Palantir Technologies Inc. expects revenue to top $1 billion this year, as the company unveils its outlook ahead of its long-anticipated stock listing following decades of teasing the market with plans to go public.
The data analytics company projects revenue of around $1.05 billion to $1.06 billion this year, a more than 41% increase from the year before. In the third quarter, it expects revenue to rise about 47%, to around $278 million to $280 million from the comparable period a year earlier. The company’s collections in past years have tended to tilt toward the back half of the year.
Palantir’s shares are slated to start trading on the New York Stock Exchange on Sept. 30, the company said in a securities filing Tuesday.
One of Silicon Valley’s oldest private startups, Palantir said last month it would take itself public through a direct listing, a move that was in part a reproach against Silicon Valley, which the company has criticized for being out of touch with American principles and societal needs. The company—founded in the Bay Area in 2003—recently moved its headquarters to Denver.
Co-founded by investor Peter Thiel, it sells software to aggregate big data for governments and corporations world-wide. Palantir gained public fame for its work with the U.S. military helping to track down Osama bin Laden. More recently, it rapidly expanded work with governments world-wide to track the coronavirus pandemic.