HashiCorp Files for U.S. IPO, Said to Seek $10 Billion Valuation

(Bloomberg) -- Software provider HashiCorp Inc. filed to go public in the U.S. via an initial public offering.

The San Francisco-based company in a filing Thursday listed the size of the offering as $100 million, a placeholder amount that will likely change.

HashiCorp is aiming for a valuation above $10 billion in a listing, according to people familiar with the matter, who asked not to be identified discussing private information. The company could seek to raise more than $1 billion and be valued at as much as $20 billion when it goes public, some of the people said. 

A representative for HashiCorp didn’t immediately respond to a request for comment on the potential valuation. 

HashiCorp was founded in 2012 by Mitchell Hashimoto and Armon Dadgar, who met at the University of Washington in Seattle. The company raised $175 million in a series E financing round last year at a valuation of $5.1 billion, according to a statement. 

It posted a net loss of $40.5 million on revenue of $142 million for the six months through July 31, the filing shows. That compares to a net loss of $67.3 million on revenue of $94.8 million for the same period a year earlier.

HashiCorp’s software helps companies run a mix of public and private cloud systems, as well as older applications. It has partnerships with cloud platforms including Amazon.com Inc.’s AWS and Alphabet Inc.’s Google Cloud, its website shows. 

Investors in HashiCorp include Bessemer Venture Partners, Franklin Templeton, GGV Capital, IVP and T. Rowe Price.

Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading the IPO. The company is planning to list shares on the New York Stock Exchange under the symbol HCP. 

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