Palantir’s IPO could be delayed until 2023 as the embattled, Peter Thiel-founded data firm looks overseas for private funding

Palantir Technologies CEO Alex Karp.

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Palantir Technologies CEO Alex Karp.
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Drew Angerer/Getty Images

  • The controversial data-analytics company Palantir may be pumping the brakes on going public.
  • On Thursday, Bloomberg reported that the Palo Alto, California-based tech firm was in talks with private investors to raise “significant funding.”
  • Previously, Palantir was reportedly targeting an initial public offering in 2020.
  • Bloomberg said Palantir’s cofounder and chairman, Peter Thiel, had told employees the company would not be going public within the next three years.
  • That could set a Palantir IPO date back to 2022 or 2023.
  • Visit Business Insider’s homepage for more stories.

The controversial data-analytics company Palantir may be pumping the brakes on going public.

On Thursday, Bloomberg reported that the Palo Alto, California-based tech firm – most recently valued at $20 billion – was in talks with private investors to raise “significant funding.” Previously, Palantir was reportedly targeting an initial public offering in 2020.

Palantir has courted Singapore’s Temasek Holdings as well as the Japan-based SoftBank Group and other non-US investors to participate, Bloomberg said, citing people familiar with the matter.

Palantir’s cofounder and chairman, Peter Thiel, told employees recently that the company would not be going public within the next three years, Bloomberg reported. That could set a Palantir IPO date back to 2022 or 2023.

Palantir did not immediately respond to Business Insider’s request for comment.

Palantir, which has never been profitable, had reportedly been making efforts to gear up a public offering, which included hiring its first sales team and eliminating lavish employee perks, like 13-course tasting-menu lunches, that could raise eyebrows among public market investors. Employees were also reportedly no longer allowed to expense last-minute international airfare and at least one person was fired for expensing off-the-wall purchases like lingerie.

Read more: This $20 billion startup is reportedly cutting lavish perks as it tries to kill its employees’ ‘entitlement syndrome’ ahead of a possible IPO

Because of Palantir’s work with the US military and government agencies, the data-mining firm has long been subject to scrutiny by outside critics. Most recently, Business Insider learned that Palantir employees themselves were becoming increasingly split over the company’s ties to government work – specifically its business dealings with Immigration and Customs Enforcement, the federal agency involved in detaining and deporting people over immigration violations.