Wiz hopes to hit $1B in ARR in 2025 before an IPO, after turning down Google’s $23B
Reading Time: 2 minutesWiz co-founder and VP of R&D Roy Reznik told CNBC last week that the company has hit $500 million in annual recurring revenue, and plans to double that in 2025 to $1 billion. He also reiterated that the $1 billion-mark is a prerequisite for the IPO that Wiz promised employees when it walked away from acquisition talks with Google last summer at a $23 billion price tag.
Wiz was already experiencing fast growth, practically since its inception. In 2022, Wiz claimed to be the fastest startup to $100 million ARR ever, reaching that goal just 18 months after it launched in 2020.
Google’s offer also came right when Wiz was in a perfect position to weather turning it down. It had just raised $1 billion a few months earlier, in May, at a $12 billion valuation, led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital. Wiz called itself the world’s largest cyber unicorn at the time.
‘We’ve already broken a few records as a private company, and we believe we can also break a few more records as an independent public company as well,’ Reznik told CNBC last week, as he announced expansion in the U.K. with a London office. Reznik talked about the growth rate of cloud computing, and how global spending on cloud security is already at over $30 billion this year. His implication was that Wiz still has a lot of room to grow.
Should Wiz achieve the $1 billion ARR number before attempting an IPO — and if its underlying financials are strong and indicate more potential growth — it could indeed have a record-breaking public debut. Back in 2020 Snowflake broke records for its IPO as the biggest software IPO ever, when shares closed the day at a $70 billion market cap. This was on fast-growing revenues of $265 million and a net loss of $348 million. Snowflake investors haven’t maintained that exuberance, but the company is still trading at around a $39 billion market cap.
In other words, Wiz still has reason to believe that it could indeed look back at a $23 billion offer in 2024 and sneeze.
Ref: techcrunch
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