Cohesity Aims for $17 Billion Valuation in 2026 IPO, CNBC Reports

Cohesity, a data security firm backed by Nvidia, is planning for a potential IPO in 2026 and aiming for a valuation similar to that of its publicly traded rival Rubrik, which is valued at $17 billion. The company's CEO, Sanjay Poonen, has made the remarks, according to CNBC.

Data security firm Cohesity, backed by Nvidia, is planning a potential initial public offering (IPO) in 2026, aiming for a valuation comparable to its publicly traded rival Rubrik, which is currently valued at $17 billion. This announcement was made by Cohesity's CEO, Sanjay Poonen, according to CNBC.

Cohesity had previously shelved its IPO plans in 2021 to prioritize a merger with Veritas' data protection division. This merger, completed in December 2024, made Cohesity the largest data protection software provider globally, with a valuation exceeding $7 billion at the time. The combined entity now holds a 19% market share in a highly fragmented industry, up from Cohesity's previous 5% share [2].

Poonen stated that the company's focus is on becoming the industry leader before going public. He believes that if the business continues to perform well, 2026 will be an appropriate time for the IPO. The company's fiscal year ends in August, suggesting a potential IPO in the fall of 2026 [2].

Cohesity's valuation expectations are benchmarked against Rubrik, which went public in April 2024 and currently has a market capitalization of approximately $17 billion. The company aims to achieve a comparable or superior valuation if it can demonstrate similar performance metrics [1, 3].

An IPO around or exceeding Rubrik's valuation would mean Cohesity's valuation would likely more than double since its 2023 merger with Veritas. This would yield substantial returns for early investors, including Sequoia Capital, Wing Venture Capital, Battery Ventures, Accel Partners, SoftBank, Morgan Stanley Expansion Capital, and Baillie Gifford [2].

However, Poonen emphasized that the core focus of the management team is to drive the company towards profitable growth. "We are not focused on the current stock price of the company," he explained. "Rather, if you can create long-term customer value and profitable growth, the valuation will naturally follow; it is a matter of course" [2].

In the fiscal year ending July 2024, Cohesity's Annual Recurring Revenue (ARR) reached $1.5 billion, with an adjusted profit margin of 28%. The merged company is expected to achieve moderate double-digit growth according to analysts from the Royal Bank of Canada Capital Markets [2].

References:
[1] https://seekingalpha.com/news/4492125-nvidia-backed-cohesity-targets-2026-ipo-eyes-rubrik-sized-valuation---report
[2] https://news.futunn.com/en/post/61663155/nvidia-backed-enterprise-cohesity-plans-to-launch-an-ipo-in
[3] https://www.cnbc.com/2025/09/04/nvidia-backed-cohesity-eyes-2026-ipo-with-valuation-rivaling-17-billion-rubrik.html