Palantir Technologies Announce a Direct Listing on the New York Stock Exchange (NYSE)

Palantir, the technology company named after the Lord of the Rings filed documents to list on the New York Stock Exchange (NYSE).

palantir direct listing the nyse (1)
Palantir direct listing notice on NYSE. PHOTO via @Yahoo Finance

Palantir Technologies, the technology company named after the Lord of the Rings, announced a direct listing on NYSE on Tuesday. The company filed documents to list on the New York Stock Exchange.

  • Alex Karp is the CEO and co-founder of Palantir, which started in 2017 in Palo Alto.
  • As part of the company’s S-1 filing, Karp has added a stern letter indicating a lack of ethics in big technology.
  • Alex Karp takes home more than $12 million a year and holds a large stake in the company.
  • President Steve Cohen receives about $16 million a year, CEO Shyam Shankar earns about $26 million a year.
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Provisional Analyst Day is September 15, which means the company may be in the market by September 24th.

Palantir direct listing notice on NYSE

Palantir goes with a direct listing on NYSE rather than an IPO. In the initial public offering (IPO), a company sells new, guaranteed shares in the market.

In a direct listing, only previously unwritten shares are placed on the market. While this does not raise any new capital for the company, it does provide a way for existing investors to sell their shares.

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The registration documents, in this case, are interesting because Palantir has been such a secret company. Documentation A first look at the software company’s internal operations.

Significantly, the record reveals that the Palantir has not had a profitable year in its 17 years. In the last two years, the company has recorded a net loss of $580 million.

Still, the revenue is high. Last year, Palantir yields increased by 25%. This year, Bloomberg expects $1 billion in revenue – another 25% increase.

Review of Corbin Silicon Valley

Alex Karp is the CEO and co-founder of Palantir, which started in 2017 in Palo Alto. But he expressed contempt for the culture of Silicon Valley, which plans to move the company to Colorado.

As part of the company’s S-1 filing, Karp has added a stern letter indicating a lack of ethics in big technology. Although he did not name names, Karp criticized Silicon Valley officials for ignoring privacy.

Karp wrote: “For many consumer Internet companies, our thoughts and preferences, behaviors, and browsing habits are a product for sale. The slogans and marketing of the Valley’s largest technology companies try to hide this simple fact. ”

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He also pointed out that Silicon Valley could not be in contact with the rest of the world. It is this fact that reduces the ability of technology companies to make socially conscious decisions.

He says: “The engineering elite of Silicon Valley may have known a lot about creating software. But they do not know much about how society should be organized or what justice is needed. ”

The power of Concentration

While the above sentiment is true, it is undermined by some of the information in the direct listing documents. Palantir’s budget outline reveals the highest salaries for the first three executives.

Alex Karp takes home more than $12 million a year and holds a large stake in the company. President Steve Cohen receives about $16 million a year, while CEO Shyam Shankar earns about $26 million a year.

The multi-class stock system ensures that the founders maintain large voting power. As long as they hang on to their stocks, they will get at least 49.99999% of the vote.

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Palantir and the Race for IPOs

Palantir is part of the largest wave of IPOs and direct listing companies. According to financial research firm Dealogic, this is the busiest month for new lists in August.

This month, there are 41 deals worth a total of $16.4 billion. A direct listing is very popular this month, with both Slack and Spotify choosing that route.

After the first wave of epidemic fluctuations and investor uncertainty, the market picks up again. This has now created the impetus to enter the market, the accidental U.S. 

In the run-up to the election and a possible second coronavirus wave, this could signal another major drop in a few months. The wait will force companies to postpone their listing.

Editorial Staff

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