Cirrus Data Cloud, Inc.
CRDA · New York Stock Exchange · Technology · Data infrastructure
- Expected pricing
- Jun 18, 2026
- Price range
- $28.00 – $31.00
- Shares offered
- 14M
- Filing
- S-1/A · Jun 5, 2026
Founders & leadership
Background and track record, from the Management section.
- Marcus BellFounder & CEO
Early engineer on a hyperscaler’s storage team; started Cirrus in 2015 to make columnar analytics affordable for mid-market teams.
Source
“Mr. Bell founded Cirrus in 2015 and has served as Chief Executive Officer since inception; he previously held engineering roles in cloud storage.”
High confidenceView in filing →
What the company does
The problem it solves and how it differentiates.
Cirrus sells a usage-based cloud data warehouse focused on cost transparency. Its differentiator is per-query cost attribution and automatic workload tiering, pitched at finance-conscious mid-market data teams.
Source
“Our platform provides granular, per-query cost attribution that we believe is differentiated from incumbent cloud data warehouses.”
Market & competition
The market it plays in and who it competes with.
Competes in the crowded cloud-data-warehouse market against large incumbents and open-source lakehouse stacks. Positioning is cost-control for teams priced out of premium platforms.
Source
“The market for cloud data platforms is intensely competitive and dominated by larger, well-capitalized vendors.”
Financials
Revenue, profitability, and cash, from the financial statements.
- Revenue
- $152.7M (FY2025)
- Net income
- $(48.9)M net loss (FY2025)
- Gross margin
- 71%
- Cash & equivalents
- $96.4M
Source
“Revenue was $152.7 million for the fiscal year ended January 31, 2026.”
Source
“Net loss was $48.9 million for the fiscal year ended January 31, 2026.”
Source
“Gross margin was 71% for the fiscal year ended January 31, 2026.”
Source
“As of January 31, 2026, we had $96.4 million of cash and cash equivalents.”
Strong SaaS gross margins but heavy sales-and-marketing spend; net retention is the number to scrutinize.
Lock-up schedule & insider ownership
When insider shares unlock, and who holds them — the part most tools skip.
Lock-up schedule
When insider shares unlock signals when selling pressure may arrive. Conditional unlocks have no fixed date and are shown as such — they are not collapsed to a single guessed date.
- Insiders & pre-IPO holders63.5M sharesDec 15, 2026
180 days after the offering — standard lock-up for insiders and pre-IPO holders.
Source
“Our officers, directors and substantially all pre-IPO stockholders have agreed to a 180-day lock-up following this offering.”
High confidenceView in filing → - Insiders & pre-IPO holders9.5M sharesNo fixed datePrice-conditional
Early release: a portion of insider shares may be released if the stock trades at or above 130% of the IPO price for 10 of any 15 trading days after day 90.
Source
“A portion of locked-up shares may be released early if the closing price equals or exceeds 130% of the initial public offering price for 10 trading days within any 15-day period beginning 90 days after the offering.”
Medium confidenceView in filing →
Insider ownership
Beneficial ownership as reported in the S-1 (includes shares deemed beneficially owned via options and affiliated entities). Percentages are beneficial, not record, ownership.
| Holder | Shares | % pre-IPO | % post-IPO | Source |
|---|---|---|---|---|
Marcus Bell Founder & CEO | 11.9M | 16.1% | 13.4% | Source“Mr. Bell beneficially owns 11,900,000 shares, or 16.1% prior to the offering.” High confidenceView in filing → |
Tidewater Capital1 Principal stockholder (5%+) | 18.3M | 24.8% | 20.6% | Source“Consists of shares held by Tidewater Capital Partners II, III and IV.” Medium confidenceView in filing → |
- 1 Held across three affiliated investment vehicles; dispositive power attributed to the management company.
Risk flags
Key items from the Risk Factors section.
- Intense competition
Far larger, better-funded incumbents dominate the category and can bundle competing features.
Source
“The market is dominated by larger competitors with greater financial and engineering resources.”
High confidenceView in filing → - Sustained losses
Heavy spend on growth means continued losses with no committed timeline to profitability.
Source
“We have a history of losses and may not achieve or sustain profitability.”
High confidenceView in filing → - Customer usage volatility
Usage-based pricing makes revenue sensitive to customers’ own workload swings.
Source
“Because our pricing is consumption-based, a decline in customer usage would reduce our revenue.”
Medium confidenceView in filing →