SentinelOne co-founder and CEO Tomer Weingarten.
SentinelOne, a cybersecurity company, filed its initial public offering prospectus with the Securities and Exchange Commission on Thursday, with plans to list on the New York Stock Exchange under the ticker symbol S.
According to the filing, revenue increased 108 percent year on year to $37.4 million in the three months ending April 30, while net losses more than doubled from $26.6 million to $62.6 million.
SentinelOne raised $276 million in a round led by Tiger Global last November, part of a near-$500 million haul from investors in 2020 that tripled its valuation from the start of the year to the end, from $1 billion to $3 billion.
SentinelOne’s competitors have been among the big IPO winners in recent years, with CrowdStrike — which CEO Tomer Weingarten has referred to as the company’s “main competitor” — now valued at more than $46 billion. However, more of SentinelOne’s competitors are speaking out about the threat it poses. In recent months, CrowdStrike and Qualys named SentinelOne as a competitor for the first time in their annual reports. After the coronavirus pandemic hit, Palo Alto Networks CEO Nikesh Arora began discussing SentinelOne with analysts — he mentioned the company three times on a recent earnings call.
Recently, the company’s autonomous endpoint security stopped SUNBURST — malware that tricked systems into downloading it as an update to SolarWinds’ Orion software, which is used by thousands of organisations. SentinelOne customers AT&T, JetBlue, and McKesson were among those who were protected during the SolarWinds hack.
SentinelOne intends to list Class A common stock, according to the prospectus, though the number of shares and price range for the proposed offering have yet to be determined. Morgan Stanley, Goldman Sachs, Bank of America Securities, Barclays, and Wells Fargo Securities are also named as lead underwriters.