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Controversial data analytics firm Palantir will soon go public

(Image credit: Image source: Shutterstock/alexskopje)

Controversial data analytics firm Palantir wants to go public, fresh paperwork submitted to the SEC suggests.

According to the documents, the company has no intention of going through an Initial Public Offering (IPO), but will instead opt for a direct listing - the route taken by Spotify and Slack in recent years.

No precise valuation figure is available, but a Reuters report from last year suggests the figure may fall at around $26 billion.

As part of the listing process, the company will have three classes of shares – Class A, Class B and Class F. The first gives its owner one vote on company matters, the second gives 10 votes and the final class is designed to give founders Peter Thiel, Alex Karp and Stephen Cohen 49.999999 percent of the total voting power.

Reporting on the news, CNN said the company has “never turned a profit”, and that roughly a third of its entire revenue comes from its three biggest customers. In the first six months of this year, Palantir reported $481 million in revenue, up almost 50 percent compared to the year before. It also lost $164 million, less than the $280 million lost the previous year.

Palantir was founded 17 years ago and has been backed by the CIA, turning it into one of Silicon Valley’s most valuable private companies.