Palantir Technology, a data analytics company known for secrecy and ties to the U.S. intelligence community, ended its first day of public trading on the New York Stock Exchange on Wednesday.
Shares of Palantir closed at $9.50 after opening at $10, reaching a valuation of around $21 billion. The company filed for the initial public offering (IPO) last month. The public debut was “mired by technical issues,” according to The Wall Street Journal.
Government contracts are believed to be a major source of revenue for the company co-founded in 2003 by Peter Thiel, the tech billionaire also known as the co-founder of PayPal and an early investor in Facebook who still sits in its board of directors. It was founded with the help of “CIA seed money” and has never been profitable, according to the Associated Press.
The company’s technology, which has been described as “surveillance” or “data mining,”