Palantir IPO: Direct listing moved to September 29th

Equities

One of the most hotly-anticipated public offerings of the year is happening next week. Palantir, the secretive data analytics company backed by PayPal co-founder Peter Thiel, will list on the NYSE under the symbol PLTR via a direct listing on September 29th.

The company originally planned to go public on September 23rd, but recently changed the date. Registered stockholders are expecting to sell up to 257 million Class A shares.

During 2020 Q3 around 36 million shares were sold privately at a volume-weighted average of $6.45. So far this year the company has privately raised $900 million at $4.65 per share. The company’s estimated value is between $18 billion and $26 billion.

Spotify and Slack are the only two other tech companies in recent years to have gone public via a direct listing. Palantir is using the same bank – Citadel Securities – that worked with them to help advise it during the process.

How to trade Palantir

Marketsx gives you three ways to trade the biggest IPOs and direct listings, including Palantir.

You can get started right now with our exclusive Palantir grey market – buy or sell to speculate on the eventual market capitalisation after the stock hits the market.

Or you’ll be able to trade CFDs on the stock after the listing is completed.

You can also trade the performance of the biggest IPOs in the last two years with CFDs on the Renaissance Capital IPO ETF. This ETF covers only new companies and is updated regularly. The most significant IPO stocks are added as soon as they list, and the ETF is updated quarterly to make sure it includes all the newest US stocks on the market.

Palantir IPO: key facts from its S-1 filing

Equities

Palantir, the Peter Thiel-backed software and data analytics company known for its close ties to national security agencies in the US and allied countries, has publicly filed its S-1 IPO registration document.

Here’s what we know so far

Palantir applied to the NYSE to go public via direct listing, as opposed to a traditional initial public offering, meaning it is not raising any new capital by going public. It will trade under the ticker PLTR.

Revenues rose 25% in 2019 to $742m, while the net loss was stable at $580m, the same as in 2018.

Revenue growth picked up this year – in the six months to the end of June 2020 revenues rose more than 50% to $481m from the same period a year ago. For this period the net loss also narrowed considerably to $165m from $280m in the first half of 2019.

Contribution margin – a key non-GAAP metric favoured by Palantir as a measure of profitability and efficiency – is also improving, rising from 17% in the first half of 2019 and 21% for the full year to 48% in the first six months of 2020.

It has never made a profit and issues the usual caveat emptor: “We expect our operating expenses to increase, and we may not become profitable in the future.”

Controversial company?

Palantir is at pains to stress it’s not like other Silicon Valley companies. “Our company was founded in Silicon Valley. But we seem to share fewer and fewer of the technology sector’s values and commitments,” wrote CEO Alexander Karp. Palantir has “repeatedly turned down opportunities to sell, collect, or mine data”, he explained.

But the company’s work has at times courted controversy for other reasons.

“Our work and the use of our software present difficult questions,” wrote Karp. “The construction of software platforms that enable more effective surveillance by the state of its adversaries or that assist soldiers in executing attacks raises countless issues, involving the points of tension and trade-offs between our collective security and individual privacy, the power of machines, and the types of lives we both want to and should lead. The ethical challenges that arise are constant and unrelenting.”

You can speculate on Palantir’s market capitalization ahead of its hotly-anticipated IPO with our exclusive grey market.

Palantir IPO: What you need to know

Equities

After many years of waiting it looks like investors might soon get a chance to grab a piece of Palantir. Watch on to find out how you can beat the crowd and start trading the Palantir IPO right now.

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