Cybersecurity startup Netskope is preparing to go public next week with a valuation target of up to $6.5 billion, marking one of the few major cybersecurity IPOs in recent years. The 13-year-old cloud security platform would join Rubrik as rare public debuts in a sector where acquisitions typically dominate exits, with both companies sharing the same lead investor.
Netskope is betting that public markets are ready for another cybersecurity play. The cloud security platform just updated its S-1 filing with IPO pricing between $15-17 per share, targeting a $6.5 billion valuation that would make it one of the year's most significant tech debuts.
The timing couldn't be more strategic. Cybersecurity remains a massive growth sector, but startups have increasingly favored acquisition exits over public offerings. Even Wiz, once the fastest-growing startup in the space, abandoned its IPO plans to sell to Google for $32 billion earlier this year.
Lightspeed Venture Partners stands to reap the biggest windfall from Netskope's public debut. The Silicon Valley firm, which first backed Netskope in 2013 with a $21 million Series B round, now holds a 19.3% stake worth approximately $1.1 billion at the target valuation. It's a familiar playbook for Lightspeed, which scored big with Rubrik's IPO last year, where it held 23.9% of the $6.6 billion company.
Netskope operates in the Secure Access Service Edge (SASE) market, providing cybersecurity for enterprise cloud infrastructure through products like secure web gateways and firewall-as-a-service. The company competes directly with public giants Zscaler and Palo Alto Networks, both of which have seen their valuations surge as enterprises accelerate cloud adoption.
The financials tell a growth story with persistent challenges. Revenue climbed 31% to $328.5 million in the first half of 2025, up from $251.3 million year-over-year, according to the updated filing. Net losses narrowed to $169.5 million from $206.7 million, showing progress toward profitability but still burning significant cash.
The proposed $6.5 billion valuation represents a notable step down from Netskope's peak private market value. led a $300 million Series H in 2021 that valued the company at $7.5 billion, during the height of the zero-interest-rate environment. The company also raised $401 million in convertible debt in 2023 to extend its runway.
