Palantir is reportedly preparing for an IPO. It's known for its work with government organizations, including its controversial contracts with ICE.
- Palantir expects to generate $1 billion in revenue this year and to break even for the first time in its history, Bloomberg's Lizette Chapman first reported.
- Financial documents viewed by Bloomberg suggest that Palantir is preparing to go public.
- Palantir was previously rumored to go public last year.
- Visit Business Insider's homepage for more stories.
The secretive big data company Palantir expects to generate $1 billion in revenue this year, Bloomberg's Lizette Chapman reported on Thursday.
According to financial documents viewed by Bloomberg, Palantir, which was founded by the conservative billionaire Peter Thiel in 2003, will break even for the first time in its 16-year history. The documents also suggested that Palantir is preparing to go public. Palantir was rumored to go public in 2019, but those plans have been delayed.
Palantir increased revenue 24% to $739 million in 2019, and it expects to boost that to $1 billion this year, Bloomberg reported. Of that estimated $1 billion, Palantir reportedly expects that $839 million will come from contracts and other business with current customers.
Much of Palantir's work comes from working with government organizations. For example, it is reportedly providing the US Centers for Disease Control and Prevention and other health organizations with software to help it monitor the coronavirus pandemic.
It has also come under fire from activists and within the company for its work with Immigration and Customs Enforcement. Business Insider also previously reported that Palantir took on Project Maven, a controversial project that Google previously worked on with the Department of Defense to use artificial intelligence to analyze aerial drone footage.
Business Insider previously reported that Palantir president Shyam Sankar told employees at an all-hands that the company had achieved profitability.
Business Insider also previously reported that Palantir will transition to issuing bonuses in restricted-stock units. In a memo to staff, director Khan Tasinga wrote, "Palantir has entered a new stage where we need to not only continue focusing on growth, but also to ensure that growth is long-term sustainable as we march toward a successful IPO."
Palantir could not immediately be reached for comment.
Do you work at Palantir? Got a tip? Contact this reporter via email at firstname.lastname@example.org, Signal at 646.376.6106, Telegram at @rosaliechan, or Twitter DM at @rosaliechan17. (PR pitches by email only, please.) Other types of secure messaging available upon request.