On August 25, 2020, Palantir filed a S-1 registration document1 with the U.S. Securities and Exchange Commission in preparation of its proposed direct listing (and not an underwritten IPO)... Palantir provides information in [its] S-1 about significant material risks associated with the company's business which both reinforces the findings of our previous briefing and illuminates new risks — including environmental, social, and governance risk factors. The purpose of this supplemental briefing is to highlight and contextualize some of these new risks.