{"id":20234,"date":"2020-09-30T15:26:22","date_gmt":"2020-09-30T15:26:22","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2020\/09\/30\/secretive-never-profitable-palantir-makes-its-market-debut\/"},"modified":"2026-08-07T21:49:12","modified_gmt":"2026-08-07T21:49:12","slug":"secretive-never-profitable-palantir-makes-its-market-debut","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/industry\/2020\/09\/30\/secretive-never-profitable-palantir-makes-its-market-debut\/","title":{"rendered":"Secretive, never profitable Palantir makes its market debut"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">BOSTON \u2014 Seventeen years after it was born with the help of CIA seed money, the data-mining outfit Palantir Technologies is finally going public in the biggest Wall Street tech offering since last year\u2019s debut of Slack and Uber.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Never profitable and dogged by ethical objections for assisting in the Trump administration\u2019s deportation crackdown, Palantir has forged ahead with a direct listing of its stock, which is set to begin trading Wednesday. In its stock offering, the company isn\u2019t selling newly minted shares to raise money; it\u2019s simply listing existing shares for public trading.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The low-key strategy may not generate the enthusiasm many technology offerings do. But it\u2019s in character for a secretive company long reliant on spies, cops and the military as customers \u2014 and whose founders are holding onto voting control of the company.<\/p>\n\n\n\t<aside class=\"smg-interstitial-link wp-block-smg-interstitial-link\">\n\t\t<a href=\"https:\/\/one.sightlinemg.com\/defensenews\/top-100\/2020\/08\/17\/the-list-is-here-find-out-how-global-defense-companies-performed-in-fy19\/\" class=\"smg-interstitial-link__inner\">\n\t\t\t\t\t\t\t<div class=\"smg-interstitial-link__media\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"169\" src=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/upload-Cropped.png.png?w=300\" class=\"smg-interstitial-link__image wp-post-image\" alt=\"\" \/>\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"smg-interstitial-link__content\">\n\t\t\t\t<span class=\"smg-interstitial-link__kicker\">Related<\/span>\n\t\t\t\t<h3 class=\"smg-interstitial-link__title\">The list is here: Find out how global defense companies performed in FY19<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"smg-interstitial-link__excerpt\">We reveal who\u2019s up and who\u2019s down for 2020, based on fiscal 2019 defense revenue.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/aside>\n\t\n\n\n<p class=\"wp-block-paragraph\">The big question for both investors and company management: Can Palantir successfully transition from a business built on the costly handholding of government customers to serving corporate customers at scale? The company is a hybrid provider of software and consulting services that often embeds its own engineers with clients.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts say its future depends on selling multinationals on its tools for gathering disparate data from an ever-expanding data universe and using artificial-intelligence technology to find previously undetectable patterns. Those can theoretically guide strategic decisions and identify new markets much as they have aided in tracking terrorists and sorting military intelligence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company sets itself apart from most U.S. technology providers, and just moved its headquarters to Denver from Silicon Valley. Palantir colors itself patriotic and <a href=\"https:\/\/www.defensenews.com\/pentagon\/2019\/12\/13\/do-palantirs-ads-slotted-to-run-during-the-army-navy-game-take-a-shot-at-google\/\" target=_blank>belittles other tech firms<\/a> that won\u2019t unquestionably support U.S. dominance in war fighting and intelligence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cOur software is used to target terrorists and to keep soldiers safe,\u201d CEO Alex Karp wrote in a letter accompanying Palantir\u2019s offering prospectus. While Karp acknowledged the ethical challenge of building software that \u201cenables more effective surveillance by the state,\u201d Palantir\u2019s prospectus touts its work helping U.S. soldiers counter roadside bombings and fight the Islamic State group.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But investors also have to reckon with the Peter Thiel factor.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"5058\" height=\"3159\" src=\"\/wp-content\/uploads\/2026\/08\/AP17170839080714.jpg.jpg\" alt=\"\" class=\"wp-image-43605\" srcset=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/AP17170839080714.jpg.jpg 5058w, https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/AP17170839080714.jpg.jpg?resize=300,187 300w, https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/AP17170839080714.jpg.jpg?resize=768,480 768w, https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/AP17170839080714.jpg.jpg?resize=1024,640 1024w, https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/AP17170839080714.jpg.jpg?resize=1536,959 1536w, https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/AP17170839080714.jpg.jpg?resize=2048,1279 2048w\" sizes=\"auto, (max-width: 5058px) 100vw, 5058px\" \/><figcaption class=\"wp-element-caption\">Peter Thiel, a Founders Fund partner, speaks during an American Technology Council roundtable in the State Dinning Room of the White House, Monday, June 19, 2017, in Washington. (AP Photo\/Alex Brandon)<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The iconoclastic entrepreneur and PayPal co-founder endorsed President Donald Trump in 2016, worked on his transition team and holds the largest chunk of Palantir stock. Thiel already exerts tremendous power from the board of Facebook, which dominates global media and seeks to create a digital currency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In its IPO prospectus, Palantir paints a dark picture of faltering government agencies and institutions in danger of collapse and ripe for rescue by a \u201ccentral operating system\u201d forged under Thiel\u2019s auspices. As the offering is structured, Thiel will be the dominant voice among the Palantir co-founders who will retain voting control.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIs that someone who you want deciding how a component of the (national) security apparatus is designed?\u201d asked New York University business professor Scott Galloway. \u201cIf you believe that power corrupts and checks and balances are a good idea, this is just from the get-go a really bad idea.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Earlier in September, BuzzFeed reported that Thiel hosted a known white nationalist, Kevin DeAnna, at a 2016 dinner party, citing emails it obtained and published whose authors refused to talk to the online news outlet. Thiel declined through a spokesman to discuss the report with The Associated Press. Critics say he shares the blame for Facebook\u2019s incomplete removal of toxic disinformation disseminated by the pro-Trump far-right fringe.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Then there are Palantir\u2019s fundamentals, which Galloway considers lousy. The company has just 125 customers in 150 countries, including Airbus, Merck, Credit Suisse and the Danish National Police. Slightly less than half its 2019 revenues were from government agencies, and three clients \u2014 which Palantir did not name \u2014 accounted for almost a third of revenues.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThey\u2019re massively unprofitable and they\u2019ve never been able to figure it out,\u201d Galloway said, noting that it took Google three years to earn a profit, and Amazon seven. Over a much longer span, Palantir has accumulated $3.8 billion in losses, raised about $3 billion and listed $200 million in outstanding debt as of July 31.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Palantir, named for the mystical all-seeing stones from Tolkien\u2019s \u201cLord of The Rings,\u201d has recently been deepening its relationship with Uncle Sam, including winning a modest contract early in the COVID-19 pandemic for helping the White House gather data on the virus&#8217; impact.<\/p>\n\n\n\t<aside class=\"smg-interstitial-link wp-block-smg-interstitial-link\">\n\t\t<a href=\"https:\/\/one.sightlinemg.com\/defensenews\/land\/2019\/03\/29\/palantir-who-successfully-sued-the-army-just-won-a-major-army-contract\/\" class=\"smg-interstitial-link__inner\">\n\t\t\t\t\t\t\t<div class=\"smg-interstitial-link__media\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"199\" src=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/Laptopguy.jpg.jpg?w=300\" class=\"smg-interstitial-link__image wp-post-image\" alt=\"\" \/>\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"smg-interstitial-link__content\">\n\t\t\t\t<span class=\"smg-interstitial-link__kicker\">Related<\/span>\n\t\t\t\t<h3 class=\"smg-interstitial-link__title\">Palantir \u2014 who successfully sued the Army \u2014 has won a major Army contract<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"smg-interstitial-link__excerpt\">After an ugly lawsuit, former legal enemies will go into business together.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/aside>\n\t\n\n\n<p class=\"wp-block-paragraph\">Senior emerging technology analyst Brendan Burke of Pitchbook says he isn\u2019t worried that Thiel\u2019s association with Trump will hurt the company if Trump loses <a href=\"https:\/\/www.militarytimes.com\/news\/pentagon-congress\/2020\/09\/29\/candidates-accuse-each-other-of-military-insults-disrespect-for-troops-in-first-presidential-debate\/\" target=_blank>the election<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe political connections don\u2019t appear to be the main driver of their recent substantial contract wins,\u201d he said, although he noted that government contracts can be more volatile than corporate ones, where Palantir\u2019s foothold is less firm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Palantir offers two software platforms. Foundry is designed to link disparate and largely incompatible data sources into a central operating system. It\u2019s the company\u2019s primary hope for broadening its business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An earlier product, Gotham, has been used by defense and intelligence analysts and police departments to identify patterns deep within datasets. But the value of \u201cpredictive policing\u201d tools developed with the platform have been questioned for their potential to unfairly target people of color. The New Orleans and New York City police departments, once customers, have used it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A 2017 research paper by University of Texas sociologist Sarah Brayne, who studied the Los Angeles Police Department\u2019s use of Gotham, found the software could lead to a proliferation of unregulated personal data collected by police from commercial and law enforcement databases.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On Monday, Amnesty International issued a briefing that says Palantir is failing to conduct human rights due diligence around its contracts with Immigration and Customs Enforcement, calling it \u201cdeeply ironic\u201d that the company crows about its determination not to work with regimes like China that abuse human rights.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Palantir\u2019s ICE contracts involve the maintenance and improvement of two products used in deportation raids. One of them, its web-based Falcon tool, has enhanced data accessible to investigators \u201cinvolving the illegal movement of people into, within, and out of the United States,\u201d according to documents obtained by The Associated Press, including court records, and by the nonprofit Electronic Privacy Information Center in a freedom-of-information request.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Palantir has acknowledged in its SEC filing that \u201cunfavorable coverage in the media\u201d and from social activists could hurt its business. It also says its contractual obligations might prevent it from being able to defend its actions publicly, although it recently named a former Wall Street Journal reporter to its board.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Negative publicity over ICE contracts may also have hurt company recruitment on college campuses.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seventeen years after it was born with the help of CIA seed money, the data-mining outfit Palantir Technologies is finally going public.<\/p>\n","protected":false},"author":7,"featured_media":43602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":12,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[160,32,12,36],"tags":[],"coauthors":[3370],"class_list":["post-20234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-disaster","category-industry","category-newsletters"],"acf":{"subheadline":"","legacy_arc_id":"QFECG2ETBBCTBP4DPOM6ZAI45M","arc_canonical_url":"\/industry\/2020\/09\/30\/secretive-never-profitable-palantir-makes-its-market-debut\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Secretive, never profitable Palantir makes its market debut - Defense News<\/title>\n<meta name=\"description\" content=\"Seventeen years after it was born with the help of CIA seed money, the data-mining outfit Palantir Technologies is finally going public.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Secretive, never profitable Palantir makes its market debut\" \/>\n<meta property=\"og:description\" content=\"Seventeen years after it was born with the help of CIA seed money, the data-mining outfit Palantir Technologies is finally going public.\" \/>\n<meta property=\"og:url\" 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