By Editorial team · Published · Last updated
Vanta has raised $504M total, crossed $300M ARR in April 2026, and trades on secondary markets at $21.64/share — but has not filed an S-1. Full funding history, latest valuation, and what CEO Cacioppo has actually said about IPO timing.
Vanta is the largest SOC 2 platform by revenue, customer count, and valuation as of May 2026 — and the most credible IPO candidate in the GRC market. The company has raised $504 million across seven rounds since 2018, crossed $300 million in ARR in April 2026, serves more than 16,000 customers, and is valued at $4.15 billion on its Series D from July 2025. There is still no S-1 filing. This page tracks what is on the public record, what CEO Christina Cacioppo has actually said about IPO timing, and what to watch next. Last updated May 17, 2026.
Total funds raised since 2021, per Vanta's July 2025 Series D press release: $504 million. The seed round in 2018 is sometimes excluded from official counts. Cumulative dilution data is not public.
Vanta announced its $150 million Series D on July 23, 2025, led by new investor Wellington Management at a $4.15 billion post-money valuation. Existing investors participating included Growth Equity at Goldman Sachs Alternatives, Sequoia, J.P. Morgan, Craft Ventures, Y Combinator, Atlassian Ventures, and CrowdStrike Ventures. The press release framed the raise as fueling 'AI-driven trust' — language that has carried through into 2026 messaging about Vanta's expansion into AI governance and ISO 42001.
Forbes reporting from July 23, 2025 noted that Vanta 'attracted this investment without actively seeking additional funds' and had not yet utilized the full $150 million from the prior Series C. CEO Cacioppo's personal stake was estimated at approximately $830 million at the Series D valuation, up from approximately $550 million at the Series C.
On April 29, 2026, Vanta announced it had crossed $300 million in ARR. Cacioppo wrote on the company blog: 'It took us two years to grow from $10M to $100M in Annual Recurring Revenue and 15 months to reach $200M. Just nine months later, we've crossed $300M. Our growth rate's increased each of the past four quarters — compounding really is the eighth wonder of the world.'
Fortune's April 29, 2026 reporting added detail: customer growth roughly 60% year-over-year; net revenue retention above 100% for the past two years; approximately 1,000 employees; 60% of the Forbes AI 50 are Vanta customers; named accounts include Snowflake, Atlassian, Duolingo, Ramp, Cursor, and Harvey.
Cacioppo's most direct public statement on IPO timing, in Fortune, April 29, 2026:
This is consistent with the Forbes July 2025 framing that Vanta does not need additional capital — the Series D was opportunistic, not necessary. No S-1 has been filed with the SEC as of May 17, 2026.
Nasdaq Private Market shows Vanta secondary trades at $21.64 per share as of May 1, 2026, up 137.90% from prior trades. Secondary market prices in private companies are not the same as IPO pricing — they are a signal about the appetite of late-stage employees, early investors, and accredited buyers to transact at current valuations. A +137.90% move on the secondary in 2026 suggests strong demand and limited supply.
Direct GRC platform peers — OneTrust, Drata, Secureframe — remain private as of May 2026. OneTrust is the most credible second IPO candidate in the segment after Vanta.
If you are evaluating Vanta as a vendor in 2026, the IPO signal is mostly informational — Vanta's financial profile (16,000 customers, $300M+ ARR, 100%+ NRR, 1,000 employees) is exactly what you would expect from a category leader at this stage. Pre-IPO, customer protections are unchanged: same product, same SLAs, same enterprise agreements. Post-IPO, expect more transparency on financials (quarterly earnings), a potential pause in aggressive pricing experimentation, and more pressure on margin discipline — neither inherently good nor bad for buyers.