Palantir files for IPO; CEO Alex Karp slams Silicon Valley engineering elite

Palantir Technologies

Palantir Technologies, a developer of software platforms for large institutions and commercial enterprises, submitted its registration for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) on Tuesday.

Billionaire businessman Alex Karp and venture capitalist Peter Thiel co-founded Palantir in Silicon Valley in 2003. Karp serves as the CEO of the company.

Palantir started building software with a clear purpose of helping the U.S. intelligence community in counterterrorism investigations and operations. Later on, it started developing software for commercial enterprise.

In its Form S-1 filing, Palantir plans to list its Class A Common Stock with the New York Stock Exchange (NYSE) under the symbol “PLTR.”

The company disclosed that in the first half of 2020, it has 125 customers including some of the largest and most important institutions worldwide are using its software platform, Gotham and Foundry.

Palantir’s financial performance

Last year Palantir generated $742.6 million in revenue, up 25& from its $595.4 million revenue in 2018.