Cloud security startup Wiz has reached a significant milestone, hitting $500 million in annual recurring revenue (ARR), with plans to double that to $1 billion by 2025. This goal is a prerequisite for the company's initial public offering (IPO), which was promised to employees when Wiz walked away from acquisition talks with Google last summer at a $23 billion price tag.

Wiz's rapid growth is a testament to the company's success, having already claimed the title of the fastest startup to reach $100 million ARR in just 18 months after its launch in 2020. With a strong financial foundation, having raised $1 billion in May at a $12 billion valuation, Wiz is well-positioned to continue its upward trajectory.

The company's expansion into the U.K. with a new London office further solidifies its growth prospects, particularly in the cloud security market, which is expected to reach over $30 billion in global spending this year.

If Wiz achieves its $1 billion ARR goal, it could be poised for a record-breaking IPO, following in the footsteps of Snowflake's successful debut in 2020.