Key Stats
Founded: November 1, 1978 (as Shugart Technology)
Headquarters: Fremont, California (operational); Dublin, Ireland (legal)
Employees: Approximately 30,000 (2025)
FY 2025 Revenue: $9.10 billion (+38.86% YoY)
Market Cap: Approximately $93 billion (February 2026)
Seagate Technology Holdings plc is an American data storage company that designs, manufactures, and markets hard disk drives, solid state drives, and related storage solutions. The company serves enterprise, consumer, and personal computing markets worldwide.
Seagate developed the first 5.25-inch hard disk drive in 1980, which became a standard for personal computers. The company has maintained its position as one of the two largest HDD manufacturers globally, alongside Western Digital.
Today, Seagate operates seven manufacturing facilities worldwide and four dedicated R&D sites. The company has shipped over 4 zettabytes of storage capacity since 1979 and continues to lead innovation with technologies like Heat-Assisted Magnetic Recording (HAMR).
Seagate Technology History
November 1978
Incorporated as Shugart Technology by Al Shugart, Tom Mitchell, Doug Mahon, Finis Conner, and Syed Iftikar in Scotts Valley, California.
1980
Released the ST-506, the first 5.25-inch hard disk drive with 5MB capacity. This product became a standard for personal computers.
1981
Went public with an initial public offering. Renamed from Shugart Technology to Seagate Technology to avoid trademark conflicts.
1983
Became a primary supplier for the IBM XT, IBM’s first personal computer with a hard disk. Revenue reached $110 million with over 200,000 units shipped.
1989
Acquired Imprimis Technology, the disk storage division of Control Data Corporation, achieving 43% market share in hard disk manufacturing.
1991
Introduced the Barracuda, the industry’s first hard drive with 7,200 RPM spinning speed, setting a new performance standard.
1996
Merged with Conner Peripherals to become the world’s largest independent hard drive manufacturer.
2000
Went private through a $20 billion deal with Silver Lake Partners, the largest technology company acquisition at that time.
2002
Returned to public trading on the New York Stock Exchange after restructuring operations.
2010
Reincorporated in Dublin, Ireland, while maintaining operational headquarters in California.
2024-2025
Launched HAMR-based Mozaic drives at 30TB+ capacity, shipped over 1 million Mozaic units, and acquired Intevac for $119 million.
Seagate Technology Co-founders
Alan F. Shugart
Former IBM engineer who spent 18 years developing disk drives. Served as CEO until 1998 and pioneered open-source drive specifications.
Tom Mitchell
Former Commodore executive who served as Senior VP of Operations. Became president in 1983 and led the company through rapid expansion.
Finis Conner
Approached Shugart with the 5.25-inch drive concept. Left in 1984 to found Conner Peripherals, which later merged back into Seagate in 1996.
Doug Mahon
Co-founder who contributed to the early development of Seagate’s first products and manufacturing processes.
Syed Iftikar
Co-founder who played a role in establishing Seagate’s technical foundation during the company’s early years.
Seagate Technology Competitors
The HDD market has consolidated from over 200 companies to just three manufacturers: Seagate, Western Digital, and Toshiba. These companies control more than 95% of global shipments. In the broader data storage industry, Seagate also competes with SSD manufacturers and cloud storage providers.
| Company | Headquarters | Primary Products |
|---|---|---|
| Western Digital | San Jose, California | HDDs, SSDs, Flash Memory |
| Toshiba | Tokyo, Japan | HDDs, SSDs, Enterprise Storage |
| Samsung Electronics | Suwon, South Korea | SSDs, NAND Flash, Memory |
| Micron Technology | Boise, Idaho | DRAM, NAND Flash, SSDs |
| SK Hynix | Icheon, South Korea | DRAM, NAND Flash, SSDs |
| Kioxia | Tokyo, Japan | NAND Flash, SSDs |
| Dell Technologies | Round Rock, Texas | Enterprise Storage Systems |
| NetApp | San Jose, California | Enterprise Storage, Cloud Data |
| Pure Storage | Santa Clara, California | All-Flash Storage Arrays |
| Hitachi Vantara | Santa Clara, California | Enterprise Storage, Data Analytics |
Seagate Technology Revenue
Seagate reported revenue of $9.10 billion in fiscal year 2025, a 38.86% increase from the prior year. Revenue growth has been driven by increased demand for high-capacity nearline drives from cloud and AI workloads.
Seagate Technology Annual Revenue (Fiscal Years, in Billions USD)
Seagate Technology Acquisitions
Seagate has grown substantially through strategic acquisitions. In 1989, the company acquired Imprimis Technology from Control Data Corporation, which added advanced head technology and helped Seagate achieve 43% market share. The acquisition brought manufacturing expertise that reduced component costs.
The 1996 merger with Conner Peripherals created the world’s largest independent hard drive manufacturer. Conner had been founded by Finis Conner, one of Seagate’s original co-founders, and the combination brought complementary product lines and manufacturing consolidation benefits.
In 2006, Seagate acquired Maxtor Corporation for approximately $1.9 billion in an all-stock deal. Maxtor had been the third-largest HDD manufacturer, and the acquisition expanded Seagate’s customer base and retail presence. Seagate retained the Maxtor brand for consumer products.
The 2011 acquisition of Samsung’s hard disk drive business for $1.4 billion strengthened Seagate’s presence in the mobile storage market and provided access to advanced manufacturing capabilities in Asia. Samsung received 45.2 million Seagate shares and became the company’s second-largest shareholder.
In 2012, Seagate completed the acquisition of LaCie, a French manufacturer of external storage devices, for $186 million. LaCie continues to operate as Seagate’s premium external storage brand, targeting creative professionals with high-performance products.
Additional acquisitions include Xyratex in 2014 for $375 million, LSI’s flash products from Avago for $450 million, and Dot Hill Systems in 2015 for $696 million. In February 2025, Seagate announced the acquisition of Intevac, an HDD equipment maker, for $119 million to accelerate HAMR technology commercialization.
Seagate Technology Market Cap
Seagate Technology’s market capitalization reached approximately $93 billion in February 2026, reflecting a 355% share price increase over the prior year. The company trades on NASDAQ under the ticker symbol STX.
Seagate Technology Market Cap (Year-End, in Billions USD)
FAQs
When was Seagate Technology founded?
Seagate was incorporated on November 1, 1978, as Shugart Technology and commenced operations in 1979. The company was renamed Seagate Technology in 1981.
Who founded Seagate Technology?
Seagate was founded by Alan Shugart, Tom Mitchell, Finis Conner, Doug Mahon, and Syed Iftikar in Scotts Valley, California.
Where is Seagate Technology headquartered?
Seagate maintains operational headquarters in Fremont, California, and is legally incorporated in Dublin, Ireland since 2010.
What was Seagate’s first product?
The ST-506, released in 1980, was Seagate’s first product. It was the first 5.25-inch hard disk drive with 5MB capacity for personal computers.
What is Seagate Technology’s revenue?
Seagate reported revenue of $9.10 billion for fiscal year 2025, representing a 38.86% increase from $6.55 billion in fiscal year 2024.