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SailPoint Targets $11.5 Billion Valuation in U.S. IPO

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SailPoint, a cybersecurity firm backed by private equity firm Thoma Bravo, is targeting a valuation of up to $11.5 billion in its upcoming initial public offering (IPO) in the United States. The firm, based in Austin, Texas, is offering 47.5 million shares at a price range of $19 to $21 per share, with an additional 2.5 million shares from its parent, Thoma Bravo, raising a total of up to $1.05 billion. The IPO, expected to be the first major U.S. tech listing of 2025, will gauge investor sentiment following mixed results from previous high-profile IPOs.

SailPoint specializes in identity and access management software, which helps businesses mitigate unwanted user access and protect sensitive data from cyberattacks. The growing demand for cybersecurity, fueled in part by the increasing use of artificial intelligence by malicious actors, has bolstered the firm’s offerings. Its competitors include major tech giants like IBM, Microsoft, Oracle, CyberArk, and Okta. The firm counts clients like truckmaker PACCAR, student loan servicer Nelnet, and British supermarket chain ASDA among its customers.

Thoma Bravo, which manages about $166 billion in assets, first acquired SailPoint in 2014 and took it public in 2017. After selling its stake in 2018, Thoma Bravo reacquired SailPoint in 2022 for $6.9 billion. Since going private, the company has completed its transition to a software-as-a-service (SaaS) model. The IPO will mark SailPoint’s return to the stock market.

Notable investors such as AllianceBernstein and Dragoneer Investment Group have expressed interest in buying up to 20% of the shares sold in the offering. Morgan Stanley and Goldman Sachs are the lead underwriters for the IPO, which will be listed under the symbol “SAIL” on the Nasdaq. Following the offering, Thoma Bravo will retain an 88.5% stake in SailPoint. The company plans to use the proceeds to repay debt and settle outstanding equity awards.

 

Mitsubishi Heavy Sees Strong Gas Turbine Demand Despite AI Advances

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Mitsubishi Heavy Industries (MHI) expects continued strong demand for gas turbines, even if data centers require less electricity due to more efficient AI models such as China’s DeepSeek. Chief Financial Officer Hisato Kozawa stated that while DeepSeek’s performance remains unproven, it does not alter the broader trend of rising global power consumption.

Kozawa also noted that last week’s market sell-off, driven by DeepSeek’s emergence, led to MHI being traded as an AI-related stock for the first time, a development he found notable.

On Tuesday, MHI reported record third-quarter earnings and raised its annual profit forecast for the financial year ending in March. The company now expects a net profit of 240 billion yen ($1.55 billion), an increase of over 8% from its previous guidance, driven by strong gas turbine sales for power plants.

MHI’s stock has more than doubled in the past year, supported by growing demand for jets, naval ships, and missiles amid Japan’s defense expansion. However, its shares closed at 2,218 yen on Tuesday, down 0.6% from the previous day, while the Nikkei 225 index rose by 0.7%.

 

Intel Stock Rises on Revenue Beat as CEO Search Takes Center Stage

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Intel shares climbed 1.7% in premarket trading on Friday following better-than-expected quarterly revenue, despite the company’s ongoing struggles in the AI-driven chip market. Investors remain focused on Intel’s search for a new CEO after the abrupt departure of Pat Gelsinger, whose four-year turnaround plan was cut short amid persistent challenges.

While Intel’s revenue exceeded modest expectations, its forecast for the current quarter fell below estimates. Analysts at Bernstein noted that investors have become “numb” to Intel’s struggles, suggesting that leadership changes are now the primary concern rather than financial performance.

The company has appointed CFO David Zinsner and senior executive Michelle Johnston Holthaus as interim co-CEOs while the board seeks a long-term replacement. Meanwhile, Intel continues to lose market share to competitors like Advanced Micro Devices (AMD), particularly in the AI sector, where it missed key investment opportunities, including OpenAI.

With AI chip demand soaring, companies are prioritizing specialized processors over traditional server chips, further limiting Intel’s growth. Analysts at Jefferies remain skeptical about Intel’s ability to turn things around, citing its struggling foundry business and lack of major customers.

Despite these challenges, Intel’s stock has fallen 60% over the past year, while AI chip leader Nvidia has surged 171%. As the CEO search progresses, investors will be looking for a strategic vision that can help Intel regain its competitive edge.