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Wiz carbon monoxide - founder and VP of R&D Roy Reznik toldCNBClast week that the company has hit $ 500 million in yearly recur revenue , and plans to repeat that in 2025 to $ 1 billion . He also reiterated that the $ 1 billion - print is a requirement for the IPO that Wiz foretell employees when itwalked aside from acquisition talks with Google last summerat a $ 23 billion price tatter .
ARR at the swarm security startup was at about $ 350 million in May , but wasalready around $ 500 million by Julywhen it walk from Google , TechCrunch reported at the clip . In an email to employeesafter muckle talk ended , Wiz ’s CEO Assaf Rappaport severalise Wiz ’s 1,200 employee that the society want $ 1 billion in ARR before an IPO . Back then , whizz EXEC require to hit the number in 2025 . So to have Reznik double down last workweek is a secure augury that Wiz is still grow as expected . A spokesperson also corroborate this ARR finish to TechCrunch .
superstar was already experiencing fast ontogeny , practically since its inception . In 2022 , Wiz claimed to be the fastest startup to$100 million ARRever , reaching that goal just 18 months after it launched in 2020 .
Google ’s go also came right when Wiz was in a perfect position to conditions turn it down . It had just nurture $ 1 billion a few months earlier , in May , at a $ 12 billion valuation , led by Andreessen Horowitz , Lightspeed Venture Partners , and Thrive Capital . superstar called itself theworld ’s largest cyber unicornat the time .
“ We ’ve already broken a few records as a private company , and we believe we can also collapse a few more record book as an independent public company as well , ” Reznik told CNBC last workweek , as he announced expansion in the U.K. with a London spot . Reznik talked about the growth rate of swarm computer science , and how global disbursal on cloud security is alreadyat over $ 30 billion this year . His implication was that Wiz still has a sight of elbow room to grow .
Should Wiz achieve the $ 1 billion ARR number before attempting an initial public offering — and if its underlying financials are secure and indicate more likely growth — it could indeed have a record - break public debut . Back in 2020Snowflake broke record for its IPOas thebiggest software IPO ever , when shares closed the day at a $ 70 billion market jacket . This was on fast - growing revenuesof $ 265 millionand a net loss of $ 348 million . Snowflake investors have n’t maintain that exuberance , but the company is still trading at around a $ 39 billion market cap .
In other words , Wiz still has reason to consider that it could indeed look back at a $ 23 billion offer in 2024 and sneezing .
