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When Palantir
hit the stock market in September 2020, there was a lot that could go wrong. The Covid pandemic was sweeping across the globe, society was in lockdown and markets were volatile.
Meanwhile, Palantir was operating at a loss while dealing with ongoing criticism over its government work, in particular with U.S. Customs and Immigration. And the company was going public through a direct listing rather than a traditional IPO.
At its opening price of $10 per share, Palantir was valued at $16.5 billion, down from its private market peak of $20.4 billion in 2015.
