According to TechCrunch, Armis has raised $435 million in a 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. CEO Yevegny Dibrov revealed the company reached $300 million in annual recurring revenue and plans to hit $500 million before going public in late 2026 or early 2027. The funding comes after Armis reportedly received seven acquisition offers, including a potential $5 billion bid from Thoma Bravo. Dibrov described pursuing an IPO as his “personal dream” and said the company is already behaving like a public company by hitting quarterly financial targets.
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IPO dreams vs acquisition reality
Here’s the thing about cybersecurity startups – they almost always get acquired before they can even think about going public. Just look at Wiz, which was growing like crazy before Google scooped them up earlier this year. The fact that Armis turned down multiple buyout offers, including that $5 billion Thoma Bravo bid, tells you something about their confidence level. They’re basically saying “we think we can build something even bigger on our own timeline.”
And you know what? They might be right. The valuation jump from $4.5 billion to $6.1 billion in just a few months is pretty impressive. But here’s the real question: can they actually pull off that 2026-2027 IPO timeline? The market’s been pretty brutal for tech stocks lately, and cybersecurity IPOs have been few and far between since SentinelOne went public back in 2021.
The public company playbook
What’s interesting is how deliberate Armis is being about this whole process. They’re not just taking the money and hoping for the best – they’re already operating like they’re under the microscope of public markets. Hitting quarterly targets, pushing toward cash flow positivity, that $300 million to $500 million revenue growth plan – this is all textbook pre-IPO preparation.
Their focus on critical infrastructure for Fortune 500 companies and governments gives them a pretty solid foundation. It’s not some consumer app that might fade next quarter – we’re talking about protecting essential systems that can’t afford to go down. That kind of customer base tends to stick around, which public market investors love to see.
Cybersecurity IPO landscape
Looking at the recent cybersecurity IPOs – SentinelOne, Rubrik, Netscope – there’s definitely a pattern emerging. The companies that do make it public tend to have established enterprise customer bases and recurring revenue models that investors can understand. Armis seems to fit that profile perfectly.
But let’s be real – 2026 is still a long way off in tech time. A lot can change between now and then. The fact that they’ve already turned down acquisition offers means they’re committed to this path, but it also means they’re betting big on themselves. If they can hit that $500 million revenue target while staying cash flow positive, they’ll be in a pretty strong position when IPO windows eventually open up again.
