Verkada IPO 2026: No Filing Yet, a $5.8B Valuation and $1B in Annualized Bookings

Verkada has no IPO filing on record as of October 15, 2026, but at a $5.8 billion valuation and $1 billion in annualized bookings it is one of the larger private security software companies that could list next.

Verkada, the San Mateo, California-based maker of cloud-managed security cameras, access control and sensors, was valued at $5.8 billion in a December 2025 round led by CapitalG, SiliconANGLE reported. In July 2026, according to The Information, the company was talking to banks about a possible public offering, a development we covered in our Pulse story on Plaid and Verkada lining up banks. Since then, nothing has appeared at the SEC beyond private-placement notices.

Verkada IPO: Where It Stands in October 2026

Verkada has not publicly filed for an IPO as of October 15, 2026. Its SEC filing index lists only Form D notices for private stock sales, the latest an amendment filed July 10, 2026, and no S-1, F-1 or exchange listing application.

A confidential draft filing would not show up in that index. Under SEC staff procedures, a company can submit a draft registration statement privately and must file it publicly at least 15 days before any roadshow, so the absence of an S-1 does not prove Verkada has done nothing. It does mean there is no public price range, share count, exchange or ticker, and no audited financials to judge it on. Verkada has not announced a confidential submission either, which some 2026 candidates did: GrubMarket put out a press release the day it filed its draft.

A secondary-market guide published by Securities.io in October 2026 reached the same conclusion: it found no completed public listing for Verkada as of August 31, 2026 and no registration statement. Anyone quoting a "Verkada IPO date" today is guessing.

What Is Verkada Worth? The Valuation History

Verkada's valuation has risen at every disclosed round since 2022, though more slowly than the AI infrastructure names that dominate this year's IPO calendar. Verkada raised a $205 million Series D at a $3.2 billion valuation in September 2022, led by Linse Capital with Sequoia Capital, Felicis Ventures, Next47, Meritech Capital and First Round Capital participating, according to the company's announcement. Verkada raised a $200 million Series E at a $4.5 billion valuation on February 19, 2025, led by General Catalyst, which brought its total funding to $700 million, Reuters reported via Yahoo Finance.

Verkada was then valued at $5.8 billion in December 2025, a $1.3 billion increase over the Series E mark, in a round led by CapitalG, the company announced on December 3, 2025. Verkada did not disclose the round's size; CNBC reported it at $100 million, SiliconANGLE noted. Verkada's amended Form D, filed July 10, 2026, reports $41.2 million of equity sold to 25 investors in an offering whose first sale was November 5, 2025. A Form D counts only stock the company itself sold, so the gap to the reported $100 million may reflect shares bought from existing holders; that is our inference, and Verkada has not explained it.

Verkada Funding and Milestones at a Glance

Sources: Pulse 2.0 (Series D announcement), Reuters via Yahoo Finance (Series E), SiliconANGLE and Security Info Watch (December 2025 round), SiliconANGLE (Nvidia, July 2026), SEC EDGAR (Form D and filing index, checked October 15, 2026).

Is Verkada Big Enough to IPO?

On scale, yes. Verkada said in December 2025 that it had crossed $1 billion in annualized bookings, a forward-looking measure of contracted sales, according to SiliconANGLE. The milestone came alongside the CapitalG round, and a billion dollars of bookings is the scale many software companies treat as the starting line for IPO planning.

Verkada's technology was deployed at 30,000 organizations in 170 countries, including more than 100 Fortune 500 companies, across 2.4 million connected devices as of July 2026, SiliconANGLE reported. In February 2025 the company had put its Fortune 500 count at more than 91, so the base has kept growing at the top end.

At the December 2025 numbers, the $5.8 billion valuation works out to about 5.8 times annualized bookings (Value Add VC's arithmetic: $5.8 billion divided by $1 billion). That is a modest multiple next to the AI names in this year's IPO pipeline, which is part of why bankers would be interested: a listing near the private mark would not need heroic growth assumptions. The catch is that bookings are not revenue, and Verkada has never published revenue, gross margin or operating losses.

The valuation has not been reset since December 2025; the July 2026 Nvidia investment did not disclose a price.

How Does Verkada Make Money?

Verkada sells hardware plus cloud software licenses. Its six product lines, according to the company's December 2025 announcement, are video security cameras, access control, environmental sensors, alarms, workplace tools and intercoms, all managed from one cloud console. In September 2025 it added more than 60 AI features and platform updates. Customers buy the devices and pay for multi-year licenses, which is why the company reports bookings: a three- or five-year license signed today counts in bookings before it is recognized as revenue.

The pitch to investors has shifted toward AI on that installed base. In July 2026 Nvidia invested an undisclosed amount and signed a technical partnership to speed up the AI running across Verkada's devices; Verkada said accuracy on one benchmark for spatial-temporal search had climbed 68% since that work began, per SiliconANGLE.

When Could Verkada Go Public?

No date has been set. The most concrete signal is the bank talks The Information reported in July 2026. The next visible step would be either an announced confidential submission or a public S-1 on EDGAR, and under the SEC procedures above, the public S-1 has to be on file 15 days before a roadshow starts. Until one of those appears, a Verkada IPO in 2026 is unlikely on timing alone: with about 11 weeks left in the year as of mid-October, a company that has filed nothing public would have to move faster than most 2026 listings did.

Two comparisons frame the decision. Plaid, which appeared in the same July Pulse report, has its own path laid out in our Plaid IPO analysis. And the AI infrastructure listings that the market cooled on in October, such as the withdrawn Firmus IPO, show that a strong private mark does not guarantee a public one. For the full calendar, see our 2026 IPO pipeline tracker and the tech IPO tracker.

What the headline misses

The $5.8 billion number is ten months old and was set by a single growth investor, not by a public book. Several things could pull an IPO price below it. Verkada has disclosed bookings but no profitability figures, and hardware-heavy businesses usually carry lower gross margins than pure software, which public investors price in.

Verkada also has a regulatory record an S-1 would have to disclose. In August 2024 it agreed to a $2.95 million civil penalty to settle U.S. Federal Trade Commission allegations, mostly under the CAN-SPAM Act, and to run a comprehensive information security program with third-party audits after a 2021 incident in which, the FTC alleged, a hacker accessed footage from over 150,000 of its cameras, Security Info Watch reported. Verkada disputed that figure, saying the hacker actually accessed 97 cameras. Private investors priced the company knowing this; public buyers will read it in the company's own risk factors.

And the bank talks may not lead to a listing at all. Verkada has raised money privately every year or two since 2022, and its latest disclosed sale was a modest $41.2 million under Form D. A company that can keep raising at rising private prices has less reason to accept public-market scrutiny, which is one read on why nothing has been filed.

The Bottom Line

Verkada is an IPO candidate, not an IPO. It was worth $5.8 billion at its last private round, had more than $1 billion in annualized bookings by December 2025 and counts Nvidia, CapitalG and General Catalyst among its backers, but as of October 15, 2026 it has no public registration statement, no ticker and no date. Watch EDGAR for an S-1 and for any company statement about a confidential submission; until one appears, treat Verkada IPO timing as speculation.