palantir-invests-in-more-spac-companies,-and-buys-$51-million-in-gold-bars

Palantir Invests in More SPAC Companies, and Buys $51 Million in Gold Bars

Text size

Data-analytics-software firm Palantir disclosed more investments in firms going public through special-purpose acquisition companies, and a large stash of gold bars.


DAVID GRAY/AFP via Getty Images


Palantir Technologies

has expanded its portfolio of investments in companies going public via SPACs, or special-purpose acquisition companies, to well over $300 million. 

As previously reported, Palantir (ticker: PLTR) has started a program of investing in the young companies in return for multi-year commitments to use the company’s software.

In its June quarter financial filing with the Securities and Exchange Commission, Palantir disclosed $250 million in commitments to a group of 10 companies through June 30. That includes eight identified by name, all previously announced—Lilium, Sarcos Robotics, Roivant Sciences,

Celularity

(CELU), Wejo, Babylon Health, Boxed, Pear Therapeutics—and two others described only as “mobility company” and “autonomous vehicle company.” Palantir said it has commercial contracts with that group of companies with a potential value of $428 million. All of those transactions were signed in the period from March 30 to June 22, and to date, none have been completed, the filing shows.

A provider of data-analytics software for both commercial and government customers, Palantir also said that since June 30, it has committed an additional $60 million in new investments, including: $20 million for Fast Radius, which offers a “cloud manufacturing platform”; $15 million for Tritium, a developer of electric vehicle chargers; $15 million for AdTheorent, which sells machine-learning driven advertising software; and $10 million for FinAccel, an Asian financial-services company with offices in Singapore and Jakarta.


Advisor Newsletter

Advisor Daily

A collection of our top stories from the day, delivered every evening. Stay on top of the latest advisor news, community commentary, and opinion from industry leaders.


Palantir also disclosed that it has completed equity investments of $25 million in an “electric vehicle company,” $3 million in an “autonomous aerial vehicle company,” and $5 million in Astrocast, which operates a network of nanosatellites. That brings the total investment commitment to more than $330 million.

Palantir also disclosed that it purchased $50.7 million in 100-ounce gold bars. “Such purchase will initially be kept in a secure third-party facility located in the northeastern United States and the company is able to take physical possession of the gold bars stored at the facility at any time with reasonable notice,” Palantir said in the filing.

The company did not provide a reason for the gold purchase.

As of June 30, Palantir had about $2.4 billion in cash.

Write to Eric J. Savitz at eric.savitz@barrons.com