As IPOs Make a Comeback, These 9 Cybersecurity Startups Could Be Next

Cybersecurity IPOs have been rarer in recent years, with the vast majority of the sector’s companies getting acquired instead. Case in point: Alphabet‘s $32 billion deal to buy cloud security startup Wiz. But the ongoing thawing of the IPO market and a couple of successful listings have CEOs reassessing. Netskope NTSK went public in September and rose 18% on its first day of trading. A year earlier, in April 2024, Rubrik RBRK made a successful debut, with its stock price jumping 16% on its first day of trading.

Several startups are waiting in the wings, potentially to follow suit. Here are nine VC-backed cybersecurity startups with a high likelihood of going public, according to PitchBook’s VC Exit Predictor.

Snyk

Snyk, a startup offering a range of AI-enabled security tools, has been floated as a potential IPO candidate for some time. The Information reported in January 2024 that it had been drafting a prospectus and had planned to go public within months. The firm postponed those plans, but after it hit $300 million in ARR in December 2024, CEO Peter McKay said he anticipated an IPO sometime in 2026.

Illumio

The developer of a cloud-based security platform that utilizes a framework known as zero-trust, Illumio has been thought to be preparing for an IPO for years. It last raised capital in June 2021, when it closed a $225 million Series F led by Thoma Bravo.

ID.me

ID.me is an identity verification startup that counts the US government among its clients. 2025 has been a blockbuster year for the startup, with huge successive funding rounds: a $275 million round in January, followed by a $340 million one in September.

Immuta

A cloud-native service that allows companies to control who gets access to various parts of the organization, Immuta is backed by a who’s who of prominent investors in the cybersecurity space, like Ten Eleven Ventures and NightDragon, which led the startup’s last fundraising round, a $100 million Series E in June 2022.

Arctic Wolf

Arctic Wolf, a security operations provider for businesses, has been cautious when detailing its plans for an IPO, though that appears to be changing. Previously stating that the company would only go public if market conditions improved, CEO Nick Schneider told Axios in November that it is now more actively preparing for a potential listing soon.

OneTrust

OneTrust helps companies manage data privacy and compliance requirements, and it has previously discussed going public. However, in July 2023, CEO Kabir Barday said OneTrust was “prepared to be private and profitable for a long time.” The Information reported in November that the company was planning on either selling itself to a private equity firm or go public.

Armis

When it announced $435 million in new funding in November, Armis classified it as a “pre-IPO round,” and CEO Yevgeny Dibrov told TechCrunch that the firm was planning on going public either in late 2026 or early 2027. The nine-year-old firm helps companies manage their exposure to cyber incidents.

Island

Island raised $250 million for its enterprise-focused browser, which prioritizes cybersecurity. While the company remains quiet about its IPO plans, its valuation has grown rapidly, more than tripling from $1.5 billion to $4.8 billion since 2023.

Cohesity

Nvidia-backed Cohesity is gearing up for a 2026 IPO after it halted its plans to buy Veritas, the startup’s CEO Sanjay Poonen told CNBC in September. Cohesity uses AI for its data security service, which it offers to companies like FedEx and Comcast.