Software company Palantir Technologies (NYSE: PLTR) has boosted its investments in SPAC companies to over $300 million, as well as purchased a significant amount of gold bars in the second quarter of 2021.
According to filings with the SEC, Palantir invested a combined $250 million in 10 special-purpose acquisition companies (SPACs) in the second quarter, including Babylon Health, Lilium, Wejo, Sarcos Robotics, Celularity, Boxed, Roivant Sciences, and Pear Therapeutics, as well as two other companies only identified as an autonomous vehicle company and a mobility company. The filing shows that the transactions were signed between March 30 and June 22, but have yet to be completed.
In addition, Palantir also revealed that since the beginning of the third quarter, the software company has earmarked an additional $60 million towards new SPAC investments, including $20 million for cloud manufacturing platform Fast Radius, $15 million for EV charger developer Tritium, another $15 million for AI advertising software company AdTheorent, as well as $10 million for Asian-based financial services company FinAccel.
However, what was most baffling about Palantir’s second quarter financials, was an investment in gold bars. The software company disclosed that it bought $50.7 million worth of 100-ounce gold bars, which are allegedly housed in a third-party facility somewhere in the northeastern US. Palantir added that it is able to take full possession of the gold bars whenever it choses, given adequate notice.
According to Barron’s, Palantir has been heavily investing in SPACs as of late, in exchange for multi-year pledges to use the software company’s products. The heavily SPAC-focused company also caught the attention of tech bull Cathie Wood, who on Friday added 1.156 million shares— amounting to a combined value of $28.78 million— in Palantir to her Ark Innovation ETF.
Information for this briefing was found via Palantir and Barron’s. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.