Data security company Cohesity is preparing for a public listing as soon as 2026, aiming for a valuation comparable to rival Rubrik’s $17 billion market capitalization.

Backed by Nvidia (NASDAQ: NVDA), the firm shelved IPO plans in 2021 to merge with Veritas’ data protection unit, a deal that closed in December 2024 at a value exceeding $7 billion.

The transaction created the sector’s largest player, combining Cohesity’s 5% market share with Veritas’ 14% to establish a 19% lead in a fragmented industry.

Chief executive Sanjay Poonen said the decision to delay the IPO was deliberate, allowing Cohesity to enter public markets as the dominant provider rather than as a smaller competitor. 

With its fiscal year ending in August, the company could be ready to file in early 2026, though a fall 2026 debut is considered more likely.

“I made a calculation in 2022 that we could go public, but in the midst of all of these companies, we’d be a smaller fish. <…> That’s not what I wanted. <…> We wanted to be the biggest fish, have the biggest market share, and then go public,” Poonen said. 

Past Nvidia’s successful backed IPOs 

Cohesity’s market entry is drawing close attention because of Nvidia’s backing, which has already played a role in another high-profile IPO.

In this case, CoreWeave (NASDAQ: CRWV), an AI cloud provider also tied to Nvidia, went public in March 2025 at $40 a share after scaling back its pricing range. Despite the muted start, its stock quickly surged, at one point delivering gains of more than 300% as investors sought exposure to Nvidia’s GPU ecosystem and CoreWeave’s rapid revenue growth. 

Although the rally later cooled amid concerns about losses and insider share sales, early investors still captured significant returns.

If Cohesity can replicate even part of CoreWeave’s trajectory, its IPO could present a major opportunity. Nvidia’s support, combined with Cohesity’s expanded scale, creates strong momentum.

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