The Israeli IPO Class of 2027
Armis, VAST Data, Cato Networks, Snyk, Rapyd, Lendbuzz, and the rest. The Olam Annual Franchise — ranking the private Israeli companies most likely to lead the next wave of public listings.
The companies most likely to lead Israel's next wave of public listings.
Armis. VAST Data. Cato Networks. Snyk. Rapyd. Fireblocks. Tipalti. Yotpo. Lendbuzz. Inside Israel's most closely watched IPO pipeline heading into 2027.
Israel's Pipeline, Rebuilt
The Israeli technology ecosystem is leaving its strangest two years behind. From 2022 through 2024, the IPO window for global growth companies was effectively closed. From 2025 onward, it cracked open — but selectively, and only for the kind of company that could prove the basics: predictable growth, real unit economics, category leadership, and the operational maturity to file the prospectus without flinching.
What did open absorbed the obvious names first. Navan listed in late 2025. eToro listed. Via listed. Wiz exited to Google for $32 billion in March 2025 — the largest cash acquisition of a private cybersecurity company on record. CyberArk continued its public market run. The result is a pipeline that looks lighter than the 2021 list of “40 Israeli unicorns who will IPO any minute” — but heavier in the names that survived the reset.
The IPO Class of 2027 is the cohort that has done the work. They cut costs in 2023. They restructured in 2024. They proved annual recurring revenue numbers north of $250 million in 2025. They hired CFOs from companies that had already taken the journey. They raised pre-IPO secondary rounds at calibrated valuations — not aspirational ones. And they spent the last two years building toward a window most observers now believe will widen meaningfully in late 2026 and through 2027.
The macro setup helps. Rate expectations have stabilized. SaaS multiples have rebuilt off 2023 lows. Fintech has re-rated as compliance and embedded finance categories matured. Cybersecurity continues to trade at a structural premium. And the AI premium — applied with real discrimination by the time it reaches public markets — has lifted infrastructure and data-layer companies into a new valuation tier. Public investors, having missed the private-market run on AI infrastructure names from 2023 to 2025, are screening hard for the companies that can list.
This is not a forecast. It is a map.
What follows is the Olam Israeli IPO Pipeline Index for 2027 — a ranking of the private Israeli and Israeli-founded companies most likely to pursue public listings over the next eighteen to twenty-four months. The companies are tiered by IPO readiness as measured by revenue scale, valuation calibration, governance posture, prospectus activity, and management signaling. Each profile includes an IPO readiness score, a likely venue, and a candid view of what could delay the listing.
Three patterns run through the list.
First — the cybersecurity sector is still the spine of the pipeline. Armis, Cato Networks, Snyk, and the longer tail of cyber names dominate the top tier. Even after the Wiz exit and the CyberArk arc, Israel's cybersecurity stack remains the most reliable producer of $250M+ ARR private companies in any vertical, anywhere.
Second — AI infrastructure has rewritten the top of the ranking. VAST Data did not exist as a meaningful IPO candidate in any conversation eighteen months ago. It now leads the list by valuation, by revenue trajectory, and by stated IPO readiness. The AI premium is real, and it is concentrated in a small number of companies that have built the data-layer infrastructure underneath the model layer.
Third — fintech remains underwater relative to 2021 expectations. Rapyd, Tipalti, and Fireblocks all peaked at $8 billion or higher in 2021 and 2022. None of them are listing at those numbers. The question is whether 2027 produces public-market re-rating high enough to make the IPO accretive, or whether the strategic sale path — the one Papaya Global is now openly walking — claims more of the cohort than founders publicly admit.
Olam Israeli IPO Pipeline Index 2027 — At a Glance
| Companies tracked | 13 (across three tiers) |
|---|---|
| Combined estimated private valuation | ~$75–85 billion |
| Estimated combined ARR | ~$2.0–2.5 billion |
| Top represented sectors | Cybersecurity (5), Fintech (4), AI Infrastructure / Data (2), Commerce SaaS (1), Creative AI (1) |
| Most likely listing venue | Nasdaq (dominant); selective dual-list discussions for fintech |
| Largest likely offering candidate | VAST Data — currently valued at $30 billion private |
| Most advanced filing | Lendbuzz — S-1 filed September 2025 |
| Most likely strategic sale path instead | Papaya Global ($3.5–4.5B sale talks) |
Note on methodology: Valuations reflect most recent disclosed primary or secondary rounds. ARR ranges reflect company disclosures, investor commentary, and reported market estimates. This is a private-market readiness index — not investment guidance and not a forecast of timing.
Tier 1 — Most Likely to List in 2027
The six companies in Tier 1 share three traits: ARR scale above $250 million, valuation calibration that survives public-market scrutiny, and either a filed prospectus or unambiguous public signaling from the CEO. If the IPO window holds, this is the cohort that walks through it.
1. VAST Data
| Sector | AI Infrastructure / Data Platform |
|---|---|
| Founded | 2016 |
| Headquarters | New York / R&D in Israel |
| Latest valuation | $30 billion (Series F, March/April 2026) |
| Estimated ARR | $500–600 million; profitable, $100M+ cash per quarter |
| Last major round | ~$1 billion Series F led by Drive Capital and Access Industries |
| Key investors | Drive Capital, Access Industries, CapitalG, NVIDIA, Goldman Sachs |
| Likely listing venue | Nasdaq |
| IPO readiness score | 10 / 10 |
Why it could go public
No private Israeli company currently sits closer to a flagship technology IPO than VAST Data.
VAST has done every operational thing a company does before listing. It hired Amy Shapero — the CFO who took Shopify from $700 million to $6 billion in revenue — back in 2024. It is profitable. It is generating over $100 million in cash per quarter. Its Series F closed at $30 billion in early 2026, more than tripling its 2023 mark. CEO Renen Hallak has publicly confirmed that IPO readiness is the target by year-end 2026.
The strategic posture is also unusual: VAST does not need the money. The Series F was as much a calibration of the public-market starting line as it was a capital event. With NVIDIA as a co-development partner, and AI infrastructure budgets compounding through 2026, VAST enters 2027 as the single largest pure Israeli IPO candidate on the board — and arguably the most important AI infrastructure listing globally outside of a hyperscaler. The center of gravity in the 2027 class is here.
What could delay it
VAST has the rare problem of being too valuable to list cleanly. A $30 billion offering at the high end requires a depth of public-market appetite for AI infrastructure that 2025 listings did not fully test. A pre-IPO down round — even a flat one — would damage the narrative. The likeliest delay scenario is a tactical wait through the first half of 2027 to let the public AI-infrastructure cohort mature.
2. Armis
| Sector | Cybersecurity / Exposure Management |
|---|---|
| Founded | 2016 |
| Headquarters | Tel Aviv / U.S. |
| Latest valuation | $6.1 billion (Goldman Sachs Alternatives-led round, November 2025) |
| Estimated ARR | $300 million+ as of late 2025; targeting $500M by end of 2026 |
| Last major round | $435M pre-IPO funding round |
| Key investors | Goldman Sachs Alternatives, CapitalG, Insight Partners, Brookfield, General Catalyst, Evolution Equity |
| Likely listing venue | Nasdaq |
| IPO readiness score | 9 / 10 |
Why it could go public
Armis is the revenue-momentum story of the cohort. CEO Yevgeny Dibrov has done what most pre-IPO founders refuse to do — he has stated the timing publicly. At the Globes Investments Conference in late 2025, Dibrov said end of 2026 was the right window. The November 2025 $435 million pre-IPO round, led by Goldman Sachs Alternatives, was structured for exactly that path. Armis crossed $300 million in ARR and is targeting $500 million as the right scale for the offering. Growth is reported at 55% annually.
The business case is unusually clean. Armis sits in the exposure management category — the layer of cybersecurity that scales with every connected device, OT environment, and medical asset an enterprise adds. The customer book is enterprise-scale by definition: the U.S. Postal Service, United Airlines, Colgate-Palmolive, Mondelez. The acquisition history — Silk Security, Autorio, Otorio — has been bolt-on accretive rather than dilutive. This is the pure enterprise-scale + revenue-velocity case in the 2027 cohort.
What could delay it
Armis has openly fielded acquisition offers. Thoma Bravo was reported to be in $5 billion buyout discussions before the company chose the pre-IPO path. If a strategic buyer returns at a number that materially exceeds the projected public-market valuation, the founders may pivot. The IPO path is the stated preference — but it is not the only viable exit.
3. Cato Networks
| Sector | Cybersecurity / SASE |
|---|---|
| Founded | 2015 |
| Headquarters | Tel Aviv |
| Latest valuation | ~$4.8 billion (Series G extension, September 2025) |
| Estimated ARR | $300+ million (crossed threshold in late 2025) |
| Last major round | $50 million Series G extension; $409M total Series G |
| Key investors | Lightspeed, Greylock, Aspect Ventures, Coatue, Adams Street, Softbank Vision Fund |
| Likely listing venue | Nasdaq |
| IPO readiness score | 9 / 10 |
Why it could go public
If Armis is the velocity story, Cato Networks is the category-leadership story. Cato is the cleanest pure-play SASE listing candidate in the world. Founder Shlomo Kramer — a Check Point co-founder and one of the most decorated entrepreneurs in Israeli technology — has spent close to a decade preparing the company for a public listing, longer than most Tier 1 founders on this list. The board now includes Eyal Waldman, founder of Mellanox, and Gili Iohan, former CFO of public cyber company Varonis. The September 2025 acquisition of Aim Security signaled both AI-security expansion and the kind of inorganic story line public investors reward.
Cato crossed $300 million in ARR in the second half of 2025. Kramer has publicly targeted a $3 billion-plus offering; secondary marks suggest the floor will be meaningfully higher by the time the company files. This is long-duration founder preparation in its purest form — and SASE as a category gives Cato the public-market vocabulary that did not exist when it first started building.
What could delay it
SASE as a category is consolidating around fewer winners. Palo Alto Networks, Zscaler, and Cisco are all competing aggressively in the same buyer conversation. A delay scenario involves either a strategic offer at a premium to Cato's likely IPO band — or a deliberate decision to push to 2028 to widen the gap from the public competitor set.
4. Snyk
| Sector | Cybersecurity / Developer Security |
|---|---|
| Founded | 2015 |
| Headquarters | Boston / Tel Aviv R&D |
| Latest valuation | $7.4 billion (down from $8.5 billion peak) |
| Estimated ARR | Believed to be north of $300 million |
| Key investors | Accel, Tiger Global, Coatue, BlackRock, Stripes, Boldstart |
| Likely listing venue | Nasdaq |
| IPO readiness score | 8 / 10 |
Why it could go public
Snyk has been working on an IPO prospectus for more than a year. The company restructured aggressively in 2023 and 2024, including layoffs that reset its cost base and improved its margin profile. Developer-first security remains a category that public investors understand and are willing to underwrite — Snyk is the largest pure-play in that category. A 2027 listing is widely expected if the public-market window for cyber holds.
What could delay it
The $7.4 billion private mark may not survive intact in a public offering. Snyk's likeliest delay scenario is a calibrated down-round IPO that founders and existing investors find acceptable — or a longer hold to grow into the valuation. Strategic buyers also remain in the picture; the developer security category has consolidation logic that has not played out yet.
5. Rapyd
| Sector | Fintech / Global Payments Infrastructure |
|---|---|
| Founded | 2016 |
| Headquarters | London / Tel Aviv R&D |
| Latest valuation | $4.5 billion (reset from $15 billion peak) |
| Estimated ARR | Reported to sit in the $250M+ ARR cohort |
| Key investors | General Catalyst, Tiger Global, Target Global, Spark Capital, Stripe, BlackRock |
| Likely listing venue | Nasdaq; London dual-list under discussion |
| IPO readiness score | 7 / 10 |
Why it could go public
Rapyd’s IPO question is no longer whether it can list. It is at what valuation the market will let it list.
CEO Arik Shtilman has stated publicly — for years — that the company is on an IPO path and is simply waiting for the right window. The 2025 valuation reset, painful as it was, may finally make the offering viable. Public-market payment infrastructure names have re-rated through 2025 and into 2026. The acquisition of PayU's GPO business in 2023 gave Rapyd the scale and geographic footprint of a genuinely global payments infrastructure platform.
What could delay it
Rapyd's valuation history is its biggest drag. Going public at any number below $6–7 billion creates an awkward narrative for early investors and employee shareholders. The fintech multiple environment also remains weaker than software multiples — the company may wait for further re-rating, or pursue a dual-listing structure to access different investor pools.
6. Lendbuzz
| Sector | Fintech / Auto Finance |
|---|---|
| Founded | 2015 |
| Headquarters | Boston / Tel Aviv R&D |
| Latest valuation | $1+ billion (private); targeting ~$1.5 billion at IPO |
| S-1 status | Filed September 2025; ticker LBZZ |
| Key investors | MUFG, Goldman Sachs, Wellington, 83North, O.G. Venture Partners, Mivtach Shamir |
| Likely listing venue | Nasdaq |
| IPO readiness score | 10 / 10 (filed) |
Why it could go public
Lendbuzz is the most operationally advanced name on this list. The company filed its S-1 with the SEC in September 2025 and is positioned to complete the offering on its own timeline — pending SEC review and market conditions. The business model is straightforward: AI-driven auto-finance underwriting for consumers underserved by traditional credit scoring, distributed through more than 2,100 U.S. car dealerships.
The reason it sits at $1.5 billion rather than $5 billion is not weakness — it is category. Auto-finance fintech does not trade at software multiples. But Lendbuzz brings real revenue, real loan book performance data, and the kind of credit-cycle resilience public investors now demand. It is the most likely Israeli IPO to actually price in the first half of 2027.
What could delay it
Macro auto-credit conditions. If U.S. consumer credit deteriorates meaningfully, auto finance becomes a hard category to list in. The S-1 is filed; the offering itself remains dependent on the underwriting market and broader appetite for sub-$2B fintech IPOs.
Tier 2 — Watching Closely
Tier 2 companies have the revenue scale, but either valuation, governance, or category timing pushes them into a 2027–2028 window rather than 2027 specifically. Several could move up to Tier 1 quickly if conditions shift.
7. Fireblocks
| Sector | Crypto Infrastructure |
|---|---|
| Founded | 2018 |
| Headquarters | New York / Tel Aviv R&D |
| Latest valuation | $8 billion (2022; valuation reset implied in 2024–2025 secondaries) |
| Estimated ARR | Material but believed to be below original 2022 trajectory |
| Key investors | Sequoia, Stripes, D1, Coatue, General Atlantic, Spark Capital |
| Likely listing venue | Nasdaq |
| IPO readiness score | 7 / 10 |
Fireblocks is the most-watched Israeli crypto-infrastructure IPO candidate. The 2022 valuation of $8 billion is unlikely to be the listing mark, but the underlying business — custody, transfer, and tokenization infrastructure for over 1,800 institutional clients — has continued to compound through the crypto cycle. A material recovery in regulated digital-asset infrastructure spending through 2026 could make 2027 the right window. CEO Michael Shaulov has consistently signaled the company is building toward public-market readiness.
8. Tipalti
| Sector | Fintech / B2B Payables Automation |
|---|---|
| Founded | 2010 |
| Headquarters | San Mateo / Tel Aviv R&D |
| Latest valuation | $8.3 billion (2021 peak; subsequent reset implied) |
| Estimated ARR | Not publicly disclosed; market observers estimate $200M+ ARR |
| Key investors | G Squared, Marshall Wace, Cedar Investment, Greenoaks, JPMorgan, Zeev Ventures |
| Likely listing venue | Nasdaq |
| IPO readiness score | 7 / 10 |
Tipalti has the scale and the governance for a listing. What it does not have is the same investor enthusiasm it commanded in 2021. The company is widely reported to have grown through the cycle but has not disclosed ARR at the level public investors will need to underwrite a re-listing at peak. A 2027 IPO is plausible if AP automation re-rates with the broader fintech category. A delayed timeline pushing into 2028 is the base case.
9. Yotpo
| Sector | Commerce SaaS |
|---|---|
| Founded | 2011 |
| Headquarters | New York / Tel Aviv |
| Latest valuation | $1.4 billion (2021) |
| Total raised | $425 million |
| Key investors | Bessemer, Tiger Global, Access Industries, ClalTech, Vintage Investment Partners |
| Likely listing venue | Nasdaq |
| IPO readiness score | 6 / 10 |
Yotpo has explicitly eyed Nasdaq for years. The April 2025 acquisition of Coho AI signaled a deliberate platform expansion — broadening from reviews and loyalty into AI-driven commerce intelligence. The DTC e-commerce category is recovering, but unevenly. Yotpo is most likely to IPO in 2027 if the broader retail SaaS multiple environment supports a listing above its 2021 mark. If not, it remains a Tier 2 watch into 2028.
10. Lightricks
| Sector | Creative AI / Consumer Software |
|---|---|
| Founded | 2013 |
| Headquarters | Jerusalem |
| Latest valuation | $1.8 billion (2021) |
| Key investors | Insight Partners, Goldman Sachs Asset Management, Greycroft, Hanaco Ventures |
| Likely listing venue | Nasdaq |
| IPO readiness score | 6 / 10 |
Lightricks is the creative AI listing wildcard. The company has shipped its own foundation video model (LTX Studio) and operates one of the largest paid creator software businesses globally — Facetune, Videoleap, Photoleap. The 2027 question is whether public markets reward consumer creative AI as software (high multiple) or as media (lower multiple). A successful LTX enterprise pivot would resolve that question in the company's favor and position 2027 as the listing window.
11. Cybereason
| Sector | Cybersecurity / Endpoint and XDR |
|---|---|
| Founded | 2012 |
| Headquarters | Boston / Tel Aviv R&D |
| Latest valuation | Restructured downward in 2023–2024 SoftBank recapitalization |
| Key investors | SoftBank Vision Fund, Liberty Strategic Capital, CRV |
| Likely listing venue | Nasdaq |
| IPO readiness score | 5 / 10 |
Cybereason is the rebuild story. After multiple rounds of restructuring and a SoftBank-led recapitalization, the company is operating on a tighter cost base and a clearer strategic posture. A 2027 IPO is possible but more likely a 2028 candidate — and a strategic sale to a larger platform vendor (CrowdStrike, SentinelOne, Palo Alto) remains the higher-probability outcome.
Tier 3 — Wildcards
Tier 3 companies either fit the Israeli ecosystem only at the founder or R&D level, or operate in categories where the IPO path is structurally less likely than M&A. They are tracked because the public-market scenarios — if they materialize — would be among the largest of the year.
12. Deel
Founded by Israeli-French entrepreneur Alex Bouaziz, headquartered in San Francisco, valued at $17.3 billion in its most recent secondary marks. Deel is the largest global employment platform by revenue and has been the most-anticipated potential IPO in the workforce software category for two years. Whether it lists in 2027 depends almost entirely on the SaaS multiple environment and on resolution of the company's legal posture vis-à-vis Rippling. If Deel lists, it would be the single largest Israeli-founded IPO of 2027.
13. Trax Retail
Computer vision for shelf-level retail intelligence. Singapore-headquartered but Israeli-founded and Israeli-engineered, valued at $2 billion in its most recent disclosed round. Trax has a credible IPO path but operates in a sector — retail tech — that has been more friendly to strategic sale than to public listing. Watching for a 2027–2028 decision.
Breakouts
Most Likely to IPO First
Lendbuzz. The S-1 is filed. Everything else on the list is still preparing. Lendbuzz can price in the first half of 2027 if SEC review concludes and the underwriting market cooperates — making it the likely first Israeli IPO of the new cycle.
Most Likely to Wait Until 2028
Cybereason and Trax. Both have credible long-term IPO paths but are most likely to spend 2027 finishing the operational rebuild — or evaluating strategic offers — before filing.
Most Likely to Pursue Strategic Sale Instead
Papaya Global is the headline case. The company is in active sale talks at a reported $3.5–4.5 billion valuation — a deliberate pivot from the 2021 commitment to a 24-month IPO timeline. Papaya is the clearest signal that for late-stage Israeli fintech, the strategic buyer market has become a more reliable liquidity event than the public market. AppsFlyer is also reportedly engaged in sale discussions rather than IPO preparation. The pattern is now structural, not idiosyncratic.
Read against 2025 — when Wiz sold to Google for $32 billion and CyberArk continued to operate as a public consolidation platform — the Papaya story confirms that Israeli late-stage liquidity has bifurcated into two equally valid paths. The IPO path requires a $200–300M+ ARR floor, predictable growth, and management willingness to operate under quarterly public scrutiny. The strategic sale path requires a buyer, a number, and a clean handoff. For some categories — global payroll, advertising attribution, certain segments of cybersecurity — the strategic path is now the higher-expected-value option. Founders are increasingly making that choice openly, rather than treating it as a fallback.
Most Likely to Dual-List
Rapyd. London-headquartered with global investor base, fintech category, U.K. listing reform tailwinds — Rapyd is the most likely candidate to pair a Nasdaq primary with a London secondary listing. No company on the list has stated this publicly; it is the most analytically defensible dual-list scenario.
Sector Most Represented in the Pipeline
Cybersecurity. Armis, Cato Networks, Snyk, Fireblocks (crypto-adjacent cyber), and Cybereason represent five of the thirteen companies on the index — and three of the six in Tier 1. Israeli cybersecurity continues to compound private value at a rate no other vertical matches. The Wiz exit at $32 billion did not deplete the pipeline. It validated it.
What 2027 Would Mean If the Window Opens
Run the index forward. If Lendbuzz prices in the first half of 2027, Armis follows in the third quarter, Cato lists alongside it, VAST Data files in mid-year for a fourth-quarter offering, and Snyk and Rapyd find their windows — the cumulative effect is the largest Israeli tech IPO cohort since the 2021 peak. It would also be the most operationally mature cohort the country has ever produced.
The 2021 vintage went public on multiples. The 2027 vintage will go public on fundamentals.
Three things would shift if the cohort lists at scale.
Public investors get a new screen. Israeli technology has been undersized in global growth portfolios for three years — partly through the IPO drought, partly through geopolitical-risk discounting. A 2027 cohort priced at fundamentals would force a re-rating not just of the listed names but of the entire private Israeli late-stage ecosystem.
The late-stage venture market reopens. Today, late-stage Israeli capital flows are concentrated in pre-IPO secondaries and structured rounds. A wave of successful listings would restore the conventional growth-equity pipeline — and pull in the cross-border investors who have been waiting on public-market proof points.
And the M&A market continues anyway. Wiz, CyberArk, and the Papaya sale conversation all argue that strategic acquisition is now a structural feature of Israeli liquidity, not a cyclical substitute for IPOs. The 2027 question is whether the two paths run in parallel — or whether the IPO window pulls forward the next wave of strategic exits behind it.
The IPO window may still be narrow. But the pipeline is real — and increasingly impossible to ignore.
Methodology
The Olam Israeli IPO Pipeline Index is constructed annually. Inclusion criteria: Israeli-founded or Israeli-headquartered private companies with material business operations, where credible public reporting, primary-investor signaling, board composition, or company statements indicate readiness or intent toward a public listing within an eighteen-to-twenty-four-month window. The index is editorial — not predictive. It is a map of stated and inferred readiness, not a forecast of timing or valuation outcome. Readiness scores reflect prospectus activity (where disclosed), revenue scale, valuation calibration, CFO and governance posture, and public CEO signaling. The Olam Israeli IPO Pipeline Index will be re-issued in May 2027 with results, additions, and revisions.
Nothing in this index constitutes investment advice. References to private companies reflect publicly reported information or analyst commentary and do not constitute claims about non-public material information.
Olam is the intelligence platform for Israel's business, technology, defense, and capital-markets ecosystems. Original reporting, research, and analysis — built for the AI engines that now answer the question.
