Wiz
B2B SaaS subscription priced on cloud workloads scanned; agentless API-based deployment; land-and-expand into Fortune 500/100 enterprises; sold direct and via AWS/Azure/GCP marketplaces; now a Google Cloud business unit retaining its own brand
Now part of Google — $32B all-cash (Alphabet) · public-market exposure via GOOGL
Terminal event, not a round: the 2026-03 point is Alphabet's 100% all-cash purchase of existing shares (announced 2025-03-18 at $32B after Wiz rejected a $23B offer in mid-2024). No further standalone marks will exist; value now accrues inside GOOGL's Google Cloud segment.
Earnings, margins, COGS & capex
Wiz was among the fastest software companies ever to $100M ARR (~18 months from 2020 launch, reached Aug 2022) and to $500M (confirmed Oct 2024), surpassing $1B ARR by the March 2026 deal close. All figures are company-disclosed ARR, not audited GAAP revenue - Wiz never filed an S-1 despite stating $1B ARR was its IPO prerequisite after rejecting Google's $23B offer in mid-2024. Profitability was never disclosed; the company was heavily invested in go-to-market growth. Post 2026-03-11 close, Wiz results consolidate into Alphabet's Google Cloud segment and will not be separately reported in detail.
Income statement — where each revenue dollar goes
% of revenueOf every $1 of revenue, ~25¢ is cost of goods and ~75¢ operating expense, leaving ~0¢ of operating profit.
Revenue trend
Margins
agentless scanning model implies cloud-compute-heavy COGS; public SaaS security peers 75-80%
presumed negative to breakeven given GTM investment pace - never confirmed
COGS structure
Primarily cloud infrastructure compute for agentless snapshot scanning of customer environments across AWS, Azure, and GCP, plus customer support and cloud-marketplace fees. Never publicly broken out.
Capex
Minimal - no owned data centers; runs on hyperscaler infrastructure. Not disclosed.
Latest earnings
n/a
None standalone. Google stated Wiz keeps its brand and multi-cloud commitment inside Google Cloud.
- ARR at close
- $1B+ (company-stated, not audited)
- Fortune 100 penetration
- ~50% (Google/company-stated at close; 40% as of May 2024)
- Employees
- ~1,800 (holding equity valued at roughly $3B at close, per Calcalist)
- Retention pool
- $1B-$1.5B cash+stock over ~3 years (press-reported range; not Google-confirmed)
- Acquisition multiple
- ~32x ARR ($32B / ~$1B ARR)
- Total venture funding
- ~$1.9B across Series A-E (Dec 2020 - May 2024)
Growth drivers
- Cloud workload growth — every new customer VM/container/serverless function expands the billable scanning surface
- CNAPP consolidation — enterprises collapsing point tools into fewer platform vendors favors the category leaders
- AI-security attach: Wiz AI-SPM (AI security posture management) rides enterprise GenAI deployment
- Fortune 100 penetration ~50% at close (40% as of May 2024), with land-and-expand into DSPM, CIEM, runtime (Wiz Defend) and code (Wiz Code) modules
- Post-acquisition: Google Cloud's global salesforce and installed base as a distribution multiplier
Bull & bear
Bull case (expressed through GOOGL, the only public vehicle): Wiz gives Google Cloud a best-in-class security platform at the exact moment security is a top cloud buying criterion, accelerating GCP enterprise share gains potentially worth more than the $32B paid.
- Security is the wedge Google Cloud lacked: Wiz + Mandiant + Google Security Operations (Chronicle) assembles a credible end-to-end security portfolio against Microsoft's, potentially swinging multi-billion-dollar cloud commitments
- Wiz roughly doubled ARR from $500M (Oct 2024) to $1B+ by close despite 12 months of deal limbo - if Google distribution sustains even 40-50% growth, the ~32x ARR entry multiple compresses toward peer-level (PANW/CRWD trade roughly 10-15x forward revenue) within 2-3 years
- Regulators cleared the deal unconditionally worldwide (DOJ early termination Nov 2025, EC Feb 2026, plus Australia, Israel, Saudi Arabia, South Africa, Turkiye) - no structural remedies weakening the asset
- CNAPP consolidation tailwind: Wiz grew fastest among major CNAPP vendors (+105% y/y in Q1-2024 per SDxCentral) before gaining Alphabet's resources
- Founder retention (Rappaport continues leading Wiz inside Google Cloud) plus the press-reported $1B-$1.5B retention pool protects the execution engine
Bear case: Google paid a record ~32x ARR for a business whose core asset - trusted neutrality across AWS/Azure/GCP - is partially eroded by the acquisition itself, while competitors weaponize the ownership change.
- Most Wiz-scanned workloads run on AWS and Azure; those hyperscalers and their committed customers now have reason to favor neutral or house alternatives, and rivals are actively marketing 'independent CNAPP' positioning
- ~32x ARR is roughly double where premier public cyber names trade on forward revenue; even flawless execution needs years of hypergrowth just to grow into the price
- Wiz's profitability was never proven - Alphabet absorbed a heavy-GTM-spend machine whose economics are invisible to shareholders inside the Cloud segment
- Post-payout attrition: ~1,800 employees held roughly $3B in equity at close; history says founder-led intensity often fades inside a $2T+ parent
- Integration drag: Google must keep Wiz multi-cloud (to preserve revenue) while wanting GCP differentiation (the deal rationale) - these goals conflict in roadmap decisions
- For a GOOGL holder, $32B is on the order of 1% of market cap - even a great Wiz outcome barely moves the needle, while a botched one adds a distraction
What it is worth
Transaction price is the definitive mark: $32B all-cash (announced 2025-03-18, closed 2026-03-11) = ~32x company-stated ~$1B ARR. Reference path: $12B private valuation on the $1B round (May 2024) -> $23B Google offer rejected (mid-2024) -> $32B agreed (Mar 2025). No further standalone marks will exist; forward value accrues inside GOOGL's Cloud segment.
Neutrality erosion + talent attrition cut growth to 15-20% while Microsoft bundling compresses pricing -> ~$1.5B ARR by 2028 at 8-10x = $12-15B - a Fitbit-style write-down narrative, absorbed invisibly inside Alphabet
Growth moderates to 30-40% with modest neutrality churn -> ~$2-2.5B ARR by 2028; implied ~$25-35B at 12-14x - Google roughly earns its cost of capital
Wiz sustains 40-60% growth on Google distribution -> ~$3-4B ARR by 2028; at peer 12-15x, implied value $36-60B - the deal grows into and beyond its price, plus a GCP share-gain halo
~32x ARR is roughly double the forward-revenue multiple of premier public cyber platforms (PANW, CRWD ~10-15x), i.e. Google paid for scarcity and strategic fit, not comps. Any future 'valuation' of Wiz is an attribution exercise on Google Cloud growth/margin. Exposure is only via GOOGL; this dossier is context, not financial advice.
SWOT
Strengths
- Category-defining agentless CNAPP architecture — deploys in hours via cloud APIs vs weeks for agent-based rivals
- Wiz Security Graph correlates misconfigurations, vulnerabilities, secrets, and identity into prioritized attack paths - the product's core differentiator
- One of the fastest SaaS growth curves ever to $500M ARR; ~50% of Fortune 100 as customers at close
- Founding team (Rappaport, Luttwak, Costica, Reznik) with prior exit (Adallom to Microsoft, 2015) and Israeli Unit 8200 pedigree
- Now backed by Alphabet's balance sheet, Mandiant threat intelligence, and Google Cloud distribution
Weaknesses
- Profitability never demonstrated publicly - growth was venture-subsidized; unit economics undisclosed
- Runtime/endpoint protection historically thinner than CrowdStrike's agent-based depth; Wiz Defend is newer
- Ownership by one hyperscaler strains the multi-cloud neutrality pitch that built the business (most Wiz-scanned workloads sit on AWS and Azure)
- Integration and retention risk — ~$3B of employee equity just liquidated; the press-reported $1B-$1.5B retention pool signals flight risk
- No standalone financial transparency going forward - results folded into Google Cloud segment
Opportunities
- Cross-sell into Google Cloud's enterprise base and bundling with Mandiant + Google Security Operations
- AI-security (AI-SPM, securing GenAI pipelines) is a greenfield attach motion
- CNAPP vendor consolidation favors the share-gaining leader over stitched-together suites
- Federal/regulated-industry expansion with Google compliance machinery
- Code-to-cloud expansion (Wiz Code) into the DevSecOps toolchain
Threats
- AWS- and Azure-committed customers may churn to neutral vendors (Palo Alto, CrowdStrike, Orca) now that Wiz is Google-owned
- Microsoft bundles Defender for Cloud into E5/Azure economics — Palo Alto and CrowdStrike price aggressively to blunt Wiz momentum
- Talent attrition after the largest cyber-M&A payout in history
- Google's mixed acquisition track record (Nest, Fitbit) - value-destruction risk if Wiz autonomy erodes
- Cloud-security spend is not immune to macro IT budget compression
Moats, dependencies & bottlenecks
Moats
Hours-to-deploy via cloud APIs built the land motion; rivals (Orca from inception, PANW/CRWD via agentless modes) have narrowed but not closed the gap
Graph contextualization across misconfig/vuln/identity/secrets is the hardest capability to replicate and drives prioritization quality
~50% of Fortune 100 at close; but the brand was built on neutrality now qualified by Google ownership
CNAPP embeds in security workflows and CI/CD, but agentless deployment cuts both ways - it also lowers rip-and-replace friction vs agent-based platforms
Google Cloud salesforce, marketplace, and Mandiant intel are new structural advantages if integration holds
Dependencies
Strategy, budget, brand autonomy, and neutrality credibility all now depend on Google's restraint
Agentless scanning requires competitors' cloud APIs staying open and performant; a large majority of the scanned estate sits on rival clouds
The press-reported $1B-$1.5B retention pool exists precisely because this risk is real post-$32B payout
distribution channel Marketplace co-sell on rival clouds may cool now that Wiz is Google-owned
Core engineering concentrated in Tel Aviv; geopolitical tail risk
Advantages
- Fastest deployment in the category (agentless, API-based, hours not weeks)
- Best-regarded risk prioritization via Security Graph - cuts alert fatigue that plagues Prisma Cloud
- Unified single-platform codebase vs competitors' acquisition-stitched suites
- Now pairs the leading-growth CNAPP with Mandiant IR/threat-intel and Google-scale infrastructure
- Deep Fortune 100 references create top-down enterprise pull
Weaknesses
- Perceived loss of vendor neutrality on AWS/Azure estates
- No disclosed profitability track record; economics opaque inside Alphabet
- Younger runtime/EDR-adjacent capabilities vs CrowdStrike
- Premium pricing invites displacement attempts in budget-constrained accounts
- Post-acquisition organizational churn risk
Bottlenecks
- Maintaining multi-cloud product parity (AWS/Azure feature velocity) while owned by GCP
- Runtime protection depth vs agent-based incumbents - Wiz Defend must mature to defend the platform claim
- Enterprise security-review cycles for customers reassessing vendor risk post-acquisition
- Integration bandwidth: merging with Mandiant/Google SecOps without stalling the Wiz roadmap
Top signals & trends
Top signals
No remedies; full asset delivered to Alphabet
Growth held through 12 months of deal limbo - a strong execution tell
Generous but signals acute flight risk Google itself priced in; figures are press reports, not Google-confirmed
Share gains against the revenue leader pre-dated Google's help
Watch Wiz logo churn on AWS/Azure-committed enterprises through 2026-2027
Autonomy promises are cheap; roadmap actions over the next 4 quarters are the real signal
Trends
Enterprises collapsing point tools into fewer vendors favors the category leaders
New attach surface where Wiz moved early; amplified by Google's AI stack
Validates the space but converts neutral vendors into ecosystem combatants
Market wants both; Wiz strong on agentless, still building runtime credibility
Strategic scarcity value for remaining independent platforms lifts the whole comp set
Ecosystem & competitor graph
Suppliers feed the company; customers pull from it. Line thickness shows the strength of each tie (supply-chain dependency, customer earnings contribution). Hover to isolate a tie.
Parent and primary infrastructure; also supplies Mandiant threat intelligence
Largest cloud Wiz scans - simultaneously platform dependency and parent-level competitor
Second major scanned platform; API access dependency and rival
Fortune 100 enterprises (~50% penetration at close) Named customers have included Morgan Stanley (MS), Salesforce (CRM), BMW, Mars, DocuSign (DOCU), LVMH
Flagship financial-services reference
Large-scale multi-cloud SaaS estate; Salesforce Ventures was also a Wiz investor
CNAPP revenue-share leader (17% in Q1-2024 per SDxCentral) with broad code-to-cloud suite, but stitched from acquisitions and losing growth share to Wiz
Leverages incumbent Falcon agent footprint; strongest runtime story and natural consolidation choice for its EDR base
Bundled into Azure/E5 economics; good-enough security at near-zero marginal cost is the structural price threat
Private; the other agentless-first CNAPP pioneer, positioning as a neutral alternative to Google-owned Wiz
Acquired Lacework's CNAPP assets in 2024 at a fraction of Lacework's prior $8.3B peak valuation; broad firewall installed base to cross-sell
Cloud security attach to its EDR platform; sub-scale in CNAPP but price-aggressive
Exposure-management angle on cloud posture; competes at the CSPM/CIEM layer
Private container/runtime-security specialists competing at the workload-protection layer