It’s been a mixed year for the cybersecurity industry.
2024 started off strong, with publicly-listed leaders trading up and the investment bank rumor mill whirring about Cato Networks and Snyk‘s impending IPOs. Lightspeed-backed Rubrik had a rare public debut that leapt 16% on its first day of trading.
But after Palo Alto Networks adjusted its revenue forecast in March, the security leader’s stock price plummeted over 25% in a single day of trading, dampening industry comparables. One, Riverwood Capital-backed data security startup BigID, announced a 21.6% down round. And despite its successful first day, Rubrik‘s stock has fallen 15% since its IPO.
Israel-based Cato Networks has reportedly been approaching a public debut for months. In March, the SoftBank and Coatue-backed company, which sells network security software to enterprises, tapped Goldman Sachs, JP Morgan Chase and Barclays to lead preparations for a public listing in early 2025, Reuters reported.
Stateside, investors have been paying close attention to Wiz‘s rapid rise over the last few years, from a $100 million Series A in 2020 to a $1 billion blockbuster raise in May of this year, as well as its recent acquisition of cloud detection company Gem Security.
A cluster of information security companies, Wiz among them, are waiting in the wings to go public. Here are 10 US venture-backed unicorns with a high likelihood of going public. The list was created using PitchBook’s VC Exit Predictor, which calculates exit probability using a machine learning model that is fed historic and real-time data on private-company exits.
Featured image by Thomas Samson/Getty Images
Learn more about our editorial standards.
