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Netskope Targets $6.5 Billion Valuation in Upcoming U.S. IPO

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Netskope, a cloud-based cybersecurity company, announced plans to raise up to $813 million in its U.S. initial public offering, aiming for a valuation of up to $6.5 billion. The IPO comes amid a rebound in listings after April’s tariff-driven market slump.

The Santa Clara-based firm will sell 47.8 million shares priced between $15 and $17 each, listing on the Nasdaq under the ticker “NTSK”.

Founded in 2012, Netskope provides cloud security solutions that protect apps, websites, and data from cyber threats. The company operates in the secure access service edge (SASE) market, competing with heavyweights like Palo Alto Networks and Zscaler. Gartner projects the SASE sector will grow from $7B in 2022 to $25B by 2027, reflecting rising demand for AI-powered cybersecurity amid more sophisticated attacks and the cloud shift.

Netskope’s client base includes Qualcomm and BMO, spanning mid-sized firms to global enterprises. Its last funding round in 2021, led by ICONIQ, Sequoia, and Accel, valued the firm at $7.5B.

The IPO follows rival Rubrik’s 2023 debut, whose shares have more than doubled since going public, underscoring investor appetite for cybersecurity plays.

Morgan Stanley and J.P. Morgan are lead underwriters.

StubHub Targets $9.2B Valuation in U.S. IPO Amid Live Events Boom

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StubHub, the ticket resale platform backed by Madrone Partners, is seeking a valuation of up to $9.2 billion in its planned U.S. IPO, the company said Monday. The listing comes after being postponed in April due to tariff uncertainty, making StubHub one of the latest firms to return to equity markets following improved sentiment.

The New York-based firm aims to raise up to $851 million by selling 34 million shares at a price range of $22 to $25 each, with J.P. Morgan and Goldman Sachs leading the underwriting. Shares will trade on the NYSE under the ticker “STUB.”

StubHub has had a winding ownership history: founded in 2000 by Jeff Fluhr and Eric Baker (now CEO), it was sold to eBay in 2007 for $310M before being acquired by Baker’s other venture viagogo for $4.05B in 2020. The company was once valued at $16.5B in 2021, though its current IPO target is well below that.

Despite cautious pricing, some investors suggest the IPO may price higher, given strong demand for live events. Rival Live Nation’s Ticketmaster has seen record ticketing volumes driven by blockbuster tours such as Beyoncé’s “Cowboy Carter.” StubHub’s own revenue rose 3% to $827.9M in the first half of 2024, though net losses more than doubled to $111.8M.

The IPO will test investor appetite for consumer-focused platforms in a market dominated by tech and crypto listings. As IPO strategist Matt Kennedy put it: “The bankers will also try to sell the deal on its valuation, which is below prior expectations.”

If successful, StubHub could capture investor enthusiasm for the booming experience economy, even as regulatory and competitive pressures linger in the ticketing industry.

J.P. Morgan Revises Stablecoin Growth Forecast, Cuts Projections by Half

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J.P. Morgan has lowered its forecast for the stablecoin market, predicting growth to reach only $500 billion by 2028—half the size projected by some analysts. The investment bank called trillion-dollar estimates “far too optimistic,” citing limited mainstream adoption of dollar-pegged stablecoins beyond crypto trading.

While stablecoins have attracted fintechs and banks seeking faster payments and settlements, their actual use in everyday transactions remains minimal. J.P. Morgan estimates that stablecoin payments account for just 6% of demand, roughly $15 billion, with the majority of activity concentrated in crypto trading, decentralized finance, and collateral usage.

This cautious outlook contrasts sharply with earlier projections from Standard Chartered, which expected the market to grow to $2 trillion by 2028, and Bernstein, which forecasted a $4 trillion market over the next decade.

J.P. Morgan noted several challenges limiting stablecoin adoption outside crypto markets, including a lack of broad use cases, fragmented regulation, and the global focus on national digital currencies or improvements to existing payment systems.

In line with this trend, China’s central bank continues to promote the digital yuan (e-CNY) for international use, while Ant Group—Alibaba’s affiliate—plans to seek a license for stablecoin issuance in Hong Kong. However, J.P. Morgan emphasized that the success of platforms like Alipay and WeChat Pay, or the rise of the e-CNY, do not necessarily predict stablecoin expansion.

“The idea that stablecoins will replace traditional money for everyday use is still far from reality,” the bank said.