Palantir, a big data analytics company founded by billionaire Peter Thiel, announced in a press release Monday that it has confidentially submitted a draft version of paperwork with the Securities and Exhchange Commission for a proposed public listing of Class A common stock.
According to the announcement, the public listing is expected to take place following the SEC's review process, "subject to market and other conditions."
It was not immediately clear whether the company plans to list its stock through an IPO or through the direct listing process used recently by companies like Slack and Spotify.
In a Form D filing with the SEC, Palantir said it is looking to raise around $961 million with more than $549 million already secured. The filing added that “of the total remaining to be sold, all but $671,576.25 represents shares of common stock already subscribed for.”
Palantir Technologies Inc. signage is displayed outside the company's headquarters in Palo Alto, California, U.S., on Tuesday, Nov. 5, 2019. BP Plc, one of the world's biggest oil and gas companies, is a shareholder in secretive U.S. data-mining firm