1Password
The password manager that became a security company for AI agents. Past $500M in yearly recurring revenue and cash positive, but its stock price was last set in January 2022.
1Password, Oct 22, 2026- Valuation
- $6.8B set by the Jan 2022 Series C and held in an Oct 2025 secondary sale. No price since.
- Raised
- About $920M across three rounds, 2019 to 2022. None since.
- Revenue
- $500M+ ARR up from $400M about a year earlier, with a double-digit free cash flow margin.
- Liquidity
- $100M secondary founders and long-tenured staff sold shares in Oct 2025 at $6.8B.
- AI
- The new core tools that give AI agents logins without showing them the secret, built with Anthropic and OpenAI.
- Watch
- No IPO date the CEO says it could list today but wants more predictable sales first.
- Hiring
- 56 → 69 remote listings since Oct 10.
Subscriptions, mostly paid by businesses.
1Password sells password and access management by subscription to people, families and companies. Businesses pay more than three quarters of its recurring revenue, from over 200,000 customers. The fastest growing part is developer and AI tools that hand secrets to code and agents.
1Password, Oct 22, 2026- 1Customers rarely leaveGross retention is over 90%, and customers paying more than $100,000 a year rose over 40% in a year.1Password, Oct 22, 2026
- 2Already inside the AI labs and buildersUsed by 85% of the Forbes AI 50. Customers include Cursor, Hugging Face, Perplexity and ElevenLabs.BetaKit, Oct 22, 2026
- 3Built into the agents themselvesOfficial integrations with Claude and OpenAI's Codex, and Meta's Muse and Grok Bot as launch partners for personal agents.9to5Mac, Oct 22, 2026
- Palo Alto Networks$300Blisted, Oct 30 close
- Okta$36.4Blisted, Oct 30 close
- SailPoint$12.0Blisted, Oct 30 close
- 1Password$6.80BSecondary sale, Oct 10
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
1Password is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $6.80B
- latest valuation, Secondary sale Oct 10
- $920M
- raised in all
- $500M
- ARR, as of Oct 22
- 1,400
- employees, as reported
Free cash flow positive, with a double-digit free cash flow margin (company, Oct 2026). Profit not disclosed.
1Password, Oct 22, 2026; staff and raised: BetaKitPost-money valuations as reported. The line starts at zero. Rounds without a reported valuation are left off.
- Oct 10Secondary sale$100M at $6.80BLed by Halo Fund ($75M), with Flume VenturesFounders and long-tenured employees sold. No new money for the company.BetaKit, Oct 10, 2025
- Jan 19Series C$620M at $6.80BLed by ICONIQ Growth. About 9% of the company, if all new sharesWith Tiger Global, Lightspeed, Backbone Angels and Accel. Headcount was 570.TechCrunch, Jan 19, 2022
- Jul 27Series B$100M at $2.00BLed by Accel. About 5% of the company, if all new sharesDoubled the valuation.TechCrunch, Jul 27, 2021
- Nov 14Series A$200MLed by AccelFirst outside money after 14 years of profitable, self-funded growth. 174 staff.TechCrunch, Nov 14, 2019
- Down or flat round?The last priced round (Jan 2022, $6.8B) was 3.4 times the Jul 2021 price. The Oct 2025 secondary held $6.8B, so no drop has been shown.TechCrunch 2021 and 2022; Capital Brief 2025Clear
- How much the last round sold$620M at $6.8B post-money is about 9% of the company.TechCrunch, Jan 19, 2022Clear
- Time since the last raiseAlmost five years since Jan 2022. It has not needed money (cash flow positive), but the share price behind new grants still dates from the 2022 peak.BetaKit, Oct 10, 2025Flag
- Unusual terms (preferences above 1x, ratchets)?No terms for any round have been reported, and there is no SEC Form D to check.TechCrunch, Jan 19, 2022Open
- Who ledA new outside lead, ICONIQ Growth, priced the last round, after Accel led the first two.TechCrunch, Jan 19, 2022Clear
- Employee liquidityA $100M secondary in Oct 2025 let founders and long-tenured employees sell at $6.8B. Not reported as open to all staff.Mergermarket, Nov 13, 2025Clear
- Layoffs in the last 12 monthsNo layoff announced or reported by the press. Some employee reviews mention cuts; we could not confirm a date or size.Searched Oct 31, 2026Open
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
No filing reported. CEO gave no timeline as of Oct 22, 2026.
- Oct 10, at $6.80B. $100M secondary sale by founders and long-tenured employees; Halo Fund bought $75M.
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Good
Growth sped up in 2026.
1Password, Oct 22, 2026ARR passed $500M in Oct 2026, from $400M about a year before. Net new ARR in the third quarter was up about 90% on a year earlier.
Growth that speeds up at this size is rare. The company credits AI agents and developer tools, so that bet is paying so far.
- 02Good
It pays its own way.
BetaKit, Oct 10, 20251Password reports a double-digit free cash flow margin, and the CEO said the 2025 secondary was not about raising capital.
A company that does not need new money is less likely to cut staff to stretch a runway. It also has no urgency to IPO.
- 03Watch
The share price has not moved in almost five years.
CNBC, Nov 6, 2025; 1Password, Oct 2026The $6.8B price from Jan 2022 was reused in the Oct 2025 secondary. ARR has roughly doubled since 2023's $250M.
At $500M ARR, $6.8B is under 14 times revenue, cheaper than in 2022. New grants may be priced off a stale number, up or down; the next real price is an IPO or a new round.
- 04Neutral
A new CEO built to take it public.
BetaKit, Jul 17, 2025David Faugno became co-CEO in Nov 2024 and sole CEO in Jul 2025. Longtime CEO Jeff Shiner moved to executive chair. Faugno has helped take other companies public.
Hiring an outside operator with IPO experience is a common step before listing.
- 05Watch
Most of the top team is new.
BetaKit, Oct 1, 2025; SiliconANGLE, May 20, 2026The CTO and CRO left in Oct 2025. A new president, chief business officer, CFO and chief product officer had joined, and Nancy Wang was CTO by May 2026.
Normal under a new CEO, but a lot of change at once. Expect new priorities and reorganized teams.
- 06Neutral
Buying its way into AI access control.
BetaKit, Jun 15, 2026In Jun 2026 it bought Apono, a New York and Tel Aviv access governance company with about 80 staff, terms undisclosed. Its fifth deal, after Kolide (2024) and Trelica (2025).
Small, team-sized deals aimed at agent identity. Management has said a transformational deal is unlikely.
- 07Neutral
IPO: ready on paper, no date.
Mergermarket, Nov 13, 2025; BetaKit, Oct 22, 2026The CEO said in Nov 2025 it could be public today and was weighing 2026 or 2027. No banks were hired then, and in Oct 2026 he still gave no timeline.
A listing in New York plus Toronto, like Shopify, was named as the likely shape. Equity stays illiquid until then, apart from occasional secondaries.
- 08Watch
Giants now sell the same story.
ITPro, Feb 12, 2026Palo Alto Networks closed its $25B purchase of CyberArk in Feb 2026, pitching security for every human, machine and AI agent identity.
1Password's agent identity push now meets a much larger rival with a big sales force. Winning developers early is its counter.
What the hiring data says.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with 1Password?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Agents are the product now. Official tools for Claude, Codex and more.
Still Remote read- YesLogins for Claude, without showing it the password1Password for Claude, built with Anthropic, is live on Mac. Each task asks for approval, and the secret never enters the model.1Password, Jul 16, 2026
- YesAn MCP serverThe 1Password Environments MCP Server gives OpenAI's Codex vaulted credentials at run time. Claude Code and Cursor plugins bundle MCP setup too.SiliconANGLE, May 20, 2026
- Announced1Password for AgentsWaitlist opened Oct 22, 2026, working with Meta's Muse and Grok Bot at launch; OpenAI and Anthropic said to be coming.9to5Mac, Oct 22, 2026
- YesManaging agent access at workUnified Access, generally available since Mar 17, 2026, finds and audits credentials used by people, machines and AI agents.1Password, Mar 17, 2026
- MixedDocs that AI tools can readThe developer docs publish an llms.txt index and a docs search MCP server. The main site has no llms.txt (404).checked Oct 31, 2026
- YesLets AI crawlers read its siterobots.txt names no AI bot and blocks only two files for all crawlers.checked Oct 31, 2026
Where 1Password puts AI to work.
- 1An AI makeover, by the CEO's accountDavid Faugno said in Oct 2026 the company is well along its AI transformation, and that moving its security model to agents was hard.BetaKit, Oct 22, 2026
- 2The founder-era CEO now champions AIJeff Shiner moved to executive chair in Jul 2025 to focus on long-term strategy, product and AI.BetaKit, Jul 17, 2025
More listings than on Sep 7, led by engineering.
What 1Password puts on its own channel.
Short videos from 1Password's official YouTube channel, played here. We only use a channel that links 1password.com and carries the company's name.
- Adarsh Hiremath, Co-Founder and Co-CEO of Mercor, on Zero-Shot Learning670 views
- 1Password at Black Hat 2026386 views
- 1Password debuts Unified Access at RSA Conference 20261.5 thousand views
- 1Password at Black Hat USA 20251 thousand views
- Fueling excitement on and off the track704 views
- A winning partnership, secured! 🔐1 thousand views
- Cybersecurity Quiz540 views
- You wouldn't get caught double-dipping your veggies. So why double-dip with passwords?376 thousand views
What has to be true for $6.8 billion to hold?
The starting revenue is 1Password's own reported figure. A way to think, not a forecast, and not investment advice.
At 14x, 1Password needs $486 million of revenue to be worth $6.8 billion. Your world gets there with $980 million, so the next round likely prices above the last.
$100,000 of equity valued at the $6.80B Secondary sale price would be worth about $201,765 on paper in this world, before dilution from new rounds, taxes and vesting. Private shares only turn into cash at a sale, an IPO or a tender offer.
A way to think, not a forecast, and not investment advice.
TechCrunch, Jan 2022; 1Password, Oct 2026; BetaKit, Oct 2025The signals, and which way they push.
- TailwindAgents need logins, and it sells them.
Monthly active non-human identity users rose 500% in a year; developer and AI tools are in 16% of business accounts.
- TailwindBigger customers, more of them.
Over 200,000 businesses, new customers in Q3 up 150%, and $100K-plus accounts up over 40%.
- TailwindBuilding out a platform by acquisition.
Kolide, Trelica and Apono in three years, all aimed at access beyond passwords.
- HeadwindBigger security vendors want agent identity too.
Palo Alto Networks bought CyberArk for $25B and pitches the same human, machine and agent coverage.
Where 1Password ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
1Password is public, listed in New York and Toronto.
Likely 72%IPOIt is past $500M ARR, cash positive, and run by a CEO hired for this. Mergermarket reported a Shopify-style dual listing as the likely shape.
Mergermarket, Nov 13, 2025 - 2
ARR passes $1B.
Likely 72%RevenueIt added about $100M of ARR in the last year while growth sped up. The CEO calls $1B achievable over the next several years.
BetaKit, Oct 22, 2026 - 3
Securing AI agents earns more than its classic password vault.
Coin flip 50%AINon-human identity users grew 500% in a year, and developer tools grow ARR about five times faster. But they are in only 16% of business accounts today.
1Password, Oct 22, 2026 - 4
A big security company buys 1Password before it lists.
Long shot 16%M&ARivals are consolidating, as Palo Alto did with CyberArk. But 1Password needs no money, and its founders sold only a small stake in 2025.
Capital Brief, Oct 10, 2025 - 5
Built-in browser and phone password tools squeeze 1Password's consumer side.
Coin flip 50%CompetitionApple and others push passkeys, and the previous CEO argued those launches helped 1Password. Consumers are under a quarter of ARR, so the hit would be small either way.
BetaKit, Jun 21, 2022; 1Password, Oct 2026
Read by the Still Remote research agent on November 1, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.