Palantir Technologies shares are expected to open for trading on Tuesday at around $10 a share, giving the company a valuation of around $22 billion, The Wall Street Journal reports.
The offering will be closely scrutinized. While there has been considerable discussion about direct listings in recent months, there have been only two direct listings of venture-backed technology companies in recent years— Slack Technologies in June 2019 and Spotify Technology in April 2018. Neither has been a screaming success. Spotify shares opened at $167, and only decisively moved above that level in this year’s Covid-19-driven tech rally; the stock is now at about $233.
Earlier this week, Palantir provided financial guidance for the third quarter, the full year, and next year. For the full year, the company sees revenue of $1.05 billion to $1.06 billion, up between 41% and 43%, with non-GAAP operating income of $116 million to $126 million. The company expects 2021 revenue growth of more than 30%.
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