NVIDIA Corporation invests in Cohesity, planning for an IPO in 2026 with a valuation benchmarked against Rubrik (RBRK.US).

Sanjay Poonen, CEO of data security company Cohesity, stated in an interview that the company is preparing for its first initial public offering (IPO) which may take place in 2026. The goal is to achieve a valuation comparable to its IPO competitor Rubrik, whose market value is $17 billion. With the support of NVIDIA Corporation, Cohesity abandoned its earlier IPO plans and instead merged with the data protection department of Veritas. The merger was completed in December 2024, making Cohesity the world's largest data protection software provider, with a market share of 19%. At that time, the post-merger company's valuation exceeded $7 billion. Poonen said, "I had thought in 2022 that we might go public, but among many companies, we were just a small fish." He referred to competitors including Rubrik and Commvault Systems, Inc. "That's not what I wanted." He added, "We want to be a big player in the industry, occupying the largest market share, and then go public." He also mentioned that once the post-merger company can provide a complete fiscal year performance data, they can proceed with the IPO. Cohesity's fiscal year ends in August, which means the company may have to wait until the fall of 2026 to go public. Poonen added, "I believe that if the business continues to grow steadily, 2026 will be the perfect time." The company's valuation is based on Rubrik, which went public in April 2024 with an approximate valuation of $17 billion. Rubrik's market-to-sales ratio is 12.75 times, while the smaller-scale competitor Commvault Systems, Inc. has a ratio of 7.16. Poonen believes that if Cohesity can demonstrate similar performance indicators, its valuation should be "comparable or even higher."