Illumio Upcoming IPO: Potentially securing path to the public market

The cybersecurity market has been making headlines lately, such as with SailPoint going public in February 2025 at a nearly $13 billion valuation⁴ and Google announcing its $32 billion acquisition of Wiz in March 2025.⁵ While Wiz was an IPO candidate before being acquired, several other private cybersecurity companies remain in the potential IPO pipeline, including Illumio.⁶

Although no specific IPO plans have been announced, Illumio, which had its last primary funding round with its Series F in 2021,⁷ has been suggested as one of the cybersecurity companies that could soon hit the public market.

In April 2025, an article by Merritt Maxim, VP, research director at Forrester, pointed out that Illumio's last funding round — valuing the company at $2.75 billion⁸ — was led by private equity firm Thoma Bravo, which "has a good track record of taking cybersecurity companies into the public markets."⁹

Illumio: Company background

Illumio, based in Silicon Valley, was founded by Andrew Rubin and PJ Kirner in 2013.10 The company focuses on breach containment across different environments such as the cloud and data centers.¹¹

Both Rubin and Kirner came from another cybersecurity firm, Cymtec. While Rubin still serves as CEO of Illumio,¹² Kirner has moved on to co-found another company, but he remains a strategic advisor to Illumio.¹³

Zero trust, fast growth

Illumio's platform works by using a zero-trust model, which means that no devices, users, or anything else within a network are inherently trusted. Instead, a zero-trust framework requires regularly verifying identities and continuously monitoring for threats. Meanwhile, zero trust is built on the idea that breaches are inevitable, so a platform like Illumio enables microsegmentation, where different parts of the network are essentially walled off from each other. That way, if a breach occurs, the attacker can't easily access the whole network but instead is more contained.¹⁴

This approach has proven successful for Illumio in the sense that the company has experienced fast growth. For its fiscal year ending January 2022, the company grew total revenue by 60%, with 27 customers hitting over $1 million in annual recurring revenue.¹⁵

For the fourth quarter of the following fiscal year, ending January 2023, Illumio hit record top-line metrics, including bookings reaching over $100 million.¹⁶

While more recent data is scarce, Illumio apparently has plans to continue expanding globally, such as with CEO Rubin telling The Channel Company in a February 2025 article that the company wants to be in every region (but not necessarily every country) of the world and is trying to build out a partner strategy where its channel revenue accounts for as close as possible to 100% of its revenue.¹⁷

Illumio stock price history

At this time, lllumio's Forge Price is unknown, aside from its $6.27 price per share from its last funding round in 2021. The company's implied stock price has made significant jumps throughout its funding history, such as a $0.12 stock price from Illumio's Series A, to a $3.21 price per share from its Series C, and a $4.37 price per share from the Illumio Series E.¹⁸

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 the order book on Forge marketplace.

Illumio funding history and private market valuation

Illumio has raised over $550 million across its Series A through Series F.¹⁹

Illumio's Series A came in 2013, when it raised nearly $8 million at a $16.25 million valuation, with investment from Andreessen Horowitz.²⁰ Later that year, the Illumio Series B raised $34.5 million at a $131.75 million valuation, with investors such as General Catalyst Partners and Formation 8 Partners joining in.²¹

In 2015, Illumio's valuation jumped to just shy of $1 billion, raising $81.86 million, with investment from BlackRock and several others. Two years later, Illumio's Series D raised over $125 million at a $1.17 billion valuation, with investors such as J.P. Morgan Asset Management joining in. In 2019, Illumio's Series D also included investment from J.P. Morgan Asset Management, raising over $65 million at a $1.72 billion valuation.²²

Illumio's most recent primary funding round came in 2021, when its Series F raised over $236 million at a $2.75 billion valuation, with investment from companies such as Thoma Bravo and Franklin Templeton.²³

Looking ahead

While Illumio does not have any clear IPO plans at this time, it remains a closely watched IPO candidate.

Check back here or take a look at Forge’s upcoming IPO calendar to stay in the loop about the Illumio IPO and other pending public offerings.

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