Is Wallarm profitable in 2026?

No profitability figures are disclosed. Wallarm reports 134% net revenue retention with near-zero churn for 2024, and an outside estimate (Datanyze) puts annual revenue near $36.5M, but no profit or margin data has been published.

Wallarm is privately held and venture-backed. Investors include Toba Capital, Y Combinator, Partech, AltaIR Capital and Amino Capital. Toba Capital led its $55M Series C, closed July 31, 2025, bringing total funding to roughly $66M to $70M.

Could AI replace Wallarm's product?

AI is central to Wallarm's own platform (patented ML abuse detection, AI Control Platform launched June 4, 2026), but rivals like Salt Security market AI-driven behavioral correlation as superior for agentic and MCP threats, and hyperscalers are bundling native API security.

Who is Wallarm's biggest competitor?

Wallarm's own CEO Ivan Novikov named Akamai, AWS and Google Cloud as its most serious emerging competition in a July 31, 2025 interview. Akamai had already acquired rival Noname Security for about $450M in June 2024.

Has Wallarm raised funding recently?

Yes. Wallarm closed a $55M Series C on July 31, 2025, led by Toba Capital, to fund API and AI-era security expansion, following an $8M Series A in October 2018 also led by Toba Capital.

What is Wallarm's AI Control Platform?

Launched June 4, 2026 on AWS Marketplace, it pairs Infrastructure Discovery with an 'AI Hypervisor' for runtime governance of AI workloads, positioned ahead of EU AI Act enforcement starting August 2026. No adoption or revenue traction has been disclosed yet.

Cybersecurity companies · United States

Wallarm

wallarm.com ↗

Wallarm sells API and AI-traffic security software that inspects and blocks attacks in real time.

Losing its protection

Assessed 21 July 2026 · Evidence as of 21 July 2026

The structural protection is eroding.

On the recordSince 21 July 2026 · Checkable from August 2026 · Every call on the record Checkpoint: EU AI Act enforcement deadline; also first revenue disclosure for AI Control Platform since its June 2026 GA

The call

Wallarm keeps the customers it has, but the cloud giants and rival security vendors are all building toward the same ground it stands on.

Wallarm protects application programming interfaces (APIs) which are the connections between software programs that hackers target. The company keeps existing customers happy and has been growing, but bigger tech companies like Amazon and Google are adding free API protection to their own services, and Akamai paid 450 million dollars to buy a rival called Noname Security to compete with Wallarm directly. Wallarm's new bet is an AI Control Platform launched in June 2026 with no proven customer adoption yet, and the company just replaced its top leaders in early 2026, which adds uncertainty about whether the new team can execute fast enough to stay ahead of cheaper options from the hyperscalers or Salt Security's different approach to catching attacks.

Why

AI pressure: Salt Security. Salt Security markets a behavioral-correlation approach for AI and MCP threats directly against Wallarm's inline-inspection design. Could AI do the core job? Only partly.

Bigger players: Akamai (via Noname Security) plus AWS and Google Cloud native API security. Akamai bought Noname for about $450M and shipped its own API security; AWS and GCP now bundle native API protection into their clouds. Could a giant copy it? Yes, easily.

What protects it. Deep retention: 134% net revenue retention and near-zero churn show existing customers keep expanding usage rather than switching.

What would change this call

Wallarm discloses FY26 NRR figure in press releases or funding materials. A drop from 134% toward 110-120% would show real customer defection to rivals.
Wallarm publishes AI Control Platform customer counts or revenue contribution after June 2026 GA. Zero or minimal disclosed traction would show the new growth bet is failing to gain adoption.
Akamai, AWS, or Google Cloud report API security bundling wins or case studies naming former Wallarm customers. Would confirm hyperscalers/incumbents are actively converting Wallarm's customer base.

Key numbers

134% net revenue retention in 2024 (2025-04-10)
$55M Series C raised, led by Toba Capital (2025-07-31)
Akamai paid ~$450M for rival Noname Security (2024-06)

Named risks

Hyperscalers (AWS, Google Cloud) and Akamai bundling native API security could compress Wallarm's independent value proposition. Severity: high
February/March 2026 C-suite overhaul introduces execution risk as founder steps back from CEO role. Severity: medium
AI Control Platform launched June 2026 has zero disclosed adoption, revenue, or customer traction to date. Severity: medium
Nearly all growth and retention metrics are self-reported by the company with no independent audit. Severity: medium
Inconsistent HQ statements (San Francisco vs Austin) across concurrent 2026 communications suggest organizational flux. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Akamai	gaining on	Acquired Noname Security for ~$450M in June 2024 and shipped Akamai API Security
AWS	gaining on	Named by Wallarm's own CEO as top emerging threat via native API bundling, July 2025
Google Cloud	gaining on	Named alongside AWS and Akamai as serious competition by CEO, July 31, 2025
Salt Security	contesting	Markets its behavioral correlation model as superior to Wallarm's inline inspection for MCP and agentic threats
Cloudflare	contesting	API Shield continuing to expand into API security per March 2026 changelog

Questions people ask

Is Wallarm profitable in 2026?: No profitability figures are disclosed. Wallarm reports 134% net revenue retention with near-zero churn for 2024, and an outside estimate (Datanyze) puts annual revenue near $36.5M, but no profit or margin data has been published.
Who owns Wallarm?: Wallarm is privately held and venture-backed. Investors include Toba Capital, Y Combinator, Partech, AltaIR Capital and Amino Capital. Toba Capital led its $55M Series C, closed July 31, 2025, bringing total funding to roughly $66M to $70M.
Could AI replace Wallarm's product?: AI is central to Wallarm's own platform (patented ML abuse detection, AI Control Platform launched June 4, 2026), but rivals like Salt Security market AI-driven behavioral correlation as superior for agentic and MCP threats, and hyperscalers are bundling native API security.
Who is Wallarm's biggest competitor?: Wallarm's own CEO Ivan Novikov named Akamai, AWS and Google Cloud as its most serious emerging competition in a July 31, 2025 interview. Akamai had already acquired rival Noname Security for about $450M in June 2024.
Has Wallarm raised funding recently?: Yes. Wallarm closed a $55M Series C on July 31, 2025, led by Toba Capital, to fund API and AI-era security expansion, following an $8M Series A in October 2018 also led by Toba Capital.
What is Wallarm's AI Control Platform?: Launched June 4, 2026 on AWS Marketplace, it pairs Infrastructure Discovery with an 'AI Hypervisor' for runtime governance of AI workloads, positioned ahead of EU AI Act enforcement starting August 2026. No adoption or revenue traction has been disclosed yet.

Timeline

2026-06-04Launched AI Control Platform with AI Hypervisor on AWS Marketplace
2026-03-19Shayne Higdon named CEO; founder Ivan Novikov moves to research/board role
2026-01-29Announced platform expansion, new COO, and Wallarm University program
2026-01-27Granted patent for Stateful API attacks detection
2025-09-29Co-led development of A2AS agentic AI security framework with AWS, Google, Meta
2025-08-05Announced API Revenue Protection feature for CISOs
2025-07-31Closed $55M Series C led by Toba Capital; launched Security Edge
2025-04-28Launched Agentic AI Protection for AI agent security
2024-06Akamai acquired rival Noname Security for about $450M
2018-10Closed $8M Series A led by Toba Capital

Revision history

21 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

Seqrite Meiya Pico NSFOCUS