Palantir Technologies recently made its debut on Wall Street. Best known for its secretive deals about data with the US federal government.
At around 1:30 PM ET, it was reported that Palantir started trading at $10 per share under the name PLTR. At the New York Stock Exchange, the price per share listed for reference stood at $7.25. As per reports, the company seems to be currently valued at $16 billion. However, Palantir Technologies’ private market value stands at $20 billion. Note that the reference for price per share is just a reference for stock market investors.
By the end of the day, the company traded 31 percent about the reference per share price at $9.50.
Palantir, Asana, Among Others To Go Public On Wednesday
Another software company to go public in Wall Street is Asana. Its reference per share price was evaluated at $21 per share. The company started trading at $27 and raised its stock by approximately 35 percent.
Palantir Technologies was found 17 years ago. Since then, it has received monetary support from the CIA and has become amongst the most powerful companies in the US. The company executives have attended private meetings with the President. The founder of Palantir, Peter Thiel, has been a strong supporter of the Trump administration since 2016.
The agency is known to be quite secretive. However, back in August, it revealed that the company earns most of its revenue from its customers and not from any other source. It was also revealed that its first-quarter 2020 revenue amounted to $481 million. This is a substantial increase of around 50 percent from last year.
Two of Palantir’s major products are Gotham and Foundry.
Secretive Data Company Helps US Government Track The Coronavirus And Potential Terrorist Attacks
As per reports, Palantir has been helping the Stock marketS Government track potential terrorist activities and the spread of the COVID-19 virus.
The company stated that they hope to become the default data Company for all US governed areas.
Last year, the company earned most of its revenue from contracts made with the US federal government. It amounted to $345.5 million. The company revealed that federal agencies that use its software include the FDA, the National Institutes of Health, the Securities and Exchange Commission, the Department of Homeland Security, the Department of Health and Human Services, the Army, the Airforce, the Navy, among others.
As per a stock market analyst, Kathleen Smith, the Palantir stock is doing quite well. However, she mentioned that it’s not clear how Wall Street investors will receive direct listings in the near-term.