The confidential submission relates to a proposed public listing of the Class A common stock, Palantir said in a statement, adding that the listing is expected to take place after the SEC completes its review process.
A string of successful IPOs is paving the way for Silicon Valley firms, concerned about the economic fallout of the global coronavirus outbreak, to follow suit. The company did not disclose the size of the offering in its statement.
Reuters had reported last month that the data mining firm was aiming to file confidentially with U.S. regulators to go public, which could be as soon as September, though the timetable is subject to change and market conditions.
Palantir is still deliberating whether to go public via a traditional IPO or a direct listing.
Morgan Stanley would have a leading role in Palantir’s IPO, Reuters earlier reported.
Co-founded in 2004 by billionaire Peter Thiel, the company has been involved in some of the U.S. government’s most politically sensitive projects, from identifying terrorists to the tracking of illegal immigrants.
Palantir was valued at about $20 billion in its most recent fundraising round in 2015. In the private market, its shares have been trading in recent weeks at a valuation of between $10 billion and $12 billion, according to market sources.
The company has also been working with a number of countries to tackle the Covid-19 pandemic, by tracing the spread of the virus and managing the production of critical medical supplies.