By Daniel Cancel and Anna J Kaiser, Bloomberg
Palantir Technologies Inc.’s surprise announcement that it’s moving from Denver to Miami is even more surprising because, at least initially, it’s going to be anchored at a co-working space.
A regulatory filing lists the company’s “principal executive offices” at an Industrious co-working location in Aventura, about 17 miles north of downtown Miami, suggesting the headquarters transition may be unfolding in stages as longer-term plans take shape.
The data-analytics firm revealed the move on Tuesday, offering few details beyond a post on X which read: “We have moved our headquarters to Miami, Florida.”
Back in Colorado, aides to the governor and Denver’s mayor offices said they had no advance notice. In Florida, boosters of the region’s nascent tech scene cheered the news as another validation of efforts to make its sunshine and low-tax regime a lure for businesses and billionaires.
A 10-K filing with the SEC on Tuesday filled in a few more details, including listing Palantir’s address as 19505 Biscayne Blvd., Aventura, Suite 2350, which is the same address as an Industrious co-working space. The Abbey at Aventura, which houses the co-working offices, confirmed the news in an Instagram post.
The location perhaps speaks to the hurried nature of the move and the fact that Palantir — at least from the start — isn’t likely to have a huge number of employees on the ground.
Other companies that have moved their headquarters to South Florida in recent years have kept the bulk of employees in other major financial capitals. Citadel relocated in 2022, and has now grown to 500 employees including founder and chief executive officer Ken Griffin. Miami is now its third-largest office globally.
To be sure, Palantir is looking for more permanent office space in prime locations in Miami, including Wynwood, Brickell or Coral Gables, according to a person with knowledge of the matter.
A Palantir spokesperson declined to comment. A receptionist at the Industrious location declined to say whether Palantir was a tenant when contacted by phone.
With the headquarter move, Palantir, with a market capitalization of about $332 billion, would become the most valuable publicly traded company officially based in Florida, far surpassing NextEra Energy Inc. At the end of last year, the company reported 4,429 full-time employees, 28% of them outside the US. The company continues to maintain other offices in locations including Palo Alto, California, New York and Washington DC.
While Colorado state’s corporate tax is lower than Florida, the “Sunshine State” doesn’t charge personal income tax, which is an incentive for employees based there. And if finance firms are any indication, South Florida tends to attract C-suite type executives first, given the pricey real estate.
Peter Thiel, the billionaire tech veteran who is chairman of Palantir, recently relocated his own investment firm to an office in Wynwood, a growing arts, shopping and entertainment district in Miami. He also owns a home in the city and his Founders Fund keeps an office there.
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