Netskope follows Rubrik as a rare cybersecurity IPO, both backed Lightspeed

Core Insights - The cybersecurity sector is experiencing a trend where startups are more likely to be acquired rather than going public, as evidenced by Wiz's decision to sell to Google instead of pursuing an IPO [1] - Netskope, a cloud cybersecurity platform, is set to become a public company, aiming for a valuation of up to $6.5 billion [2][3] Company Overview - Netskope is recognized as a Secure Access Service Edge (SASE) provider, offering cybersecurity solutions for cloud infrastructure, including secure web gateways and firewall as a service [6] - The company has major competitors such as Zscaler and Palo Alto Networks [6] Investment and Valuation - Lightspeed Venture Partners, a significant investor in Netskope, owns 19.3% of the company and previously held a 23.9% stake in Rubrik when it went public at a valuation of $6.6 billion [2][3] - Netskope's last valuation was $7.5 billion following a $300 million Series H funding round in 2021, and it also raised a $401 million convertible note in 2023 [6] Financial Performance - For the first half of the year, Netskope's revenue increased to $328.5 million from $251.3 million year-over-year, while its net loss narrowed to $169.5 million from $206.7 million [7] - If Netskope goes public at a valuation of $6.5 billion, it would join other VC-backed companies that debuted below their last private market valuations [7][8]