How to Buy Wiz Stock Before the IPO

Wiz just did something almost no startup does: it told Google “no thanks” to $23 billion.

The short answer: You cannot buy Wiz stock directly. The company remains private, and there’s no public ticker. Accredited investors may access shares through secondary market platforms like Hiive or EquityZen, typically with $25,000+ minimums. Retail investors have no direct path—but there are alternatives worth considering.

What makes Wiz unusual isn’t just the Google rejection. It’s that the company went from founding to $12 billion valuation in just four years—the fastest trajectory in cybersecurity history. And management has publicly stated they’re targeting $1 billion in annual recurring revenue before pursuing an IPO.

This guide breaks down exactly what Wiz is, why investors are clamoring for access, how accredited investors can potentially buy shares, and what retail investors can do instead.

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Quick Summary

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What Is Wiz?

Wiz is a cloud security company that helps organizations identify and fix vulnerabilities across their cloud infrastructure—Amazon Web Services, Microsoft Azure, Google Cloud, and others.

The company was founded by four Israeli cybersecurity veterans who previously built Adallom, which Microsoft acquired for $320 million in 2015. After their non-compete expired, the same team launched Wiz with a simple thesis: as enterprises move to the cloud, they need security tools built specifically for cloud environments, not adapted from on-premise solutions.

Why Wiz Matters

Traditional security tools were designed for a world where companies owned their servers. Cloud computing changed everything. Suddenly, organizations had infrastructure spread across multiple cloud providers, with complex configurations that created new attack surfaces.

Wiz built what it calls a “security graph”—a unified view of an organization’s entire cloud environment that identifies risks, misconfigurations, and vulnerabilities. The platform can scan an enterprise’s cloud infrastructure in minutes rather than weeks, without requiring agents to be installed on every system.

The results speak for themselves:

• 50% of Fortune 100 companies use Wiz
• Fastest-growing enterprise software company in history by some measures
• $12 billion valuation achieved in just four years

The Google Rejection

In July 2024, Google offered to acquire Wiz for $23 billion—what would have been the largest acquisition in Google’s history. CEO Assaf Rappaport turned it down.

The decision shocked the industry. Most founders would take the exit. But Rappaport and his team believed Wiz could be worth significantly more as an independent public company. They’re betting that cloud security will become as essential as the cloud itself—and that Wiz can dominate that market.

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Can You Buy Wiz Stock?

For retail investors: No. There is no way to directly purchase Wiz shares without accredited investor status.

For accredited investors: Yes, but with significant limitations. Wiz shares occasionally trade on secondary market platforms, though availability is sporadic and minimums are high.

The Accredited Investor Barrier

The SEC defines accredited investors as individuals meeting at least one of these criteria:

Income Test:

• $200,000+ annual income for the past two years (individual), OR
• $300,000+ combined with spouse
• Plus reasonable expectation of the same income this year

Net Worth Test:

• $1 million+ net worth, excluding your primary residence

Professional Credentials:

• Series 7, 65, or 82 licenses
• Certain other professional designations

Reality Check: Approximately 13% of U.S. households qualify as accredited investors. If you don’t meet these thresholds, skip ahead to the “Alternatives for Retail Investors” section—there are legitimate ways to get cybersecurity exposure without accreditation.

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How to Invest in Wiz (If Accredited)

Accredited investors can potentially access Wiz shares through secondary market platforms. These marketplaces connect buyers with existing shareholders—typically employees, early investors, or venture capital firms looking to liquidate positions.

Secondary Market Platforms

Hiive

• Minimum investment: Typically $10,000-$50,000+
• Fees: 2-5% transaction fees
• Process: Create account, verify accreditation, browse available securities
• Note: Availability varies; Wiz shares may not always be listed

EquityZen

• Minimum investment: $10,000+
• Fees: 5-10% depending on transaction
• Process: Similar accreditation verification, access to 450+ private companies
• Note: Has served institutional and individual investors since 2013

Forge Global

• Minimum investment: $25,000-$100,000+
• Fees: Variable based on transaction size
• Process: More institutional focus, real-time pricing on 200+ companies
• Note: Provides market data and research alongside trading

What to Expect

Secondary market transactions for companies like Wiz typically involve:

1. Verification: Platforms require documentation proving accredited status (tax returns, brokerage statements, or third-party verification services)

2. Availability: Shares become available when existing shareholders decide to sell. This is unpredictable—you may need to wait weeks or months.

3. Pricing: Shares trade based on supply and demand, often at premiums or discounts to the last funding round valuation. A $12 billion valuation doesn’t mean you’ll buy at that price.

4. Structure: You may purchase shares through an SPV (Special Purpose Vehicle) rather than holding direct company stock. This adds a layer of complexity and potential fees.

5. Lock-ups: Some purchases come with restrictions on resale until after an IPO.

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Alternatives for Retail Investors

If you can’t access Wiz directly, you’re not without options. The cybersecurity sector offers several publicly traded alternatives that provide exposure to the same market trends driving Wiz’s growth.

Public Cybersecurity Competitors

These companies compete directly with Wiz in various segments of the security market:

CrowdStrike (CRWD) is perhaps the closest public comparable to Wiz. Both focus on cloud-native security, though CrowdStrike has a broader product suite including endpoint protection. The company has demonstrated strong growth and is considered a leader in the space.

Palo Alto Networks (PANW) is the largest pure-play cybersecurity company by market cap. It offers a comprehensive platform spanning network security, cloud security, and security operations. More diversified than Wiz, but exposure to similar enterprise security trends.

Zscaler (ZS) specializes in cloud security and zero-trust architecture. It’s a direct competitor in the cloud security space, though with a different technical approach than Wiz.

Cybersecurity ETFs

For broader exposure to the cybersecurity sector without picking individual stocks:

These ETFs hold baskets of cybersecurity stocks, providing diversified exposure to the sector. None hold Wiz (it’s private), but they capture the broader industry growth that’s driving Wiz’s success.

Wait for the IPO

The simplest alternative: wait. Wiz has publicly stated its intention to go public after reaching $1 billion in annual recurring revenue. CEO Assaf Rappaport indicated this milestone could come in 2025, suggesting an IPO in 2025 or 2026.

When Wiz does IPO, retail investors will have the same access as institutions—though potentially at a higher valuation than current secondary market prices.

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Wiz Valuation History

Wiz’s funding trajectory is remarkable even by Silicon Valley standards:

The company reached a $10 billion valuation faster than any cybersecurity company in history—in approximately three years from founding. The May 2024 raise at $12 billion came just months before rejecting Google’s $23 billion offer.

What the Valuation Means

A $12 billion valuation for a company targeting $1 billion ARR implies a 12x revenue multiple. For context:

• CrowdStrike trades at approximately 15-20x forward revenue
• Palo Alto Networks trades at approximately 8-10x forward revenue
• Zscaler trades at approximately 12-15x forward revenue

Wiz’s private valuation is roughly in line with public market comparables, though public market multiples can compress significantly during downturns. The Google offer at $23 billion suggested a potential 23x revenue multiple—aggressive, but not unprecedented for a market leader.

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Risks of Pre-IPO Wiz Investment

Secondary market investments carry risks beyond those of public stocks. Here’s what you’re actually signing up for:

Liquidity Risk: You Can’t Sell When You Want

Unlike public stocks, there’s no guaranteed buyer for your Wiz shares. If you need to exit:

• You must find a buyer on the same platform or another secondary market
• Transaction times can take weeks or months
• You may need to accept significant discounts to attract buyers
• Some platforms restrict sales until after an IPO

The reality: Treat any pre-IPO investment as locked capital for 2-5 years.

Valuation Risk: Private Valuations Aren’t Guarantees

Wiz’s $12 billion valuation comes from its last funding round—a negotiation between the company and sophisticated investors. That doesn’t mean:

• The IPO will price at or above this level
• Your secondary market purchase at this valuation is a good deal
• The market will agree with this valuation when the company goes public

Remember: Wiz rejected a $23 billion offer. If the IPO prices below that, it could still be above the current $12 billion—or it could be below. Private valuations are not predictions.

Competition Risk: The Giants Are Coming

Wiz competes against well-funded public companies with massive resources:

• CrowdStrike has a $90B+ market cap and is expanding its cloud security offerings
• Palo Alto Networks is aggressively acquiring cloud security startups
• Microsoft has built-in security tools for Azure customers
• Amazon and Google are building native security for their clouds

Wiz’s technology is impressive, but sustaining growth against these competitors is not guaranteed.

Execution Risk: Hypergrowth Is Hard

Growing from $1 billion ARR to $5 billion ARR is harder than growing from $100 million to $1 billion. Wiz will need to:

• Expand its sales organization dramatically
• Maintain product innovation velocity
• Navigate enterprise sales cycles
• Potentially make acquisitions (it acquired Dazz for $450 million in November 2024)

The team has done it before at Adallom, but past performance doesn’t guarantee future results.

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When Will Wiz Go Public?

Official Statements

CEO Assaf Rappaport has stated the company is targeting $1 billion in annual recurring revenue before pursuing an IPO. In October 2024, he indicated this milestone could be reached in 2025.

Analyst Speculation

Based on the company’s growth trajectory and management statements, most analysts expect:

• Earliest: Late 2025
• Most Likely: 2026
• Dependent On: Market conditions, ARR milestone, competitive positioning

Comparable IPO Timelines

Wiz is on track to IPO faster than any of these comparables—potentially in just 5-6 years from founding.

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The Bottom Line

Wiz represents one of the most compelling pre-IPO opportunities in cybersecurity—but access is severely limited.

If you’re an accredited investor: Secondary market platforms offer potential access, but expect high minimums ($25,000+), limited availability, and significant illiquidity risk. This is a long-term bet on Wiz’s ability to dominate cloud security.

If you’re a retail investor: Your best options are public cybersecurity stocks (CrowdStrike, Palo Alto Networks, Zscaler) or cybersecurity ETFs (CIBR, BUG, HACK). These provide exposure to the same market trends driving Wiz’s growth—with full liquidity and no accreditation requirements.

For everyone: The Google rejection signals management’s confidence in Wiz’s standalone potential. But confidence isn’t a guarantee. The cybersecurity market is competitive, valuations can compress, and hypergrowth companies don’t always sustain their trajectories.

If Wiz does IPO in 2025 or 2026, retail investors will have their chance. The question is whether the IPO price will be higher or lower than today’s secondary market valuations—and whether you’re comfortable waiting to find out.

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Frequently Asked Questions

Can you buy Wiz stock?

No, Wiz is not publicly traded. The company remains private and there is no stock ticker. Accredited investors may access shares through secondary market platforms like Hiive or EquityZen, but retail investors have no direct path to purchase Wiz stock.

Is Wiz publicly traded?

No. Wiz is a private company. The company has indicated plans to pursue an IPO after reaching $1 billion in annual recurring revenue, which management expects could happen in 2025.

How much is Wiz worth?

Wiz was valued at $12 billion in its May 2024 Series D funding round. The company rejected a $23 billion acquisition offer from Google in July 2024, suggesting management believes the company could be worth significantly more as an independent public company.

When will Wiz IPO?

Wiz has not announced a specific IPO date. CEO Assaf Rappaport stated the company is targeting $1 billion ARR before going public, with that milestone potentially reached in 2025. Most analysts expect an IPO in 2025 or 2026, depending on market conditions.

Why did Wiz reject Google’s offer?

CEO Assaf Rappaport and the founding team believe Wiz can achieve a higher valuation as an independent public company. The decision to reject $23 billion signals confidence in Wiz’s growth trajectory and market position in cloud security.

What does Wiz do?

Wiz provides cloud security solutions that help organizations identify and fix vulnerabilities across multi-cloud environments (AWS, Azure, Google Cloud). The company’s platform creates a unified security view across an organization’s entire cloud infrastructure, enabling faster threat detection and remediation.

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Sources

• TechCrunch: “Wiz walks away from Google’s $23B acquisition offer” (July 2024)
• TechCrunch: “Wiz hopes to hit $1B in ARR in 2025 before an IPO” (October 2024)
• TechCrunch: “Wiz acquires Dazz for $450M to expand its cybersecurity platform” (November 2024)
• TechCrunch: “Wiz raises $1B at a $12B valuation” (May 2024)
• SEC: Accredited Investor Definition, Rule 501
• Hiive: Platform documentation
• EquityZen: Platform documentation
• Forge Global: Platform documentation