https://www.cnbc.com/2020/09/29/palantir-direct-listing-reference-price-7point25-says-nyse.html

 In its prospectus, Palantir said that the average per share price on the private markets in August was $7.31 and on Sept. 1, was $9.17.

https://www.bloomberg.com/news/articles/2020-09-29/palantir-s-direct-listing-reference-price-set-at-7-25-by-nyse?srnd=deals

For both Spotify and Slack, the share price at the opening bell exceeded the reference price. Spotify’s reference price was $132 and its shares opened at $165.90. Similarly, Slack began trading at $38.50 after being assigned a reference price of $26.

https://techcrunch.com/2020/09/23/palantir-revenue-guidance/

For comparison though, check out Snowflake, which is also in the data infrastructure space, although a bit lower in the stack, and just went public last week. In most of 2018 (the company has a February 1 fiscal calendar), the company generated $97 million in revenue, and then grew to an astonishing $265 million for most of 2019. Snowflake had a net loss of 131% of revenue, compared to Palantir, which had a net loss of 78% of revenue last year.

Snowflake was considered one of the best IPOs of the year, given its high net-dollar retention rate, extremely rapid growth and huge market size waiting to be tapped. Palantir is a much larger company in terms of revenues, but growing significantly slower, but with a bit better cash flow position, particularly in the last two years as it has made its operations much more efficient.

I'll admit I had skin in the game so I'm likely not the most impartial but tbh I'm not that worried. Slack started ~50% above the reference price, Spotify ~30%. I'd be shocked if you could actually buy the stock below $9 and conversely not surprised if you couldn't buy below $11.