[size=18pt]Cybersecurity IPOs 2025 – August Update[/size]
Key Takeaways
- TAC InfoSec filed for a $30 million U.S. IPO on 19 August 2025, becoming the first Indian‑based pure‑play cyber‑defence firm to list in 2025.
- Israeli cloud‑security leader Cato Networks confidentially submitted paperwork to the SEC this week, targeting a valuation above $5 billion, according to Bloomberg.
- Endpoint‑protection specialist Arctic Wolf revived its 2023 filing and updated its prospectus on 14 August 2025, signaling a Q4 launch window.
- Developer‑first security unicorn Snyk hired Goldman Sachs and Morgan Stanley to lead a long‑anticipated float that could exceed $7 billion, sources told Reuters on 15 August 2025.
Market Context
The Renaissance IPO Index is up 22 % YTD, outpacing the S&P 500 (+14 %). Cybersecurity remains one of the fastest‑growing tech verticals, with Gartner projecting global security spending to hit $219 billion in 2025 (+14 % YoY).
Why 2025 Is Different
- Higher valuations are being accepted again as the Fed signals the end of its tightening cycle.
- Cyber incidents such as the MOVEit breach keep security budgets ring‑fenced even in cost‑conscious environments.
- The Biden Administration’s National Cybersecurity Strategy continues to funnel federal contracts toward zero‑trust vendors.
Company Snapshots
TAC InfoSec (Proposed ticker: TACX)
The Delhi‑based company focuses on blockchain threat intelligence for Web3 projects. FY 2024 revenue grew 42 % to ₹1.1 billion ($13.2 million) while net margin turned positive at 5 %.
Cato Networks
Privately valued at $3 billion in 2023, Cato’s secure access service edge (SASE) platform now protects 3,000+ enterprises. The company crossed the $200 million ARR milestone in June 2025.
Arctic Wolf
With ARR of $350 million and a 120 % net‑revenue‑retention rate, Arctic Wolf is positioning itself as the “CrowdStrike for mid‑market.” Expect its roadshow to kick off in late October.
Snyk
Developer‑first security remains white‑hot. Snyk’s management said in a recent webinar that the firm surpassed 4 million developers on its platform and expects 30 % ARR growth this year.
Risks to Monitor
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[*]IPO window could shut quickly if Treasury yields spike above 5 %.
[*]Cyber valuations remain sensitive to breach headlines (see Okta 2023).
[*]Lock‑up expirations may create post‑listing volatility.
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Bottom Line
Cybersecurity IPOs are finally thawing after a two‑year drought. Investors who missed CrowdStrike (CRWD) and Zscaler (ZS) in their early days now have a fresh pipeline of high‑growth names to analyze. Keep TACX, CATO and SNKY on your watch‑list as we head into the busiest part of the IPO calendar.
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[small]This article reflects publicly available information as of 19 August 2025 and is intended for educational purposes only.[/small]