Netskope Targets $6.5B Valuation in Upcoming IPO, Backed by Lightspeed

Cloud security giant aims for wall street debut despite losses

Emmanuella Madu
2 Min Read

Cybersecurity may be a booming sector, but startups in the space more often end in acquisitions than IPOs. Even Wiz, once hailed as the fastest-growing security startup, scrapped its public listing plans when it agreed to sell to Google earlier this year.

Next week, however, the industry will add another name to the public markets: Netskope, a 13-year-old cloud cybersecurity platform. Netskope’s backers include Lightspeed Venture Partners, also the earliest and largest investor in Rubrik, which went public last year at a $6.6 billion valuation.

According to Netskope’s updated S-1 filing, the company is targeting a valuation of up to $6.5 billion, with shares priced between $15 and $17. At the high end, Lightspeed’s 19.3% stake would be worth about $1.1 billion. Other major shareholders include ICONIQ Growth (19.2%) and Accel (nearly 9%).

Lightspeed first invested in Netskope in 2013, leading its $21 million Series B. Netskope was last valued at $7.5 billion during its 2021 Series H, led by ICONIQ at the peak of the zero-interest-rate environment. It also raised a $401 million convertible note in 2023.

Netskope is best known as a Secure Access Service Edge (SASE) provider, offering enterprise tools like secure web gateways and firewall-as-a-service. Its main rivals include Zscaler and Palo Alto Networks.

The company is still operating at a loss. For the first half of 2025, Netskope’s revenue climbed to $328.5 million, up from $251.3 million the year before, while net losses narrowed to $169.5 million from $206.7 million.

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If Netskope lists at $6.5 billion, it will join a growing list of VC-backed companies debuting below their peak private valuations, such as Chime and Hinge Health. Still, not all recent IPOs have struggled, Figma and Circle both soared on their first day of trading.

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