Palantir Technologies Inc. has created controversy by selling its data software to militaries and government agencies for years, but it has the private sector to thank for revenue growth that is now expected to bring the company to Wall Street.
Palantir was co-founded by Karp, Facebook Inc. FB, +3.47% investor and board member Peter Thiel, and Stephen Cohen, who serves as president. The company originally received funding from the Central Intelligence Agency’s In-Q-Tel arm to develop Gotham, its first software platform that launched in 2008 and is built specifically for government uses.
While the majority of Palantir customers may be commercial businesses, that doesn’t mean the majority of its revenue comes from those contracts. Palantir had only 125 customers in the first half of this year that paid an average of $5.6 million each in 2019, but its largest customers — which Palantir does not name — have a much larger average.
Palantir revealed in its SEC filing that revenue grew to $742.6 million in 2019 from $595.4 million in 2018, while losses stayed even at more than half a billion dollars a year — $579.6 million in 2019 and $580 million in 2018. In the first six months of this year, Palantir recorded a loss of $164.7 million on revenue of $481.2 million, after recording a loss of $280.5 million on sales of $322.7 million in the same period of 2019.
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