Palantir’s S-1 filing says people use its services because ‘their technical infrastructure has failed them’

Palantir Headquarters

Data-mining firm Palantir has filed its prospectus to take the company public, and its S-1 confirms leaked information that showed the company has not turned a profit since its founding in 2003.

Palantir plans to debut with a direct listing rather than selling shares in an initial public offering. It’s among a handful of tech companies that have taken this route to go public in recent years; Slack did last year, Spotify did in 2018, and Asana did earlier this week.

The company lost $580 million in 2019, the filing shows, and in the first half of 2020 it has lost $175 million. The S-1 shows the company had 125 customers in the first half of this year, “including some of the largest and most significant institutions in the world,” the…

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