Bulletins

With over $211 million in revenue last year, HashiCorp is ready for its IPO

The company, which helps other companies get their applications onto public cloud servers, was last valued at $5.1 billion.

​HashiCorp co-founders Armon Dadgar and Mitchell Hashimoto with CEO Dave McJannet

From left to right: HashiCorp co-founder and CTO Armon Dadgar, co-founder Mitchell Hashimoto and CEO Dave McJannet.

Photo: HashiCorp

HashiCorp filed to go public Thursday, seeking up to $100 million in new funding in what will be one of the most anticipated enterprise-tech IPOs this year.

The company, which helps other companies build and deploy corporate applications on cloud servers, recorded over $211 million in revenue for the year ending Jan. 31, 2021, up 75%. Revenue is up 50% through the first six months of this year compared to last year, and like most IPO-adjacent enterprise tech companies, HashiCorp has yet to turn a profit.

Founded by Armon Dadgar and Mitchell Hashimoto in 2012, HashiCorp developed several open-source projects, such as Terraform and Vault, that help companies struggling to get started with cloud computing. It sells premium versions of those projects and also offers a managed version of several projects for companies that want an even easier path to using its software.

HashiCorp has 1,650 employees and is currently run by Microsoft and VMware veteran Dave McJannet. Investors include GGV Capital, Mayfield, Redpoint Omega and True Ventures.

Correction: This story was updated on Nov. 4, 2021 to reflect the revenue and year-over-year percentage change as reported by HashiCorp's IPO filing.

Tom Krazit

Tom Krazit ( @tomkrazit) is Protocol's enterprise editor, covering cloud computing and enterprise technology out of the Pacific Northwest. He has written and edited stories about the technology industry for almost two decades for publications such as IDG, CNET, paidContent, and GeekWire, and served as executive editor of Gigaom and Structure.

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