HashiCorp

HashiCorp, Inc. is an American software company headquartered at 101 Second Street in San Francisco, California, that builds tools for provisioning, securing, connecting and running cloud-computing infrastructure. Its products target developers, operators and security professionals working across multi-cloud, hybrid and legacy environments. The portfolio includes Terraform (infrastructure as code), Vault (identity-based secrets management), Consul (service networking and service mesh), Nomad (workload orchestration and scheduling), Packer (image building), Vagrant (development environments), Boundary (remote access) and Waypoint (application delivery). Tools are offered as open-source or source-available projects, as self-managed enterprise editions with additional proprietary features, and as managed services on the HashiCorp Cloud Platform (HCP).

The company was founded in 2012 by Mitchell Hashimoto and Armon Dadgar, classmates from the University of Washington's Paul G. Allen School of Computer Science and Engineering; Hashimoto's prior open-source project Vagrant was folded into the company. HashiCorp operates a remote-first workforce distributed across the United States, Canada, Australia, India and Europe, with a second office listed in Austin, Texas. In fiscal 2024 it reported $583 million in revenue, an operating loss of $254 million and a net loss of $191 million, with about 2,200 employees.

HashiCorp traded on Nasdaq as HCP from 2021 to 2025 and has been a wholly owned subsidiary of IBM since the $6.4 billion acquisition closed on 27 February 2025. Under IBM it is aligned with the hybrid cloud strategy, including Vault integration with Red Hat OpenShift and support for IBM's watsonx AI initiatives.

Founding story

Armon Dadgar and Mitchell Hashimoto met in 2008 as computer science students at the University of Washington, when Dadgar interviewed fellow undergraduates to help with a cloud research project and hired Hashimoto because he said the work "looked fun." Both later left the project but remained friends discussing open-source development, then moved to San Francisco to work at a mobile advertising company, where they built early versions of tools including Vagrant. In 2012 they founded HashiCorp, initially working from an Ikea desk in Dadgar's apartment, choosing an open-source model because both had learned computer science through open-source tools. Adoption by engineers at companies such as GitHub, Stripe and Slack signaled that the problems they were addressing were widespread. The name HashiCorp is a portmanteau of Hashimoto and "Corporation."

Business model

HashiCorp develops source-available and open-source infrastructure tooling that is distributed freely to build developer adoption, then monetizes through commercial enterprise editions with additional proprietary features and through the managed HashiCorp Cloud Platform (HCP) SaaS offering. Revenue is predominantly subscription-based, with reported gross margins around 83% and a growing managed-cloud component. Sales are aimed at large enterprises and Global 2000 organizations, supported by a systems integrator channel and partnerships with hyperscale cloud providers.

Subscription revenue from commercial enterprise editions of its tools and from HashiCorp Cloud Platform managed services, layered on top of freely available open-source and source-available software. Fiscal 2024 revenue was $583.1 million (up 23% year over year); in fiscal 2025 third quarter, subscription revenue was $167.8 million of $173.4 million total, with HCP revenue up 46% to $29.0 million.

Traction

HashiCorp reported doubling revenue and its customer base each year for four consecutive years prior to its March 2020 Series E, and record open-source download volumes in early 2020. Fiscal 2024 revenue reached $583.1 million with roughly 2,200 employees, more than half a billion cumulative software downloads and over 50,000 user group community members. Quarterly revenue in fiscal 2025 rose to $173.4 million in the third quarter (up 19% year over year), with HCP revenue growing 46% year over year.

Latest developments

IBM completed the $6.4 billion acquisition on 27 February 2025 and HashiCorp now operates as a wholly owned subsidiary within IBM's software division, with integrations such as Vault with Red Hat OpenShift and support for watsonx-related AI infrastructure operations. In September 2025 HashiCorp announced Project Infragraph, aimed at agentic infrastructure automation through a real-time, AI-ready graph of hybrid environments; private beta applications opened in September 2025 with wider availability expected in December 2025. The company's public status page lists operational HCP services including HCP Terraform, HCP Vault Dedicated, HCP Consul Dedicated, HCP Boundary, HCP Packer, HCP Waypoint, HCP Vault Radar, the Terraform Registry, Vagrant Cloud and HCP Infragraph.