https://www.sec.gov/Archives/edgar/data/1321655/000119312520230013/d904406ds1.htm#rom904406_9 https://www.sec.gov/Archives/edgar/data/1321655/000119312520... W

https://www.sec.gov/Archives/edgar/data/1321655/000119312520230013/d904406ds1.htm#rom904406_9 https://www.sec.gov/Archives/edgar/data/1321655/000119312520... What Palantir's S-1 told me (along with knowledge of their business model) is that they have to sell government agencies pretty hard -- sales/marketing to the $ tune of 100% of the gross margin -- and then spend a lot of money to build the analytics and deliver the goods. (lots of hidden costs in "forward deployed engineers", which have to be assigned to every customer) They are not a software company -- they're a services company that builds + uses software to deliver insights. That's a very different profit situation than purely software. If they even get out of the hole to begin with.