Cybersecurity IPOs: 2024–2025 Snapshot
Why the Cybersecurity IPO Pipeline Matters
The cyber threat landscape keeps expanding, pushing enterprises to allocate bigger security budgets. That spending tailwind is now translating into a fresh wave of public offerings from security‐first vendors looking to scale quickly and gain brand trust.
Latest High‑Profile Debut: Rubrik (RBRK)
Reuters reports (Apr 25 2024) that "Rubrik shares jumped 15% in their NYSE debut...". The data‑security specialist raised **$752 million** at a valuation near **$6.6 billion**, beating the midpoint of its price range. Key takeaways:
- Subscription revenue grew **46% YoY** in FY‑2024.
- Net retention rate sits above **140%**, highlighting sticky enterprise demand.
- Management will direct IPO proceeds toward R&D and strategic acquisitions, especially in AI‑driven threat detection.
Other Notable Cybersecurity IPOs & Filings
- Netskope – Confidentially filed in Q2 2025; expected to seek a valuation above $15 billion.
- Sectra – Swedish medical‑security vendor eyeing a dual Stockholm/Nasdaq listing later this year.
- ZeroFox – Completed a SPAC merger in 2024 and is now pursuing an uplisting to the NYSE.
What to Watch Next
- AI Integration – Investors favor platforms embedding generative AI for faster incident response.
- Federal Spending – The U.S. Cybersecurity Budget for FY‑2026 tops $13 billion, creating tailwinds for government‑certified vendors.
- Valuation Discipline – Post‑Rubrik, bankers are urging price discipline to avoid 2021‑style pullbacks.
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This article reflects current information as of 07 July 2025 and will be updated as new filings emerge.