Palantir Reportedly Posted $580M Loss Last Year

As it approaches its potential introduction to the public markets, Palantir is reportedly set to be the newest in a line of tech firms to go public long prior to bringing in positive income, The New York Times reported.

Palantir registered $742.5 million in revenue last year, marking an increase of almost 25 percent from the prior year. It had a net loss of $580 million, roughly equivalent to its loss in 2018, while costs were slightly above $1 billion.

The California firm provided its investors with financial information before the intended market introduction. The Times garnered the documents, which provide an in-depth view into the firm’s operations as well as accounting.

Palantir has notched over $3 billion in funding and is reportedly worth $20 billion in the eyes of private market investors.

Palantir licenses the Foundry and Gotham software and offers offline technology help as well as cloud computing offerings. Its technology is meant to assist in examining information. The company reportedly had 125 customers in the first six months of this year.

In July, news surfaced that Palantir Technologies, which is known as Silicon Valley’s oldest startup, was the newest in a set of tech firms to indicate initial public offering (IPO) plans.

The company previously indicated in a press statement that it had filed confidential paperwork via the U.S. Securities and Exchange Commission (SEC), telling the organization about its plans.

Palantir, which was started by Peter Thiel and Alex Karp, is focused on Big Data and works with government bodies as well as large corporations to make sense of large amounts of data.

The company reportedly has 2,500 staffers and has worked with the Centers for Disease Control and Prevention (CDC) in the United States in addition to the National Health Service in the United Kingdom.

And, in June, Palantir Technologies Inc. received $500 million in funding from Sompo Japan Nipponkoa Holdings Inc. in what was said to be one last investments before its shares trade publicly.