Palantir is Set to Debut on the NYSE This Week with a Value of $22B

17-year old Palantir Technologies is set to launch on the NYSE in a public offering on Wednesday.

The data analytics software company is looking to avoid the traditional IPO route and will begin trading on the New York Stock Exchange through a direct listing under the ticker PLTR.

The company plans to float shares from existing holders and let the market determine the price per share, expected to start at $10. As a result, that gives the company a fully diluted valuation of about $22 billion.

Palantir was co-founded by billionaire Peter Thiel, who was an early investor in Facebook (FB) and a co-founder of PayPal (PYPL). The two other co-founders are Alex Karp and Stephen Cohen, the company’s presidentt

“Our software is used to target terrorists and to keep soldiers safe,” said Chief Executive Alex Karp in the Palantir IPO filing. “If we are going to ask someone to put themselves in harm’s way, we believe that we have a duty to give them what they need to do their job.”

“Many of the world’s most vital institutions rely on the software platforms that we have built,” Karp added.

For the six-month period ended June 30, the company reported revenue of $481.2 million, up 49% from the year-ago period. The company also revealed a net loss of $164.7 million, vs. a loss of $280.5 million in the year-ago period.

Looking ahead, the company expects revenue to rise about 47%, to around $278 million to $280 million in the third quarter. For 2020, it expects revenue of about $1 billion, up 42%.

Palantir has never reported a profit.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.