Following Google's acquisition of Wiz, the cybersecurity market has lost its best bet at a flashy IPO anytime soon.

Why it matters: A volatile economy and a challenging security sales landscape make public exits increasingly difficult and unattractive, analysts tell Axios.

• No other startup matches Wiz's mix of brand reputation, revenue growth and technical capabilities — though some come close.

Driving the news: Google announced yesterday that it will acquire cloud security startup Wiz for $32 billion in cash, pending regulatory approval.

The big picture: The deal is Google's largest acquisition ever — and the biggest in cybersecurity history. For comparison, Google bought Mandiant for $5.4 billion just two years ago.

• The deal values Wiz at 32 times its projected revenue for the year, far exceeding normal multiples.

Between the lines: Wiz was in a league of its own among security startups, likely the only one capable of a blockbuster IPO in the near future.

• The company, used by half of Fortune 500 companies, was on track to hit $1 billion in annual recurring revenue this year.
• Only 10 cybersecurity companies have reached that milestone since the 1990s, according to an analysis from Software Analyst Cybersecurity Research.

Catch up quick: Much like the broader macro environment, the security market has had a lackluster few years with IPOs.

• SailPoint, an identity management company, went public last month — but its debut was underwhelming.

The intrigue: A difficult security sales environment has played a role in this trend.

• Security buyers often prioritize the ability to integrate new tools into their existing suite over adopting flashy new products, Charlie Winckless, senior director analyst at Gartner, told Axios.
• In that environment, selling to a major competitor can be a more viable option than trying to build out new tools to attract more customers — especially for venture-backed startups whose investors are seeking a big payout.
• Exiting via an acquisition is also easier: Public companies face a lot of reporting requirements, and now Wiz has more capital to help it keep building out its tech stack, Winckless added.

Zoom in: The cybersecurity startups most likely to still go public are those embracing "platformization," the industry term for keeping their full suite of security tools in one place, Winckless said.

• Netskope is targeting an IPO in the second half of this year.
• Cato Networks, an Israeli security firm, has hired bankers for a potential offering, according to Reuters.

Meanwhile, Snyk, a developer security startup, is looking to 2026 for an IPO.

• Private-equity-backed companies, like Proofpoint, could also be pushed to go public, Merritt Maxim, vice president and research director at Forrester, told Axios.
• "There are still some companies out there that have raised significant amounts of capital, have a growing business, and could easily be candidates for IPOs," Maxim said.

What we're watching: While both Microsoft and Google have made major investments in building out security tools, Amazon has been relatively quiet, Maxim said.

• The question now is whether Amazon is inspired to make a similarly big play to compete with its fellow cloud giants.