanted to build confidence in its products.
The Palo Alto-based company has told investors it expects to break even this year, with $1 billion in revenue.
The data-crunching software giant, which has 2,500 employees, has worked with the CDC in the United States and the National Health Service in the United Kingdom on coronavirus tracking and modeling efforts.
More controversially, Palantir has also come under fire for its work with immigration authorities in the U.S.
The company also recently pulled down half a billion in funding from Sompo Holdings. Palantir and Sompo launched a joint venture in 2019.