Palantir Expects to Top $1 Billion in Revenue in 2020

Palantir, a private American software company that specializes in big data analytics, is expecting to see revenue top $1 billion this year as the U.S. Centers for Disease Control and Prevention uses its software during the coronavirus pandemic.

This would mean a growth of 35% compared to 2019 according to a source close to the matter who spoke to CNBC. Palantir also believes it will achieve positive operating cash flow for the first time, the person said.

Palantir was founded in 2004 by billionaire investor Peter Thiel and others. The company has done business with government agencies and large companies.

The company’s software is meant to help the U.S. government figure out how to allocate its health resources. It takes in anonymized data on laboratory examinations and ventilator counts from hospitals and other groups.

The United States Coast Guard has also ordered Palantir tech for help during the coronavirus outbreak.

According to federal procurement records, Palantir’s tools will help the U.S. Coast Guard’s “Readiness System in response to [the] COVID-19 pandemic.”

Last year Reuters reported that Palantir was pursuing a valuation of $26 billion to $30 billion while raising an equity round.