Big-data analytics firm Palantir Technologies Inc. is preparing to file for an initial public offering in the coming weeks, according to multiple reports published today.

Bloomberg reported that the company, founded by Peter Thiel, is preparing to register a confidential S-1 filing with the U.S. Securities and Exchange Commission. The report said Palantir is working with bankers to organize a tender offer for private shareholders to help clean up its capital structure ahead of an IPO and is also working with an IPO readiness consultant.

Reuters reported that Palantir’s decision to go public has been emboldened by the strong performance of other IPOs this year, but notably the company is still deliberating whether to pursue a traditional IPO or a direct listing.

Direct listings have become increasingly popular among larger and mature startups seeking to go public because they allow a company simply to list existing shares for sale on an exchange. The direct listing process is cheaper since underwriting is not required to undertake the process, potentially saving a large firm tens of millions of dollars in fees. Notable companies that have successfully pursued direct listings include Spotify Technology SA and Slack Inc.

Founded in 2004, Palantir offers software that lets organizations integrate their data, their decisions and their operations into one platform. By allowing customers to integrate and analyze all of their data, the software empowers them to answer complex questions quickly by bringing the right data to the people who need it.

For much of its history Palantir has been considered to be secretive because it works closely with various governments. The U.S. Central Intelligence Agency was an early investor in the company. Although it’s somewhat more transparent today in its operations, such as disclosing contracts with the U.S. Navy, the Centers for Disease Control and the U.S. Space Force, national security concerns means that some of its services likely will never be publicly disclosed.

The company has not been without controversy either. Its relationship in providing services to both the U.S. National Security Agency and U.S. Immigration and Customs Enforcement both have made headlines.

Palantir was last reported to be going public in October 2018 on a valuation of $41 billion. Should it go public this year — Reuters said it’s aiming for September — the valuation on the company would likely to be higher than $41 billion given its continued growth.

Coming into the IPO, Palantir has raised $2 billion in venture capital funding across 25 rounds, according to Crunchbase. In its last fully disclosed round of $880 million in 2015, Palantir was valued at $20 billion.

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