Back in July, Wiz Inc., the cybersecurity startup, pulled a bold move by rejecting a $23 billion buyout offer from Google. It would’ve been Google’s largest acquisition ever. 

But instead of taking that check and retiring on a beach like most of us, Wiz CEO Assaf Rappaport basically said, "Appreciate the flattery, but we’re good." Why? Because Wiz is betting they can do even better on their own, aiming to IPO after they hit $1 billion in annual recurring revenue by 2025.

If you look at the numbers, it gets interesting. Wiz didn’t just pop up out of nowhere. In 2022, they reached $100 million in ARR (up from just $1 million 18 months prior). Let that sink in for a second: They grew their ARR by 9,900% in a year and a half. (Most companies are happy with 10% growth and a pat on the back.) No wonder Google was practically throwing money at them.

And that’s not all. Wiz has raised $1.9 billion in venture capital, including a casual $1 billion this year alone, led by venture titans like Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital. Their current valuation? $12 billion. So, it’s not like Wiz is exactly strapped for cash. They’ve got money in the bank to go the distance, or at least survive long enough to slap a ticker symbol on the Nasdaq.

So what’s Wiz’s secret? Well, their platform connects to cloud storage providers like Amazon Web Services and Microsoft Azure, scanning all the data stored there and flagging any security risks. Basically, they’re like the Sherlock Holmes of cloud security (if Sherlock Holmes worked 24/7, didn’t need a sidekick, and could prevent multimillion-dollar breaches before they happen). It’s no wonder that 40% of Fortune 100 companies are already Wiz customers.

So why say no about that $23 billion lottery ticket? Well, for starters, Google’s facing a mountain of regulatory scrutiny. Alphabet, Google’s parent company, is already tangled up in lawsuits over antitrust concerns. Adding Wiz to their portfolio could’ve been the straw that broke the regulator’s back.

Rappaport and Wiz’s co-founder Roy Reznik also have a serious independent streak. They’ve been vocal about their plans to go public when the timing is right. Reznik even mentioned that they’d IPO “when the stars align.” With $500 million in ARR already under their belt for 2023, they’re not exactly far off. If they double that by 2025 like they plan, we’ll be looking at a historic IPO.

Wiz has been aggressively expanding, especially into Europe, where 35% of their revenue comes from. They even opened their first European office in London, probably because Europe’s been dealing with cyberattacks like the NHS breach and the Transport for London hack. Wiz already counts major players like online retailer ASOS and digital bank Revolut as clients in the U.K. alone. 

Meanwhile, Google’s probably sitting there, staring at the ceiling, thinking about what could’ve been (cue sad violin music), while Wiz is out here racking up W's like it’s their day job. As Rappaport said after turning down the offer, “We believe we can break even more records as an independent public company.” If Wiz keeps growing like this, Google better watch out.

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Stock.News has positions in Alphabet, Microsoft, and Amazon.