ThoughtSpot

The CFO hire. Brad Roberts was brought in as CFO in February 2025, but his background doesn't indicate experience taking companies public — not what you'd expect if a listing were being staged. The CEO who kept publicly favoring an IPO (Sudheesh Nair) is gone; Karkhanis (ex-Salesforce, since Sept 2024) hasn't signaled one.

ThoughtSpot's IPO was planned for 2020, but was postponed due to the pandemic. The company has not announced a new IPO date. However, the following indicators have led analysts to conclude that the IPO will take place as soon as the market situation allows:

1. ThoughtSpot management announced that it will hold an IPO after the company's transition to a cloud-based data storage and processing system. According to sources close to the company, the migration was supposed to be completed in the summer of 2021. About 80% of the company's customers also plan to switch to fully cloud-based information storage.
2. According to statistics, companies often go through with an IPO within 12-16 months after hiring a new CFO. In 2020, ThoughtSpot carried out a serious refresh and calibre upgrade to its key talent pool, including the appointment in January of Mohit Daswani as the new CFO, who previously worked at public companies Square and PayPal, and in February Ken Rudin, a former Google top manager responsible for international user growth and analytics, became the new vice president.

The growing demand for cloud solutions and software to improve business efficiency will almost undoubtedly positively affect the size of the IPO. One comparable case study is Snowflake's $3.4B IPO.