Technology

Palantir reportedly lost $580 million in 2019 and plans lockup after direct listing





Alex Karp, co-founder of Palantir Applied sciences

Getty Photographs

Information analytics software program firm Palantir Applied sciences misplaced $580 million in 2019, based on studies from The New York Times and TechCrunch, which had entry to monetary paperwork despatched to traders earlier this week.

The New York Instances stated its 2019 loss was on a par with 2018, despite the fact that it earned 25% extra for a complete of $724.5 million in income for the 12 months. It had greater than $1 billion in bills, based on the report. TechCrunch stated its largest expense was the $450 million it spent on gross sales and advertising.

Palantir, which in July confidentially filed to go public, can also be reportedly planning a partial lockup for its direct itemizing, based on The New York Instances. Which means individuals who put money into Palantir must maintain on to the inventory for a sure period of time earlier than promoting it. The report says traders must maintain a minimum of 80% of their shares in Palantir till after Dec. 31.

Based in 2003, Palantir has been among the many most extremely valued venture-backed corporations. It had about about $2.6 billion raised and a roughly $20 billion valuation 5 years in the past. It was concentrating on a $26 billion valuation in a non-public fundraising spherical in Sept. 2019, according to Reuters. The corporate has but to show a revenue.

A Palantir spokesperson didn’t instantly reply to a request for remark.

Read more on The New York Times.

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