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CrowdStrike Stock Up 71% Following First Day Of Nasdaq Trading

CrowdStrike's $11.57 billion market cap after its first day of trading is just $300 million lower than Symantec, even though the cybersecurity giant has been in business for 37 years and has roughly 20-times the revenue of CrowdStrike.

Endpoint security vendor CrowdStrike notched a massive $11.57 billion valuation Wednesday after the company's stock skyrocketed by more than 70 percent in its first day of trading.

The Sunnyvale, Calif.-based company closed its first day of trading on the Nasdaq exchange at $58 per share, up $24 per share (70.59 percent) from its initial public offering price of $34 per share. And the company's IPO price was far above its initial trading estimates last month of just $19-to-$23 per share.

"We launched CrowdStrike in 2011 to transform security to meet the needs of modern business in the cloud era," CrowdStrike co-founder and CEO George Kurtz said in a statement. "Our IPO is an important milestone, and we couldn't be more excited as we look forward to continuing to outwit cyber adversaries to keep our global customers safe."

[Related: CrowdStrike IPO Seeks To Raise $100M, Reveals Strength Of Channel]

CrowdStrike's eleven-figure valuation is an all-time record for a newly-traded U.S. cybersecurity company, smashing the previous record of $2.5 billion held by Palo Alto Networks on its first day of trading in 2012. Today, the Santa Clara, Calif.-based platform security giant has a market cap in excess of $19 billion.

CrowdStrike ends Wednesday with a valuation that's just $300 million lower than cybersecurity goliath Symantec's $11.87 billion market cap. Endpoint security titan Symantec has been in business for 37 years and has 20-times the revenue of CrowdStrike.

CrowdStrike is just the seventh venture-backed U.S. cybersecurity vendor to be valued at more than $1 billion after going public. Columbia, Md.-based cybersecurity firm Tenable grabbed headlines last year after selling $288 million worth of shares and earning a $2.1 billion valuation.

Eighteen million Class A CrowdStrike shares were provided as part of the IPO, with underwriters such as Goldman Sachs, J.P. Morgan, Bank of America Merrill Lynch and Barclays receiving an option on additional 2.7 million shares. Class A shares will have one vote each.

Company insiders, though, will maintain control over CrowdStrike through their 178.7 million Class B shares, which have 10 times the voting power of Class A shares. Established CrowdStrike investors Warburg Pincus, Accel, and Capital G – Alphabet's late-stage venture unit – are the company's largest Class B shareholders, following by CEO Kurtz.

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