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The Palantir IPO has been one of the most hotly anticipated IPOs this year. But on June 12, co-founder Joe Lonsdale announced there wouldn't be a Palantir IPO in 2019.
At the CB Insights Future of Fintech conference in New York, he said he'd love to see the company go public. But as a co-founder of Palantir, Lonsdale just doesn't see it happening this year.
In fact, he said the 16-year-old data mining company with a roughly $41 billion valuation is still years away from officially going public.
This is because if Palantir Technologies Inc. remains private, Lonsdale says it could potentially raise millions more from private investors. That gives the company the ability to reach profitability before making a public debut.
Plus, Lonsdale said while revenue is growing – even touting revenue of $880 million in 2018 -the company's main focus is on increasing profitability for now.
So, retail investors who were eagerly awaiting a Palantir IPO in 2019 are likely to be disappointed. However, Big Data is a rapidly growing industry regardless of whether Palantir goes public this year or not.
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In fact, it's currently worth $49 billion. But between now and 2027, that value is expected to rocket up by 110.2% to $103 billion.
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About the Author
Daniel Smoot is a Baltimore-based editor who helps everyday investors with stock recommendations and analysis. He regularly writes about initial public offerings, technology, and more. He earned a Bachelor's degree from Towson University.