Latest Cybersecurity IPOs: Netskope, SailPoint & Rubrik (July 2025)
Published: 14 July 2025
Netskope Files for US IPO
Reuters reported on 28 May 2025 that cloud security specialist Netskope has confidentially filed for a U.S. listing and hired Morgan Stanley to lead the deal. The offering "could raise more than $500 million" – Reuters. The filing positions Netskope—valued at over $7.5 billion in its last funding round—to capitalise on record enterprise demand for Secure Service Edge (SSE) platforms.
SailPoint Returns to Public Markets
In February 2025, identity‑security vendor SailPoint, taken private by Thoma Bravo in 2022, re‑listed on the NYSE at a $12.8 billion valuation, according to Reuters. The company’s renewed public status gives investors direct exposure to the fast‑growing Identity Governance & Administration (IGA) segment.
Rubrik Prices Above Range
Microsoft‑backed Rubrik priced its April 2024 IPO at $32 per share, exceeding the initial range and raising roughly $752 million (Reuters, Apr‑25‑24). The data‑security platform is now worth about $6.9 billion and continues to post double‑digit subscription growth.
Why These Deals Matter
• Cybersecurity spend is resilient: Gartner forecasts global security & risk‑management outlays to grow 14% YoY to $215 billion in 2025.
• Cloud‑first architectures drive demand: Zero‑Trust, SSE and data‑protection mandates underpin revenue visibility.
• Valuation premiums: Recent IPOs command EV/Sales multiples 25‑40% above the broader software peer group.
Key Takeaways for Investors
1. Pipeline strength: Expect filings from Wiz, Arctic Wolf and Cybereason over the next 12 months.
2. Focus on ARR quality: Subscription mix above 90% and net retention >120% remain gold standards.
3. Watch lock‑up expiries: Netskope’s early investors hold ~65% of outstanding shares; supply overhang is possible six months post‑listing.
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