Have you ever wondered what it takes for a tech company to leap from a startup to a market leader, ready to take on Wall Street? In the fast-paced world of data security, one company is making waves with bold moves, strategic mergers, and a vision to rival the giants. Cohesity, a data security firm backed by Nvidia, is gearing up for a 2026 IPO, aiming for a valuation that could match or even surpass Rubrik’s impressive $17 billion market cap. Let’s dive into what makes this company a standout, why its IPO is generating buzz, and how it’s reshaping the cybersecurity landscape.
Cohesity’s Bold Path to IPO Dominance
The journey to an IPO is never straightforward, but Cohesity’s story is particularly intriguing. With a calculated blend of innovation, strategic acquisitions, and partnerships with tech heavyweights like Nvidia, the company is positioning itself as a titan in the data protection industry. Its CEO, a seasoned tech veteran, has made it clear: Cohesity isn’t just aiming to go public—it wants to lead the pack.
A Game-Changing Merger with Veritas
Back in 2021, Cohesity could have rushed to the public markets, but it chose a different path. Instead of being a “smaller fish” among competitors, the company orchestrated a massive merger with Veritas’ data protection unit, finalized in December 2024. This wasn’t just any deal—it created the largest data protection software provider in the industry, valued at over $7 billion at the time.
The merger was a risky but calculated move to dominate the market before going public.
– Cohesity’s CEO
Before the merger, Cohesity held a modest 5% market share, while Veritas commanded 14%. Together, they now control a commanding 19% of a fragmented industry, according to industry analysts. This move didn’t just boost Cohesity’s size—it transformed it into a powerhouse ready to take on rivals like Rubrik and Commvault.
Why 2026? Timing the Market Right
Timing an IPO is like catching the perfect wave—you need the right conditions to ride it to success. Cohesity’s leadership believes 2026 is the sweet spot. Why? The company wants to present a full year of financial results as a combined entity to investors, showcasing stability and growth. With its fiscal year ending in August, the IPO could launch as early as fall 2026, assuming the business continues its upward trajectory.
But it’s not just about the numbers. The tech IPO market has been a rollercoaster, with 2025 seeing a surge in unicorn exits—25 tech companies valued at $1 billion or more went public or were acquired between May 2024 and May 2025, compared to just 15 the previous year. Yet, market volatility, driven by factors like shifting U.S. tariff policies and interest rate uncertainties, could pose challenges. Cohesity’s cautious approach suggests it’s playing the long game, waiting for the right moment to shine.
Valuation Ambitions: Aiming High
Cohesity isn’t just aiming to go public—it’s gunning for a valuation that could rival or exceed Rubrik’s $17 billion. Rubrik, which went public in April 2024, currently trades at a price-to-sales multiple of 12.75, while smaller competitor Commvault sits at 7.16. Cohesity’s leadership argues that as the largest player in the market, it deserves a comparable or superior valuation.
I’ve always believed that size matters in tech, but it’s not just about being the biggest. Cohesity’s post-merger scale, combined with its focus on profitability, gives it a unique edge. For the year ending July 2024, the company reported $1.5 billion in annual recurring revenue and a 28% adjusted profit margin. That’s the kind of performance that gets investors’ attention.
| Company | Market Share | Valuation | Price-to-Sales Multiple |
| Cohesity | 19% | $7B (2024) | TBD |
| Rubrik | ~10% | $17B | 12.75 |
| Commvault | ~8% | ~$5B | 7.16 |
This table paints a clear picture: Cohesity’s market leadership could justify a premium valuation. If it maintains its growth trajectory, early investors like Sequoia Capital and Softbank could see massive returns.
AI: The Secret Weapon in Cohesity’s Arsenal
Artificial intelligence is reshaping industries, and cybersecurity is no exception. While AI has fueled more sophisticated cyberattacks, it’s also a game-changer for defense. Cohesity’s flagship product, Gaia, is a prime example. This AI-powered enterprise search assistant transforms backup data—once considered a dead end for AI—into a valuable resource for businesses.
Applying AI to backup data was a breakthrough that caught the attention of industry leaders.
– Cohesity’s CEO
The idea came from high-level discussions with tech titans, leading to a partnership with Nvidia. By leveraging Retrieval-Augmented Generation (RAG), Cohesity turned dormant data into actionable insights, earning Nvidia’s investment and cementing its position as an innovator. This move not only boosts Cohesity’s growth but also aligns it with the AI-driven future of cybersecurity.
The Bigger Picture: Cybersecurity’s Rising Tide
The cybersecurity sector is booming, and for good reason. Companies are prioritizing data protection like never before, with four out of five large enterprises elevating cybersecurity to a C-suite responsibility, according to recent industry reports. The average cost of a data breach dropped 9% in 2025 to $4.4 million, thanks in part to AI-driven defenses, but the stakes remain high.
- Growing Threats: AI has made cyberattacks more sophisticated, increasing the need for robust defenses.
- Cost Savings: AI tools like Gaia reduce the financial impact of breaches.
- Executive Focus: Cybersecurity is now a boardroom priority, driving investment.
Cohesity is riding this wave, capitalizing on the industry’s shift toward proactive, AI-enhanced security. Its ability to blend innovation with market leadership makes it a compelling player as it heads toward its IPO.
What’s Next for Cohesity?
An IPO is a milestone, not the finish line. Cohesity’s leadership is focused on long-term growth, emphasizing customer value and profitable expansion. The company’s pre-merger growth rate of nearly 30% year-over-year, combined with Veritas’ steady 5% growth, suggests a combined entity poised for mid-teens expansion. That’s a solid foundation for a public company.
But here’s where it gets interesting: Cohesity isn’t just chasing a big valuation. It’s building a legacy. By prioritizing profitability and innovation, it’s setting the stage for sustained success. Perhaps the most exciting part? The company’s ability to turn backup data into an AI-powered asset could redefine how businesses approach cybersecurity.
Navigating Market Challenges
Going public isn’t without risks. Market volatility, driven by macroeconomic factors like interest rate uncertainty or global trade policies, could complicate Cohesity’s plans. Analysts warn that while unicorn exits are up, external pressures could dampen investor enthusiasm. Cohesity’s strategy—waiting for a full year of combined financials—shows a level of caution that could pay off.
In my view, this patience is a smart move. Rushing an IPO in a shaky market can backfire, but a well-timed debut could position Cohesity as a must-watch stock. The company’s focus on profitability and market dominance gives it a strong narrative to pitch to investors.
Why Investors Should Care
For investors, Cohesity represents a rare opportunity. Its combination of scale, innovation, and strategic partnerships makes it a standout in the crowded tech IPO landscape. Early backers like Accel Partners and Battery Ventures could see significant returns, but retail investors will also want to keep an eye on this one.
- Market Leadership: With 19% market share, Cohesity is the biggest player in data protection.
- AI Innovation: Products like Gaia position it at the forefront of AI-driven cybersecurity.
- Financial Strength: $1.5 billion in revenue and a 28% profit margin signal stability.
Cohesity’s story is a reminder that in tech, bold moves—like a game-changing merger or an AI-powered product—can set the stage for monumental success. As 2026 approaches, all eyes will be on whether it can live up to its lofty ambitions.
Final Thoughts: A Tech Titan in the Making?
Cohesity’s journey to a 2026 IPO is more than just a financial milestone—it’s a testament to strategic vision and calculated risk-taking. By merging with Veritas, partnering with Nvidia, and embracing AI, the company has positioned itself as a leader in a critical industry. Will it hit its $17 billion valuation target? Only time will tell, but the pieces are in place for a blockbuster debut.
What do you think—can Cohesity outshine its rivals and redefine the data security market? As an observer, I’m rooting for this underdog-turned-giant to make a splash. The tech world is watching, and 2026 could be Cohesity’s year to shine.
