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Palantir’s Number of Customers (2020-2021)

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This statistic highlights Palantir’s number of customers from Q2 2020 onwards.
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This statistic highlights Palantir’s number of customers from Q2 2020 onwards.

Palantir Technologies is an American software company, founded in 2003, by Peter Thiel, Nathan Gettings, Joe Lonsdale, Stephen Cohen, and Alex Karp. It specializes in big data analysis.

Palantir’s Number of Customers

The customer data in respect of Palantir Technologies is shown in the table below

 Q2 2020  Q3 2020  Q4 2020  Q1 2021
Palantir’s Number of Customers 125 132 139 149

(Actual Figures)

Palantir Technologies customers steadily increased from 125 to 149 during the period Q2 2020 to Q1 2021. Similarly, there was an increase of 6% between Q2 2020 and Q3 2020 when the number of customers increased from 125  to 132. However, this growth rate slowed down to 5%, from 132 in Q3 2020 to 139 in Q4 2020. Between Q4 2020 and Q1 2021, the rate of growth in the number of customers was 7%, which was the highest among all quarters.

Despite the economic slowdown caused by COVID-19, the steady increase in the company’s customer base is an achievement in itself. The reason for this increase could be that the firm operates in a niche field of Big Data Analysis, a field whose applications and benefits are being understood and exploited by both Government Organizations and Private Companies, and “Data” is being touted as the new “Oil”. In fact, the US Government recently utilized the services of Palantir to set up a system for tracking the manufacture, distribution, and administration of COVID-19 vaccines across the country.

The Customers of  Palantir Inc. can be categorized as:-

  • Corporate Customers. This category of customers include Banks, financial service firms, and Private(Pvt) enterprises who used various products of Palantir Technologies including:-
      • Palantir software is used by hedge funds, banks, and financial services firms.
      • Palantir Foundry’s clients are Merck KGaA, Airbus, and Ferrari.
      • Palantir partner Information Warfare Monitor utilized Palantir software to discover both the Ghostnet and the Shadow Network.
  • US civil entities. Palantir’s software is utilized by the Recovery Accountability and Transparency Board to detect and investigate fraud and abuse in the American Recovery and Reinvestment Act. In fact, the Recovery Operations Center (ROC) utilized Palantir’s software and services to integrate transactional data with open-source and private data sets that describe the entities receiving stimulus funds. The Polaris Project,  the National Center for Missing and Exploited Children, the National Institutes of Health, Team Rubicon, and the United Nations World Food Programme are the other clients.
  • U.S. military, intelligence, and police. Palantir’s software tool named Gotham is utilized by counter-terrorism analysts at offices in the United States Intelligence Community and United States Department of Defense, as well as cyber analysts at Information Warfare Monitor  (which was in charge of the Ghostnet and the shadow Network investigation). From 2013 further clients were added which include DHS, NSA, FBI, CDC, the Marine Corps, the Air Force, Special Operations Command, West Point, the Joint IED Defeat Organization, and Allies. The U.S. military intelligence has also used Palantir’s products to improve its ability to predict locations of improvised explosive devices in its war in Afghanistan.
  • International Atomic Research. The International Atomic Energy Agency (IAEA) is also a customer of Palantir and used its software tools to verify if Iran complied with the 2015 agreement.

Company Overview

Palantir Technologies is a public limited company, headquartered in Denver, Colorado. The company employed 2,500 personnel in 2019. Alex Karp is the current CEO of the company. He had stated in 2013 that the company wouldn’t pursue an IPO, as going public would make running a company of this nature very difficult. However, in July 2020, the company revealed that it had filed for an IPO. It finally went public on the New York Stock Exchange(NYSE) through a direct public offering on September 30, 2020, under the ticker symbol “PLTR”. Palantir’s reported revenue was  $1.1 billion (2020). The most popular projects of the company are Palantir Gotham, Palantir Metropolis, and Palantir Foundry.

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