Palantir Technologies, the data company founded by Peter Thiel, is in discussions to raise money from private investors that would value the company at $26bn, three people familiar with the talks said.
The new valuation would be a step up from when Palantir completed its last large fundraising round in December 2015, when investors said the company was worth $20bn. Mutual funds holding Palantir’s shares have since marked their stakes down, pegging the company’s value closer to $12bn, according to regulatory filings.
Palantir’s new money would cement its status as one of the largest private US technology companies, ahead of start-ups including the food delivery service DoorDash and online commerce site Wish. It also ranks as one of the oldest, getting its start in 2004 from a group of founders including chief executive Alex Karp, Mr Thiel and Joe Lonsdale, who now runs the venture capital firm 8VC.
The fundraising efforts come as the company pushes off plans for a long-rumoured initial public offering, which is now expected in two to three years, one of the people familiar with the talks said.
Palantir has recently faced protests for licensing its software to US Immigration and Customs Enforcement, the federal agency involved in deporting undocumented immigrants. Mr Karp defended the company’s work with ICE last month after the agency renewed its contract through 2022.
Reuters first reported on Palantir’s fundraising efforts.