1Password is the password-management and identity-security company — valued at about $6.8 billion — that protects logins for millions of consumers and tens of thousands of businesses, and with annual recurring revenue topping $400 million it has become a credible IPO candidate. Backed by high-profile investors including Ryan Reynolds, and expanding from passwords into broader “extended access management,” the 1Password IPO is increasingly discussed as cybersecurity listings heat up. But the company is private, with no S-1, ticker or price range. This is a “what to watch” breakdown of the 1Password IPO, plus the publicly traded cybersecurity stocks you can actually buy today to play the same theme.
1Password IPO Snapshot
| Field | Detail |
|---|---|
| Company | 1Password (AgileBits Inc.) |
| Proposed Ticker / Exchange | TBD / TBD (not disclosed) |
| IPO Status (Phase) | Private; IPO considered 2026–2027 (pre-IPO) |
| Expected Price Range | Not disclosed |
| Reported Valuation | ~$6.8 billion (last round, ~$620M raised) |
| Revenue (ARR) | $400 million+ (reported) |
| Notable Backers | Ryan Reynolds, Matthew McConaughey, Scarlett Johansson, Accel |
| Underwriters | Not disclosed |
| Products | Password manager + Extended Access Management (XAM) |
| CEO | Jeff Shiner |
| HQ / Founded | Toronto, Canada / 2005 |
Figures are from press reporting and private financings, not an audited public prospectus. 1Password has not filed an S-1; treat all numbers as reported estimates subject to change.
Table of Contents
- Key Takeaways
- What Is 1Password?
- When Will the 1Password IPO Happen?
- What We Know About 1Password’s Business & Economics
- Who Are 1Password’s Competitors?
- 1Password IPO: Bull Case vs What to Watch
- How 1Password Is Priced vs Public Security Peers
- How to Get Exposure to the 1Password IPO Theme
- 1Password IPO FAQs
Key Takeaways
- What it does: 1Password is a password manager and identity-security platform that stores and protects logins and is expanding into securing every device and app that touches company data.
- IPO status: The 1Password IPO is anticipated — the company is reportedly considering a 2026 or 2027 listing — but it is private with no S-1, ticker or price range.
- Key number: 1Password is valued at about $6.8 billion and has surpassed $400 million in annual recurring revenue.
- What to watch: Growth and retention, the shift from consumer passwords to enterprise access management, competition from larger security platforms, and the eventual audited financials.
- Exposure angle: You cannot buy 1Password shares yet; the practical way to trade the cybersecurity theme is via public peers — CrowdStrike, Palo Alto Networks, Zscaler and Okta.
What Is 1Password?
1Password, operated by AgileBits and founded in 2005, is a Toronto-based security company best known for its password manager — software that generates, stores and autofills strong, unique passwords so users don’t have to remember them. Over two decades it has grown from a beloved consumer app into a major business too: tens of thousands of companies use 1Password to manage employee credentials, secrets and access. More recently it has expanded into what it calls “Extended Access Management” (XAM), aiming to secure not just passwords but every device, app and identity that touches corporate data — addressing the messy reality that employees use many unmanaged apps and devices.
The thesis behind the 1Password IPO is that identity and access are the front line of cybersecurity — most breaches start with stolen credentials — and that 1Password can ride its trusted consumer brand into a larger enterprise security business. It monetizes through subscriptions for individuals, families and businesses, with the enterprise tier driving higher-value, recurring revenue. With more than $400 million in ARR and backing from Accel and a roster of celebrity investors, it has real scale. For anyone searching “what is 1Password” or “is 1Password going public,” the answer is: 1Password is a leading password-and-identity-security company, and the 1Password IPO is a much-anticipated but still-private prospect.
When Will the 1Password IPO Happen?
1Password has signaled it is thinking about going public, with reporting indicating it is considering an IPO in 2026 or 2027 — but with “no rush.” As of mid-2026 it has not filed an S-1, named underwriters, set a price range or announced a date. It last raised about $620 million at a roughly $6.8 billion valuation and has the revenue scale (north of $400 million ARR) that public-market investors look for, so a listing is plausible — but the company appears content to time it for the right market window rather than force it.
The key caveat is that the 1Password IPO is prospective, and the figures in circulation come from private rounds rather than an audited prospectus. A $6.8 billion valuation on $400 million-plus of ARR implies a mid-teens revenue multiple — reasonable for quality security software, but the public market’s appetite depends on growth and profitability the S-1 would reveal. Cybersecurity has a deep public-comparable set, so 1Password would be measured closely against listed peers’ growth and margins. Until 1Password files a public S-1 with audited numbers, the responsible stance is to treat the 1Password IPO as a watch item rather than an investable security.
What We Know About 1Password’s Business & Economics
Without a public prospectus, 1Password’s financials come from reporting and should be read as such. The standout figure is more than $400 million in annual recurring revenue, with demand reportedly boosted as AI-driven threats and the sprawl of unmanaged apps push companies to tighten access security. Its subscription model — across consumer, family and business tiers — produces recurring, high-margin revenue, and the enterprise push into Extended Access Management expands its addressable market well beyond simple password storage. That land-and-expand path from trusted consumer app to enterprise security platform is central to the bull case for the listing. 1Password’s strategy leans on a well-known wedge: employees already trust and use its consumer app, which gives it a natural way into the businesses they work for, lowering acquisition costs versus rivals that must sell cold into IT departments. Its 2024 acquisition of Kolide and the broader Extended Access Management push reflect a bet that securing the “unmanaged” devices and apps employees actually use — not just company-issued ones — is a large, underserved gap that incumbents have not fully closed.
What the public numbers do not reveal is the detail a public S-1 would force out: growth rate, net revenue retention, profitability, and the mix between consumer and enterprise revenue. The central tension for the 1Password IPO is competition and scope: it is moving into identity and access management, where larger, well-funded platforms like Okta, CrowdStrike and Palo Alto Networks operate, and where bundling can pressure standalone products. The bullish read is a trusted brand expanding into a critical, growing security category; the cautious read is fierce competition from bigger platforms and the challenge of selling enterprise security at scale. As a primarily subscription business, its renewal rates and the success of upsells from the password manager into higher-priced access-management tiers will largely determine how fast revenue compounds — figures a prospectus would put in the open. Those open questions are why this analysis offers no buy or sell verdict on an unlisted company.
Who Are 1Password’s Competitors?
1Password competes in identity and access security, where the major public players are large, fast-growing platforms. Okta stock is the closest comparable on identity — it specializes in workforce and customer identity and access management, the enterprise space 1Password is expanding into. CrowdStrike stock is the endpoint-and-identity security leader whose platform increasingly spans the same credential-protection territory.
Palo Alto Networks stock is the largest pure-play cybersecurity company, consolidating identity, network and cloud security into one platform — exactly the kind of bundling that both validates and pressures the category — and Zscaler stock leads in zero-trust access, an architecture closely related to 1Password’s access-management push. Privately held rivals include Dashlane, Bitwarden and the LastPass business. Together these listed names form a tradeable map of the cybersecurity theme the 1Password IPO highlights — the practical way to gain exposure while 1Password itself remains private.
Correlated & Competitor Stocks
| Company (Ticker) | What they do | Why correlated to 1Password | Approx. price (early Jun 2026) |
|---|---|---|---|
| Okta (OKTA) | Identity & access management | Closest comparable in enterprise identity | Double-to-triple digits |
| CrowdStrike (CRWD) | Endpoint & identity security | Overlaps in credential protection | Triple digits |
| Palo Alto Networks (PANW) | Platform cybersecurity | Bundles identity/access; category benchmark | Triple digits |
| Zscaler (ZS) | Zero-trust access | Closely related access-security architecture | Triple digits |
Prices are approximate and as of early June 2026; verify the live quote before trading.
1Password IPO: Bull Case vs What to Watch
The bull case. 1Password pairs a trusted, two-decade consumer brand with a growing enterprise business and more than $400 million of recurring revenue. Identity is the front line of security — most breaches begin with compromised credentials — and its move into Extended Access Management expands its market into one of cybersecurity’s most important, fast-growing areas. AI-driven threats are increasing demand for tighter access control, and a clean subscription model with celebrity-backed brand awareness gives the 1Password IPO an appealing profile.
What to watch (rather than a verdict, since 1Password is private and pre-filing). First, competition: Okta, CrowdStrike, Palo Alto and Zscaler are larger and well-funded, and platform bundling can squeeze standalone tools. Second, the enterprise transition: moving from consumer passwords to enterprise access management is a different, harder sale. Third, growth and retention, which the S-1 would reveal. Fourth, the cybersecurity-IPO and software-multiple climate at listing. These are the dynamics to track before the 1Password IPO becomes investable.
How 1Password Is Priced vs Public Security Peers
Because there is no public 1Password stock, the only yardstick is its private valuation against listed security names. At about $6.8 billion on $400 million-plus of ARR, 1Password is privately marked at roughly 15x revenue — a reasonable multiple for quality cybersecurity software, and broadly in line with how the market values durable security growth. High-growth leaders like CrowdStrike, Palo Alto Networks and Zscaler command premium multiples reflecting scale and momentum, while Okta — the closest identity comparable — offers a live benchmark for how investors value access-management businesses. 1Password’s mark assumes it keeps growing and successfully scales its enterprise tier.
The honest framing for a Phase-pre-IPO name is “reasonably valued quality security software, pending the growth picture.” Private marks are negotiated among insiders and may differ from public price discovery, which in cybersecurity rewards durable growth and increasingly profitability. Until 1Password files a public S-1 with audited financials, there is no responsible buy or sell call to make on it. What investors can do today is decide how much they believe in the identity-security thesis and express that through the listed peers above, where real prices and financials exist.
How to Get Exposure to the 1Password IPO Theme
To be direct: you cannot buy 1Password shares before it lists, pre-IPO access is generally limited to institutional and accredited investors, and there is no confirmed listing date. So for most people the realistic question is not “how do I buy 1Password stock” but “how do I get exposure to the cybersecurity theme the 1Password IPO represents.” The practical answer is the basket of public security leaders above — many available as real U.S. shares through US stocks on MEXC.
A theme-based approach spreads the risk: identity through Okta, endpoint-and-identity through CrowdStrike, platform security through Palo Alto Networks, and zero-trust access through Zscaler. These names move on the same drivers that will shape 1Password — enterprise security spending, breach trends, identity-and-access adoption, and software-multiple sentiment. None is a substitute for owning 1Password directly, but as a group they let you participate in the cybersecurity cycle now, with normal liquidity and no allocation lottery. Confirm live prices and size positions to your own risk tolerance; this is information, not a recommendation.
1Password IPO FAQs
What does 1Password do?
1Password is a password manager and identity-security platform that stores and protects logins for consumers and businesses, and is expanding into “Extended Access Management” to secure the devices, apps and identities that access company data.
When is the 1Password IPO?
No date is set. 1Password is reportedly considering a listing in 2026 or 2027 but with no rush. It is private with no S-1 filed, underwriters or price range as of mid-2026.
Can I buy 1Password stock before the IPO?
No. 1Password is private, and pre-IPO shares are generally restricted to institutional and accredited investors. The public will only be able to buy it once (and if) it lists — or get exposure to the cybersecurity theme now through public peers.
What is 1Password’s valuation?
1Password was valued at about $6.8 billion in its last funding round (~$620 million raised), on $400 million-plus of ARR. That is a private mark, so any eventual IPO valuation could differ materially — and the trading multiples of public security peers like CrowdStrike and Palo Alto Networks will heavily influence where a listing ultimately prices.
Who are 1Password’s competitors?
Public competitors include Okta, CrowdStrike, Palo Alto Networks and Zscaler in identity and access security. Privately held rivals include Dashlane, Bitwarden and the LastPass business.
Disclaimer
This article is for informational purposes only and does not constitute financial advice, an offer to sell, or a solicitation to buy any security. IPO details (price range, valuation, timing) are subject to change and may differ from the final terms. You cannot purchase shares of a company before it lists, and IPO allocations are not guaranteed. Past performance does not guarantee future results. Investors should read the company’s official SEC filings and consult qualified financial advisors before making investment decisions.
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