The latest tech IPO to file is another cybersecurity software leader … and it’s a really, really good one. Netskope.
📈 $707M ARR (+33% YoY)
💰 $538M revenue (+32% YoY)
🏢 4,317 customers (+21% YoY)
⭐ 30%+ of Fortune 100 as customers
📊 118% net retention rate
🌍 120+ data centers globally
🎯 $139B market opportunity
and from -42% to +3% operating cash flow margin in 6 months!
It doesn’t get too much better.
Netskope is a cloud security platform founded in 2012 by CEO Sanjay Beri that redefines security and networking for the cloud and AI era. The Santa Clara-based company provides unified Security Service Edge (SSE) and Secure Access Service Edge (SASE) solutions through its “Netskope One” platform.
What they do: Secure and accelerate digital interactions for enterprises by providing real-time contextual visibility and control over web, cloud, SaaS, AI, and private applications. Think of it as the security layer that sits between users/devices and all their digital destinations.
Key competitors: Zscaler, Palo Alto Networks, Fortinet, Cisco, Broadcom
Market position: Gartner Magic Quadrant Leader in Security Service Edge (2022-2025) and SASE Platforms (2024-2025)
IPO details: Filed August 22, 2025 | Expected late September 2025 | Ticker: $NTSK (NASDAQ) | Morgan Stanley & J.P. Morgan leading
5 Interesting Learnings:
#1. Still Accelerating at $700M+ ARR: The 30%+ Rule at $500M+ ARR. Key: Customers Buy 3-5+ Products.
The Metric: 33% ARR growth at $707M ARR scale
Most SaaS companies hit the “law of large numbers” wall around $300-500M ARR. Netskope just proved you can accelerate at massive scale:
- $531M → $707M ARR (33% growth)
- $407M → $538M revenue (32% growth)
- Revenue growth actually accelerated from 31% to 33% QoQ in