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Palantir Technologies Inc, the U.S. data analytics company known for its secretive work with the Central Intelligence Agency and other government groups, could be worth around $25 billion ahead of a much-awaited public debut, a regulatory filing indicated.

Its shares on the private market traded between $4.17 and $11.50 a piece in August through Sept. 1, the filing said, and its fully diluted share count stood at roughly 2.17 billion, including unvested stock options and restricted stocks.

Palantir, co-founded in 2003 by billionaire Peter Thiel, is among this year most anticipated public listings, with speculation about how much it is worth and whether investors see it as a lucrative software provider or a less-glamorous consulting business.

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Palantir was valued at about $20 billion in its most recent fundraising round in 2015. Last September, Reuters reported Palantir was seeking a valuation of $26 billion during private fundraising talks.

The filing also showed that Palantir had registered about 257.1 million of its shares for its stock market debut, up from its previously disclosed figure of 244.2 million shares.

The company’s shares will start trading on the New York Stock Exchange on Sept. 23. It aims to go public via a direct listing.

As opposed to a traditional initial public offering, a direct listing does not raise fresh funds. In a direct listing, existing investors get to sell their shares.

Slack and Spotify are the other high-profile companies to have taken the direct listing route to go public in recent years.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

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