How to invest in Tanium stock pre-IPO

In the connected world we live in, cyber attacks unfortunately keep growing and evolving. A World Economic Forum survey found that 87% think AI vulnerabilities have increased over the past year, while 77% see cyber-enabled fraud and phishing as having increased.⁴

Yet at the same time, cybersecurity technology also keeps innovating to try to stay ahead of new risks.

Tanium, for example, is an endpoint management and security tool, which helps enterprises gain a handle on all their connected devices like laptops, phones and on-premise servers. Tanium's unique architecture enables endpoints to quickly pass information amongst each other, rather than only to a centralized system.

That structure helps organizations with security tasks like patching vulnerabilities and identifying breaches. Tanium has also evolved into a more comprehensive product that combines IT asset management with more overarching cybersecurity. Now, Tanium offers what it calls an autonomous IT platform, using AI to help integrate endpoint management, exposure management and security operations.¹

While it hasn't always been a straight line forward for Tanium, the company has grown into a major player in the cybersecurity market.⁵ The company has also long been rumored as an IPO candidate, but no definitive plans have been made to go public.⁶

In the meantime, interested accredited investors may be able to invest in Tanium stock pre-IPO through a private marketplace such as Forge, subject to availability and eligibility. Retail investors may also be able to gain indirect exposure through other assets, as this guide examines.

Tanium: Company background

Tanium was founded in 2007, initially in the Bay Area before moving to the Seattle area in 2020.⁷ The company was founded by the father-and-son duo David and Orion Hindawi. Previously, David Hindawi founded another cybersecurity company, BigFix, that his son, Orion, helped out with while in high school. Orion later left college to work there full-time,⁸ before BigFix was sold to IBM in 2010.⁹

While the initial idea for Tanium — where devices talk to one another to pass information along in a chain to identify security risks, rather than communicating with a central node — remains intact, the company has also evolved over the years into a more comprehensive security and IT platform, particularly by leaning into AI automation lately.¹⁰

These AI changes have largely come under current CEO Dan Streetman, who succeeded Orion Hindawi as CEO in 2023.¹¹ Originally, David Hindawi served as CEO, before his son took the role in 2016.¹²

Over the years, the company has built up a roster of many notable customers, ranging from AstraZeneca to Best Buy to the U.S. Department of Defense.¹³

Forge Data as of 09/29/2026

Tanium has raised nearly $500 million across primary funding rounds since starting in 2007. That year, its Series A raised $2 million at a $13.33 million valuation and a $0.03 stock price, which includes investment from EP Executive Press (now CCR Corp). Yet in 2009 the Tanium Series B was a slight down round, raising nearly $1 million from undisclosed investors at a $0.02 stock price and $11.67 million valuation.²

However, the following year, Tanium bounced back with a Series C that raised $1.05 million from undisclosed investors at a $14 million valuation, though the stock price remained $0.02. And in 2011, Tanium's Series D raised another $1.74 million from undisclosed investors, bringing the stock price up to $0.08 and more than tripling its valuation to $45.92 million.²

Three years later, in 2014, Tanium took a big leap forward, raising $90 million from Andreessen Horowitz for its Series E, bringing its stock price to $1.29 and nearly 20X-ing its valuation to $889.77 million.²

In 2015, Tanium's Series F took it into unicorn status, raising $67.29 million, including investment from Andreessen Horowitz and Citi Ventures, which brought its stock price to $2.44 and valuation to $1.75 billion.²

Later that same year, Tanium had another big round, with its Series G pulling in $157.86 million, bringing its stock price to $4.96 and valuation to $3.65 billion. This round included investors such as Andreessen Horowitz, TPG and T. Rowe Price, among others.²

After a nearly five-year stretch, Tanium then raised $150 million for its Series H in 2020, its most recent primary funding round. This took Tanium's stock price to $11.40 and its valuation all the way to $9 billion and included investment from Salesforce Ventures.¹⁴

However, Tanium's Forge Price has since fallen, sitting at $4.71 as of September 29, 2026, a $3.72 billion Forge Price Valuation, which is less than half its last primary funding round valuation.²

Forge Data as of 09/29/2026

Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.

How to invest in Tanium stock

Tanium has not gone public, and as such, its shares are not available to trade via traditional brokerages.

Instead, accredited investors may be able to access shares of some pre-IPO companies like Tanium through secondary market transactions on private marketplaces like Forge, through which existing shareholders such as employees or early investors may sell their holdings. An accredited investor is a person or entity that meets income or net-worth thresholds, or professional criteria, as set by the SEC.¹⁵

However, private market access can come with constraints. Share availability is not guaranteed, and companies often impose transfer restrictions, including a right of first refusal (ROFR) that lets the company or existing investors buy shares before an outside buyer can when an existing shareholder tries to sell. Private company shares are also typically illiquid, especially compared to public market securities, and valuations can be uncertain.

To learn more about pre-IPO opportunities, explore our buyer's guide to investing in private market shares or our comprehensive pre-IPO investing guide. Eligible investors can also create a free account on Forge to explore available private market investment opportunities.

Tanium IPO outlook

Tanium has long been rumored as an IPO candidate, though it has not announced a timeline or filed to go public, and it remains privately held. In years past, Tanium hired a new CFO to explore a potential IPO,²⁰ but later reporting suggested employee skepticism over whether the CEO at that time, Orion Hindawi, would ever take the company public.¹⁹

In an interview at the end of 2024 on a Kleiner Perkins podcast, Tanium's CEO Dan Streetman (who replaced Hindawi in 2023) said it generally makes sense to go public at some point, but that the company is in no rush, in part based on having plenty of free cash flow and reserves.³

The company remains an IPO candidate, but it has reportedly experienced employee and executive turnover in recent years amid the uncertainty.²¹ You can keep up with developments on the Tanium IPO page on Forge.

Potential indirect exposure to Tanium for non-accredited investors

While retail investors may be able to invest in Tanium if it eventually goes public, for now, direct pre-IPO investment in Tanium is generally limited to accredited investors. However, there are publicly available investment options that may provide thematic or indirect exposure to broader trends around security, AI and other areas of tech, which could, in turn, impact companies like Tanium.

Some examples include investing in publicly traded cybersecurity companies, which could be either broad-based ones or firms that focus on areas that overlap more with Tanium, such as endpoint security. Another option could be to invest in IT infrastructure companies, though many of these service providers are broadly diversified tech companies whose performance potentially depends on many different types of client segments. To that point, retail investors might choose to allocate to diversified tech ETFs or mutual funds, or more thematic IT-based ones, though these still may provide exposure to a different set of market segments and factors than Tanium's more niche focus.

How to analyze Tanium stock

Private companies generally do not face the same disclosure requirements as public companies, which can make analyzing Tanium stock challenging.

However, you can look at the financial data that has been publicly reported. For example, in 2024, Tanium surpassed $700 million in annual recurring revenue, and it was profitable on an EBITDA basis, with over 10% cash flow margins.¹⁶ In comparison, for fiscal year 2019, its revenue was closer to $430 million.¹⁷

Investors might then compare what has been reported about Tanium versus similar disclosed data from private market tech companies. That, combined with reviewing Tanium's valuation data across its funding rounds and its current Forge Price, could help investors determine how Tanium's stock compares to similar private companies listed on Forge's private stock marketplace.

Seeing how other tech companies are trading on Forge could help you determine what seems like a fair valuation for Tanium. There also might be some parallels to draw with public market cybersecurity and other tech companies.

Still, even when looking at what Tanium has disclosed and the real-time pricing insights on Forge, private market stocks are generally more opaque than public market ones. So, there can be more subjectivity involved in analyzing Tanium stock, along with the valuations of other private market companies.

Potential risks of investing in pre-IPO Tanium stock

Investing in a private, pre-IPO company like Tanium involves risks that can affect company performance, valuation, liquidity and potential investment outcomes. The factors below provide general context for that risk, but investors should conduct their own due diligence before making any investment decision:

• Company-specific risk. Tanium's growth, valuation and IPO prospects depend on execution in a fast-moving cybersecurity market. It also remains to be seen how the company's pivot into more AI-focused areas of IT management will be received and whether Tanium can capitalize on AI demand to drive financial performance.
• Competitive pressure. Tanium competes with large public players such as CrowdStrike, SentinelOne and Microsoft, which could affect its market position over time.
• Limited liquidity and transfer restrictions. Private shares can be difficult to sell, and transfers are often subject to company approval and other restrictions.
• Valuation uncertainty. Private companies generally disclose less than public companies, so valuations can be subjective and change quickly. Tanium's Forge Price valuation has fallen to less than half its 2020 Series H valuation.²
• Loss of capital. As with any investment, and especially with speculative pre-IPO holdings, investors could lose some or all of their capital.

Get started investing in Tanium on Forge

If you are interested in investing in Tanium before a potential IPO if/when shares become available, eligible investors can open a free Forge account. Once your account is active and your accreditation is verified, you may gain access to real-time private market data, context-rich insights and a marketplace built for self-directed investors.

Not sure where to begin? You can read our buyer's guide to investing in private market shares. And if questions come up along the way, Forge's experienced specialists are available to support you.