Palantir Technologies was founded in 2003 by Peter Thiel, Alex Karp, Joe Lonsdale, Stephen Cohen, and Nathan Gettings in Denver, Colorado. The company was initially funded by the CIA’s venture arm, In-Q-Tel, and its first product was built to help intelligence analysts connect disparate data sources to identify threats.
Palantir’s two main products are Gotham (for government and defense clients) and Foundry (for commercial enterprises). Gotham is used by intelligence agencies, military organizations, and law enforcement for data integration, analysis, and operational planning. Foundry serves industries like healthcare, energy, and manufacturing with similar data integration capabilities.
The company went public via direct listing on the NYSE in September 2020. Its stock has been volatile, but a surge driven by AI enthusiasm pushed Palantir’s market cap above $60 billion by late 2024. Annual revenue exceeded $2.2 billion in 2023 and has been growing at 17-20% annually.
Palantir’s Artificial Intelligence Platform (AIP), launched in 2023, lets organizations deploy large language models on their private data while maintaining security controls. This product has driven significant commercial growth and resonated with enterprises cautious about sending proprietary data to third-party AI services.
The company has faced criticism for its government work, particularly contracts with immigration enforcement agencies and military organizations. Karp, the CEO, has been outspoken in defending this work.
Headquartered in Denver, Colorado, Palantir employs around 3,700 people. The company operates globally, with notable contracts across the US, UK, and other Western governments. Palantir reached GAAP profitability in 2023, a milestone for a company that burned cash for nearly two decades.
