Nvidia-backed Cohesity eyes 2026 IPO with valuation rivaling $17 billion Rubrik

Core Insights - Cohesity, a data security firm, is planning for a potential initial public offering (IPO) in 2026, aiming for a valuation comparable to its $17 billion competitor Rubrik [1] - The company previously postponed its IPO plans in 2021 to complete a merger with Veritas' data protection unit, which was finalized in December 2024, valuing the combined entity at over $7 billion [2] - The merger has positioned Cohesity as the largest data protection software provider, increasing its market share from 5% to 19%, surpassing Veritas [4] Company Strategy - CEO Sanjay Poonen emphasized the importance of becoming a market leader before going public, stating that the goal was to be the "biggest fish" in a competitive landscape [3] - The company is preparing for an IPO once it can present a full financial year's results as a combined entity, potentially as early as 2026 [4][5] Market Position - The merger with Veritas has allowed Cohesity to lead in a fragmented industry, with a significant increase in market share [4] - Cohesity's financial year ends in August, which may influence the timing of its IPO, with a possibility of waiting until fall 2026 [4]