Michael Burry

Factual · Economics and markets

“Palantir had lost $3.96 billion in its history as of June 30, 2020, according to the IPO filing.”

Michael Burry, posting an article excerpt on X · 12 February 2026 · Post by @michaeljburry on X, 2026-02-12 (X)

Palantir had lost $3.96 billion in its history as of June 30, 2020, according to its IPO filing.

Unresolvable The public record could not settle it.

What would count as true or false

True: Palantir's Form S-1 / registration statement (as amended, 2020) reports an accumulated deficit of about $3.96 billion as of June 30, 2020 (within ±$0.01 billion). Mostly true: the reported accumulated deficit as of that date is within about 3% of $3.96 billion, or the figure is right but for a slightly different date or measure. Mixed: the figure is off by roughly 3-10%. Mostly false: the figure is off by more than 10%, but the filing does show multi-billion-dollar cumulative losses. False: the filing shows a materially different figure (more than 25% off) or no such figure. Any amended S-1 figure governs.

Evidence

1. Registration Statement on Form S-1 U.S. Securities and Exchange Commission (EDGAR), Palantir Technologies Inc. filing · 25 August 2020

   “which is reflected as an increase to additional paid-in capital and accumulated deficit”

2. Palantir Technologies Inc. (Form: S-1/A, Received: 09/14/2020 12:08:11) EDGAR-Online (copy of SEC filing), Palantir Technologies Inc. Amendment No. 3 to Form S-1 · 14 September 2020

   “relating to the resale of shares of Class A common stock, par value $0.001 per share, of the Company by certain of its stockholders (the “Direct Listing”)”

3. Filed Pursuant to Rule 424(B)(4) U.S. Securities and Exchange Commission (EDGAR), Palantir Technologies Inc. prospectus

   “Unlike an initial public offering (“IPO”), the resale by the Registered Stockholders is not being underwritten by any investment bank.”

4. (none) U.S. Securities and Exchange Commission (EDGAR), Palantir Technologies Inc. Rule 424(b)(4) prospectus

   “which is reflected as an increase to additional paid-in capital and accumulated deficit”

5. S-1/A - SEC.gov U.S. Securities and Exchange Commission (Palantir Technologies Inc. filing) · 9 September 2020

   “As filed with the Securities and Exchange Commission on September 9, 2020. Registration No. 333-248413 UNITED STATES SECURITIES AND EXCHANGE COMMISSION”

6. RetainedEarningsAccumulatedDeficit.json U.S. Securities and Exchange Commission (XBRL companyconcept API)

   “"tag":"RetainedEarningsAccumulatedDeficit","label":"Retained Earnings (Accumulated Deficit)","description":"The cumulative amount of the reporting entity's undistributed earnings or deficit.","entityName":"Palantir Technologies Inc.","units":{"USD":[{"end":"2019-12-31","val":-3798963000,”

7. NetIncomeLoss.json U.S. Securities and Exchange Commission (XBRL companyconcept API)

   “{"start":"2020-01-01","end":"2020-06-30","val":-164729000,"accn":"0000950123-21-010430","fy":2021,"fp":"Q2","form":"10-Q","filed":"2021-08-12"}”

Reasoning

None of the quoted S-1, S-1/A or 424(b)(4) excerpts (E1–E5) gives an accumulated deficit figure as of June 30, 2020. They only use the term or show filing details. SEC XBRL data shows an accumulated deficit of $3.799 billion at December 31, 2019 (E6) and a net loss of $164.7 million for January–June 2020 from a 2021 10-Q (E7). Adding them gives roughly $3.96 billion, which matches the claim. However, that total is my own calculation and is not a figure the IPO filing is shown to report. E1 also mentions other adjustments to the accumulated deficit, so the June 30, 2020 balance cannot be confirmed from this evidence alone.

Cite this claim

Michael Burry, “Palantir had lost $3.96 billion in its history as of June 30, 2020, according to its IPO filing.” (said 12 February 2026). Verdict: unresolvable. Reliability API, claim c_4ae3c324b32f, method 0.1.0+c876030c. https://epistacklabs.com/claims/c_4ae3c324b32f