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Secretive Palantir lifts veil before Wall Street stock sale

FILE - In this Wednesday, May 15, 2019, file photo, Palantir CEO Alex Karp arrives for the Tech for Good summit in Paris. Palantir Technologies Inc., a data-mining company with deep ties to U.S. intelligence and military agencies, has shed a good deal of its trademark secrecy about its business in filing for a Wall Street stock offering, on Tuesday, Aug. 25, 2020. (AP Photo/Thibault Camus, File)
FILE - In this Wednesday, May 15, 2019, file photo, Palantir CEO Alex Karp arrives for the Tech for Good summit in Paris. Palantir Technologies Inc., a data-mining company with deep ties to U.S. intelligence and military agencies, has shed a good deal of its trademark secrecy about its business in filing for a Wall Street stock offering, on Tuesday, Aug. 25, 2020. (AP Photo/Thibault Camus, File) (Copyright 2019 The Associated Press. All rights reserved)

BOSTON – Palantir Technologies Inc., a data-mining company with deep ties to U.S. intelligence and military agencies, has shed a good deal of its trademark secrecy about its business in filing for a Wall Street stock offering.

Like many other tech companies, it will be going public without ever turning a profit.

In filings with the Security and Exchange Commission Tuesday, Palantir presented a first public look at its financials — which included $580 million in losses last year — and its heavy reliance on government contracts.

It also indicated it is on track to exceed $1 billion in annual revenues. It cited revenues of $481 million for the first half of 2020, up 49% from the year-ago period.

Its 2019 revenues of $746 million were up 25% from the previous year, the company said.

The growth included a big boost from the U.S. Army, from which it has earned $135 million since a favorable September 2018 court ruling forced the Pentagon to consider commercially available products in building its systems. That ruling opened a big door to Palantir.

The document indicated that Denver-based Palantir will sell stock some time this year but did not specify a date. A company spokeswoman declined comment on the filing.

Founded in 2003 by investors including Peter Thiel, the PayPal co-founder and early Facebook investor, Palantir got involved early on in government counterintelligence work with seed money from In-Q-Tel, the investment arm of the Central Intelligence Agency.