Cohesity's 2026 IPO: A High-Growth Data Management Play to Outperform Rubrik

The data management industry is undergoing a seismic shift, driven by the explosion of IoT, AI, and machine learning. By 2030, the industrial data management market is projected to double to USD 213.20 billion, while the broader big data market is expected to triple to USD 573.47 billion by 2033 [1][4]. In this rapidly expanding landscape, Cohesity—now bolstered by its merger with Veritas’ enterprise data protection business—has positioned itself as a dominant force. With a total addressable market (TAM) exceeding USD 40 billion and a 19% market share in data replication and protection software, Cohesity is primed to capitalize on the industry’s transformation [4].

Strategic Backing and Market Leadership

Cohesity’s recent consolidation with Veritas has created a powerhouse in data protection, combining Veritas’ legacy in enterprise data management with Cohesity’s AI-driven security and cyber resilience capabilities. This merger has not only expanded Cohesity’s customer base but also solidified its position as the largest provider in a USD 12.3 billion market [4]. The company’s recognition as a Leader in the 2025 Gartner Magic Quadrant for Backup and Data Protection Platforms—its sixth consecutive year in this category—underscores its ability to execute on complex, multi-cloud workloads [1].

Strategic partnerships and technological innovation further differentiate Cohesity. Its AI/ML-powered ransomware protection and unified platform for data management, security, and reuse address critical pain points for enterprises navigating hybrid and multi-cloud environments [1]. Meanwhile, NVIDIA’s investment in Cohesity adds a layer of credibility and resources, positioning the company to leverage AI advancements in ways that competitors like Rubrik cannot match [3].

Rubrik’s Strengths and Limitations

Rubrik, another Gartner Leader, has demonstrated robust growth, with subscription Annual Recurring Revenue (ARR) reaching USD 1.18 billion in Q1 2026—a 38% year-over-year increase [3]. Its Annapurna platform, designed to accelerate GenAI applications, and partnerships with Google Cloud and Mandiant highlight its agility in the cybersecurity space [5]. However, Rubrik’s offerings lack the breadth of Cohesity’s. For instance, Rubrik’s immutable backup system, while effective against ransomware, does not offer the same level of cross-platform disaster recovery or VM vulnerability detection as Cohesity [1]. Additionally, Rubrik’s limited official documentation and feature gaps—such as the inability to directly transfer Azure SQL backups to cloud storage—pose challenges for enterprises seeking comprehensive solutions [5].

Valuation Potential and IPO Prospects

Cohesity’s path to an IPO in 2026 is underpinned by its market leadership and strategic advantages. With a current valuation benchmarked against Rubrik’s USD 17 billion, Cohesity aims to secure a comparable or superior valuation by leveraging its expanded TAM and AI-driven differentiation [3]. The company’s unified platform, which integrates data management, security, and reuse, aligns with the industry’s shift toward data democratization and augmented analytics [3]. In contrast, Rubrik’s focus on simplicity and cloud integration, while valuable, may limit its ability to scale across diverse enterprise needs.

Risks and the Road Ahead

Despite its strengths, Cohesity faces headwinds. Data privacy regulations and fragmented international frameworks could slow adoption, while the shortage of skilled data scientists may strain implementation timelines [4]. However, the company’s emphasis on user-friendly tools and AI automation mitigates these risks. For investors, the key question is whether Cohesity can maintain its innovation edge while scaling. Given its strategic backing, market position, and alignment with industry trends, the answer appears favorable.

In a market where data is the new oil, Cohesity’s 2026 IPO represents a compelling bet on a company poised to outperform peers like Rubrik. With a TAM that dwarfs Rubrik’s current revenue and a product suite tailored for the AI-driven future, Cohesity is not just a participant in the data management revolution—it is a leader shaping its trajectory.

Source:
[1] Cohesity Recognized as a Leader in 2025 Gartner® Magic Quadrant [https://www.cohesity.com/newsroom/press/cohesity-recognized-as-a-leader-in-2025-gartner-magic-quadrant/]
[2] 5 times in a row: Cohesity ranked a Leader and Outperformer in the 2025 GigaOm Radar for Unstructured Data Management [https://www.cohesity.com/blogs/2025-gigaom-radar-unstructured-data-management-leader-and-outperformer/]
[3] Rubrik Reports First Quarter Fiscal Year 2026 Financial Results [https://ir.rubrik.com/news-events/press-releases/news-details/2025/Rubrik-Reports-First-Quarter-Fiscal-Year-2026-Financial-Results/default.aspx]
[4] Cohesity Becomes World's Largest Data Protection Provider After Completing Combination with Veritas Enterprise Data Protection Business [https://www.cohesity.com/newsroom/press/cohesity-becomes-worlds-largest-data-protection-provider-after-completing-combination-with-veritas-enterprise-data-protection-business/]
[5] From Vision to Velocity: What Rubrik's 2025 MQ Leadership and Predibase Acquisition Mean for Enterprise AI [https://www.rubrik.com/blog/technology/25/7/from-vision-to-velocity-what-rubriks-2025-mq-leadership-and-predibase-acquisition-mean-for-enterprise-ai]