Data mining specialist Palantir Technologies Inc. is looking forward to a 2020 IPO that could value the company in excess of $40 billion. The firm had already rounded up $2 billion in investments during its last funding round in 2015, valuing the company at $20 billion.
Maria Deutscher filed this report for siliconAngle:
Founded in 2003, Palantir started out as a supplier of data analytics software to the U.S. intelligence community. The company’s customer base has over time grown to include many other government organizations, from Department of Health and Human Services to local law enforcement agencies, as well as a sizable line-up of private sector firms.
Large enterprises use Palantir’s products to process the often sensitive data generated as part of their business activities. Banks rely on the software to detect fraud and execute complex financial moves, while firms in other industries such as manufacturing use it to optimize operations.
The data mining provider said in 2017 that it was expecting to become profitable this year. According to today’s Journal report, Morgan Stanley assessed some of Palantir’s finances and produced an estimate that showed a theoretical IPO in 2020 could happen at a valuation of $36 billion to $41 billion. The bank is said to believe that launching an initial public offering in 2019 may lead to a lower valuation.
