XDR Platform Provider SentinelOne Files for IPO


Endpoint security firm SentinelOne has publicly filed its S-1 registration statement with the SEC for an initial public offering (IPO) of its stock.

The company plans to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol “S.”

Founded in 2013, SentinelOne has created a platform that has evolved from a general endpoint protection solution to what the company describes as a “full XDR cybersecurity platform” that includes AI-based endpoint protection, endpoint detection and response (EDR), IoT control, and protection for container and cloud workloads.

SentinelOne Logo

The company achieved “unicorn” status in early 2020 when it raised $200 million in a Series E round. In late 2020 its valuation jumped past $3 billion after raising $267 million in a Series F founding round, which brought the total raised by the company to a whopping $696.5 million.

While the number of shares to be offered and price range for the proposed offering have not yet been determined, industry chatter suggests the company’ valuation could be in the $10 billion range as a public company. The company could raise up to another $100 million through the IPO, according to its S-1.

According to its prospectus, the company has more than 4,700 customers, with revenue for fiscal 2020 and fiscal 2021 of $46.5 million and $93.1 million, respectively, representing growth of 100% year-over-year. The company said revenue for the three months ended April 30, 2020 and 2021 was $18.0 million and $37.4 million, respectively, representing year-over-year growth of 108%. 

The company reported a net loss of $76.6 million and $117.6 million for fiscal 2020 and fiscal 2021, respectively, and $26.6 million and $62.6 million for the three months ended April 30, 2020 and 2021, respectively.

In February 2021, SentinelOne said it would spend $155 million to acquire log management startup Scalyr, beefing up a crucial technology piece to drive its ambitions in the enterprise cybersecurity market and speed up its push into the lucrative XDR category.

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For more than 10 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.

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