The secretive big data and surveillance company Palantir Technologies offered its stock to public investors for the first time Wednesday, a long-anticipated move that will bring public scrutiny to one of tech’s most secretive start-ups
.The direct listing on the New York Stock Exchange was one of the most hotly anticipated tech IPOs in years, giving investors the chance to capitalize on a business that has grown by almost a third each year since 2009. Palantir stock started trading at $10 per share Wednesday ― higher than its earlier reference price of $7.25 per share ― and trailed off slightly in the afternoon, closing at $9.50 per share.
To some, the surprising concentration of Palantir’s customer base shows the limits of its business. Palantir’s reliance on that insular market could make it a risky bet for many investors, said Rohit Kulkarni, a senior analyst at“The company is still almost at the mercy of a small number of government contracts,” Kulkarni said. “If and when they come up for renewal, the investment community will get extremely spooked about how those negotiations go.
Named for a mysterious black orb that a dark wizard uses to communicate with a giant disembodied flaming eye in J.R.R. Tolkien’s “The Lord of the Rings” trilogy, Palantir has long been one of Silicon Valley’s most closely held secrets. It was founded in 2004 by billionaire tech investor Peter Thiel with financial help from the CIA and has stayed private far longer than many observers thought it would.
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