[alephnerd]

It takes 10-15 years to successfully IPO an Enterprise/Infra/Cybersecurity SaaS (eg. ZS started in the mid-2000s, work on Rubrik started in the 2013 time period).

One notable mid-late state Enterprise firm I've been following is Vanta. Others have been very successful acquihires (eg. Squeen becoming a core part of the Security BU at Datadog). Salt Security is a good product as well, but will most likely be acquihired.

Usually, most enterprise companies choose to be acquired because even though the pot of gold at IPO is amazing, it is annoying to work on the same product for 10-15 years (though occasionally you do have startups just being stupid at strategy - looking at you Lacework smh, coulda acquihired Wiz or Orca 4-5 years ago).