According to TechCrunch, Armis has raised a $435 million pre-IPO funding round led by Growth Equity at Goldman Sachs Alternatives with significant participation from CapitalG and Evolution Equity Partners. The nine-year-old cybersecurity company is now valued at $6.1 billion, up from its $4.5 billion valuation in August. Co-founder and CEO Yevegny Dibrov revealed the company has reached $300 million in annual recurring revenue and plans to hit $500 million before pursuing an IPO in late 2026 or early 2027. This funding comes after Armis reportedly received seven acquisition offers, including a potential $5 billion bid from private equity firm Thoma Bravo in September. The company provides security software for Fortune 500 companies, national governments, and critical infrastructure entities.
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IPO dreams vs acquisition reality
Here’s the thing about cybersecurity startups – they almost always get acquired. Just look at Wiz, which was growing like crazy before agreeing to sell to Google earlier this year. The fact that Armis turned down seven acquisition offers, including that $5 billion Thoma Bravo bid, tells you how serious they are about going public. CEO Dibrov called the IPO his “personal dream,” which is pretty revealing when you think about it. Most founders would take the money and run, but he’s playing the long game.
Cybersecurity IPO drought
We’ve seen very few significant cybersecurity listings in recent years. SentinelOne went public in 2021, Rubrik last year, and Netscope just in September. That’s basically it. The market for public cybersecurity companies has been pretty thin, which makes Armis’s ambitions even more interesting. They’re betting that by 2026-2027, the IPO window will be open and investors will be hungry for cybersecurity plays again. It’s a calculated risk, especially when they had solid acquisition offers on the table.
Public company practice
Dibrov says Armis is already “behaving like a public company,” which means they’re hitting quarterly financial targets and preparing for that scrutiny. Reaching $300 million in ARR is no small feat, and getting to $500 million while becoming cash flow positive before the IPO is the right playbook. But here’s my question – can they maintain that growth trajectory for another two to three years? The cybersecurity market is crowded, and staying independent means competing against giants who can just acquire their way into new markets. Still, their focus on critical infrastructure and government clients gives them a defensible position that’s harder to replicate.
What this means for cybersecurity
If Armis actually pulls this off and goes public successfully, it could change the calculus for other cybersecurity startups. Right now, acquisition is the default exit path. But a successful Armis IPO might convince other founders that staying independent and building a lasting public company is possible. The timing is interesting too – late 2026 gives them a couple years to prove they can scale while the market potentially improves. Basically, they’re betting on themselves in a big way when most would have taken the sure thing. I’m curious to see if this confidence pays off or if they end up wishing they’d taken one of those acquisition offers.
