Cloud security firm Netskope looks set to command a market valuation of over $8.5 billion after raising the proposed deal size for its upcoming IPO.
Netskope plans to raise $860 million, via a share sale of 47.8 million shares at a $17-$19 price range; up from a previously planned $15-$17.
Netskope competes with the likes of Zscaler, and CATO Networks – it has held the leader corner of Gartner’s “Security Service Edge” Magic Quadrant since the research house broke out the category in 2022.
Among the things it can do is handle cloud application security for a wide array of common enterprise applications, and let organisations swap out traditional VPN and network access control (NAC) products.
It is also a leader in the SASE category (companies that provide “converged network and security-as-a-service capabilities, such as SD-WAN and secure access to the web, cloud services and private applications regardless of the user’s location” as Gartner puts it.)
The Santa Clara-based company’s pre-IPO S1 filing shows that its ARR has hit $707 million, with a 118% net retention rate; it sees a networking and security total addressable market (TAM) of $138.9 billion by 2028.
The modern digital landscape [comprises] dynamic, highly interactive applications powered by a layer of APIs and protocols, such as MCP and A2A using JSON-based data encoding that contain granular information about the digital interaction. Our patented technologies and our Zero Trust Engine were built from the ground up to operate at this layer, enabling us to inspect, analyze, and control traffic in real-time and at high speed. We leverage this profound contextual intelligence to understand and control more than 100 different activity types across thousands of cloud, SaaS, and AI applications, over a billion websites, and countless data lakes, stores, and private applications. This contextual intelligence and control goes far beyond basic application access rules, device posture, and common activities... that legacy solutions are limited to. - Netskope S1
Its IPO on Thursday will be the most notable cybersecurity flotation of 2025 since SailPoint listed at a $12.8 billion valuation in February.
As of July 31, 2025, Netskope reported 4,317 customers, including 30% of the Fortune 100. Its August 22 S1 filing showed that like many fast-growing SaaS firms it remains loss-making, although it trimmed net losses to $170 million on revenue of $328 million in the first six months of the calendar year.
Netskope has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “NTSK.”
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