Secretive data company Palantir is reportedly going public in September. Here's how the firm's name was inspired by the indestructible seeing stones in 'Lord of the Rings.'

New Line Cinema

• Palantir, the data-mining company co-founded by Peter Thiel, was named after a mystical, all-powerful seeing stone in "Lord of the Rings."
• One of the story's villains, the wizard Saruman, uses a palantir to surveil his enemies.
• The stone's power and limitless knowledge corrupt Saruman and allow him to be manipulated, leading to his downfall.
• The story's heroes are also tasked with escaping their enemies' line of sight via the palantir in order to complete their mission of ridding Middle Earth of the evil One Ring.
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Palantir, the secretive and controversial Silicon Valley data firm, is gearing up to go public — reportedly via a direct listing in September — in what could be one of the biggest IPOs in tech's history.

It was founded in 2003 by some of the "PayPal mafia," including now billionaire investor and Trump adviser Peter Thiel. He, along with the rest of the Valley's inner circle, harbors a deep-seated obsession with J.R.R. Tolkien's "Lord of the Rings" — so much so that Palantir's founders opted for a moniker inspired by a magical object in the fantastical universe.See the rest of the story at Business Insider

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• Palantir, a secretive tech company started by members of the 'PayPal mafia' with close ties to the Trump administration, could be one of the biggest tech IPOs ever. Take a closer look at how it makes money
• Palantir has confidentially filed for a public listing
• Palantir has raised more than $500 million in fresh funding as the secretive and controversial startup works toward a possible IPO

SEE ALSO: Secretive data firm Palantir built its business on a cloak-and-dagger image. But as the company braces for an IPO, insiders say it's lost its mystique and is struggling to figure out a steady revenue model.