Palantir Technologies valued at $17.8bn in long-awaited debut

A man walks past a banner displaying Palantir Technologies signage at the New York Stock Exchange in New York, the US, September 30 2020. Picture: MICHAEL NAGEL/BLOOMBERGPalantir Technologies began trading on Wednesday as a public company, ending a 17-year tradition of secrecy surrounding the software business cofounded by Peter Thiel.

Companies are racing to go public in the US where investors are welcoming new stocks ahead of a presidential election likely to drive volatility. Companies raised $61bn from initial public offerings this quarter, the busiest on record, according to data compiled by Bloomberg. Named for the all-seeing stones in the fictional Lord of the Rings trilogy, Palantir combines myriad, ever-changing data streams into one centralised “source of truth”

When Palantir built a new software platform, Foundry, in 2016, the company cut costs by automating much of the grunt work and said it reduced time to set up customers from months to days. Palantir expects to deliver an adjusted profit this year on more than $1bn in revenue.

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