Cybersecurity startup SentinelOne Inc. is preparing for an initial public offering that could value it at more than $10 billion, according to people familiar with the matter.
SentinelOne, which uses artificial intelligence to protect companies against security threats, is interviewing bankers about the listing, which could happen this year, the people said, asking not to be identified because the matter is private.
The company’s plans are in the early stages and its listing plans including the valuation and timing could still change, the people said.
A representative for SentinelOne didn’t respond to requests for comment.
SentinelOne would be the latest technology company to test the public markets after several months of boom times for IPOs. Dating company Bumble Trading Inc. went public this month and more listings are on deck for this year, including website maker Squarespace Inc., automation provider UiPath Inc. and electric-vehicle maker Rivian Inc., Bloomberg has reported.
Based in Mountain View, California, SentinelOne is backed by investors including Tiger Global Management, Sequoia Capital, Insight Partners, Sinewave Ventures and Third Point Ventures. It has raised almost $700 million to date and was valued at $3 billion in November, according to PitchBook.
The company has roots in Israel and was founded in 2013, according to its website.
One of SentinelOne’s competitors, CrowdStrike Holdings Inc., went public in 2019 and now has a market value of about $48 billion.
— With assistance by Liana Baker