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

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Alexander Karp, chief executive officer and co-founder of Palantir.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.

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