Founded by Assaf Rappaport in 2020, Wiz burst onto the cybersecurity scene, hitting $100 million in annual recurring revenue (ARR) within 18 months. Its ARR has continued soaring, reaching $500 million by the end of 2024. The company has a grand ambition to grow its ARR to more than $1 billion in the future.
The company's revenue growth (and focus on cloud security) caught the attention of tech titan Alphabet (GOOG -0.07%)(GOOGL -0.12%). Its Google subsidiary offered to buy Wiz for $23 billion in 2024. Wiz turned down the offer, opting instead to continue building the company independently. While Wiz wanted to eventually pursue an initial public offering (IPO), Google came back with a $32 billion offer to buy the company in early 2025, which it accepted.
Here's a look at everything you need to know about investing in the company and some cybersecurity stock alternatives to consider now that it's highly unlikely that Wiz will go public.
Is Wiz publicly traded?
As of early 2025, Wiz wasn't a publicly traded company. It was a private venture capital-backed startup. Several notable firms have invested in Wiz, including Andreessen Horowitz, Lightspeed Venture Partners, Thrive Capital, Greylock Partners, Salesforce (CRM +0.72%) Ventures, Sequoia Capital, and Blackstone (BX +0.26%).
IPO
When will Wiz IPO?
Wiz likely won't be putting its name on the IPO calendar anytime soon. While the company walked away from a $23 billion acquisition offer by Google in July 2024, the tech titan came back with a higher offer a few months later. Wiz accepted a $32 billion deal from Google to become part of Google Cloud. The company plans to close the acquisition as soon as it receives the necessary regulatory approvals.
Is Wiz profitable?
The privately held Wiz doesn't need to publicly disclose its financial results, so there isn't much publicly available information on its profitability.
The company is reportedly growing its revenue briskly. It was the fastest-growing company in history in 2022, achieving $100 million in ARR less than 18 months after its founding. It more than tripled that number in 2023 to $350 million and topped $500 million in 2024. Wiz was working towards reaching $1 billion in ARR, which it aims to hit by the end of 2025.
It's unclear whether Wiz has turned the corner and reached profitability. However, that's not as important to Google just yet. It's buying Wiz to bolster its cloud business. The company said that buying Wiz "will help make their solutions even better and more scalable, benefiting customers and partners across all major clouds.” The deal should enhance the growth and profitability of Google Cloud over the long term.
Should I invest in Wiz?
Since Google is buying Wiz, you likely won't ever get the chance to invest directly in the company. However, if the deal falls through, here are some reasons why you might want to invest in the cybersecurity company if it goes public:
- You think Wiz will grow its revenue and profits briskly in the future.
- You think the company will grow into a leader in the cybersecurity industry.
- You want to invest in a founder-led company.
- You think Wiz has better products and services than its cybersecurity sector rivals.
- Investing in Wiz would help diversify your portfolio.
On the other hand, here are some reasons why you might opt against buying Wiz at its IPO:
- You're not sure what Wiz does.
- You're concerned about growing competition in the cybersecurity sector.
- You're at or nearing retirement and would prefer to invest in more mature companies.
- You already own other cybersecurity stocks.
ETFs with exposure to Wiz
Since Wiz isn't a publicly traded company yet, you can't use exchange-traded funds (ETFs) to gain passive exposure to the cybersecurity company. However, you can use ETFs to invest in the cloud security trend. Here are three top cybersecurity ETFs to consider investing in while you wait for Wiz to go public:
- First Trust NASDAQ Cybersecurity ETF (CIBR +0.06%): This ETF tracks the Nasdaq CTA Cybersecurity Index. The fund had 32 holdings in early 2025, including Crowdstrike Holdings (second-largest at 7.5%), Palo Alto Networks (fourth-largest at 7.4% of its net assets), and Zscaler (10th-largest at 4.1%). The fund had a 0.59% ETF expense ratio.
- Amplify Cybersecurity ETF (HACK +0.11%): The fund was the first cybersecurity ETF when it launched in 2014. It had 23 holdings in early 2025, including Palo Alto Networks (fifth-largest at 5.7%), Crowdstrike Holdings (sixth-largest at 5.6%), and Zscaler (10th-largest at 4.5%). The ETF had a 0.6% expense ratio.
- iShares Cybersecurity and Tech ETF (IHAK +0.06%): The BlackRock (BLK +0.22%)-managed ETF focuses on cybersecurity and technology companies. The fund had 36 holdings in early 2025, including Crowdstrike (seventh-largest at 4.1% of its holdings) and Zscaler (10th-largest at 3.8%). It had a 0.47% expense ratio.
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The bottom line on Wiz
Wiz is one of the hottest companies in the startup world. It's one of the fastest-growing companies because its cybersecurity solutions are in high demand. That caught the attention of Google, which tried to buy the company. However, Wiz plans to stay the course and go public in the future. Given its growth, it could be one of the hotter IPOs when it launches, which makes it an exciting company to watch.
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