Palantir is said to be raising $500 million at a $20 billion valuation

June 24, 2015, 12:56 AM UTC
Allen & Co. Media And Technology Conference
Alexander Karp, chief executive officer and co-founder of Palantir Technologies Inc., arrives to a morning session during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Thursday, July 10, 2014. Technology companies from Silicon Valley are expected to take center stage at this year's Allen & Co.'s Sun Valley conference as tech and media converge. Photographer: Scott Eells/Bloomberg via Getty Images
Photograph by Scott Eells — Bloomberg/Getty Images

Palantir Technologies, the data analytics company that counts government agencies like the FBI and CIA as clients, is raising up to $500 million at a $20 billion valuation, according to a report by BuzzFeed that cited anonymous sources.

With the new valuation, Palantir is the third most valuable U.S.-based startup behind Airbnb and Uber, according to the report.

Palantir has over $215 million in contracts with numerous government agencies including the United States Department of Defense and the Department of Homeland Security, according to a Wall Street Journal report. It also reportedly counts JPMorgan (JPM) and the Hershey Company (HSY) as clients.

Last year, Palantir went on an acquisition spree by gobbling up startups including New York-based Poptip and San Francisco-based Propeller.

PayPal co-founder and notable venture capitalist Peter Thiel is a Palantir co-founder.

Last year, when Palantir previously raised money, it was valued at $15 billion.

For more about data, check out the following Fortune video:

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