Cyber Security IPOs: June 2025 Market Update & Outlook
Last updated: 23 June 2025
Key Takeaways
- Netskope confidentially filed for a U.S. IPO on 28 May 2025, targeting a valuation above $15 billion.
- Rubrik’s April 2025 S‑1 shows FY24 revenue of $784 million and improving margins.
- SailPoint Technologies seeks up to $11.5 billion valuation in its New York listing, per its February filing.
- Other names in the pipeline include Wiz, Arctic Wolf and Vanta, all eyeing late‑2025 debuts.
Why Cybersecurity Remains Hot
Global cybercrime costs are projected to hit $13 trillion by 2028, forcing enterprises to raise security budgets even in a mixed macro environment. Gartner expects security & risk management spending to grow 14% YoY in 2025, easily outpacing overall IT budgets.
Valuation Snapshot
| Company | Last Private Valuation | Expected IPO Window |
|---|---|---|
| Netskope | $7.5 bn (2024 Series H) | Filed – H2 2025 |
| Rubrik | $4.0 bn (2021 Series E) | Filed – H2 2025 |
| SailPoint | Private (Thoma Bravo) | H1 2025 |
Market Performance of Recent Cyber IPOs
CrowdStrike (CRWD) and Zscaler (ZS) still trade at 15–18× FY26 sales, offering a useful yardstick. Applying a conservative 10× multiple to Netskope’s estimated 2024 sales of $1 billion implies a potential $10 billion market cap—slightly below the rumored range, suggesting upside if growth accelerates.
Risks to Watch
- IPO Window Volatility – The Renaissance IPO ETF is down 12% YTD, making timing crucial.
- Competition – Cloud security remains fragmented; hyperscalers are bundling native tools.
- Profitability – Investors are rewarding efficient growth; high‑burn models may be penalized.
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Bottom Line
The cybersecurity IPO pipeline is re‑opening, led by Netskope and Rubrik. Investors should track updated S‑1 filings over the summer and monitor valuation comps against CrowdStrike, Palo Alto Networks and SentinelOne. Expect selective enthusiasm: profitable growth stories will command premium multiples, while cash‑hungry vendors may need to price conservatively.