In October 2025, 1Password’s founders completed a $100M secondary, including a $75M stake purchased by the Halo Fund founded by Ryan Smith and Ryan Sweeney. At the time, CEO David Faugno reiterated plans to go public and noted liquidity for founders and long‑tenured employees.

1Password previously reached its $6.8 billion valuation as of their 2022 funding round, led by ICONIQ Growth and Accel.

Based on 2022 revenue of $200M and a valuation of $6.8B, 1Password was valued at a 34x revenue multiple.

The company has raised $920.14M in total funding across three rounds, with backing from prominent investors including Lightspeed Venture Partners, Tiger Global Management, and Salesforce Ventures. Notable investors also include several celebrities such as Robert Downey Jr., Ryan Reynolds, and Ashton Kutcher.

As of October 2026, 1Password was preparing internally for a potential IPO but had no committed listing date. Its reported $6.8B Series C valuation dates to 2022; the new revenue milestone does not represent a newly announced financing valuation.

1Password sells recurring software subscriptions to individuals and families and to businesses buying access for their employees. A consumer pays for a personal or shared family vault; a company pays for its users and the administrative controls needed to share credentials, enforce policies, and manage access across the organization. Roughly three-quarters of ARR now comes from businesses.

The move from passwords into developer and agent security gives 1Password additional products to sell to existing business customers. A company that already uses its vaults can add controls around software credentials, privileged infrastructure access, or device security, increasing the value of the relationship beyond employee password storage. This is software and access management revenue, rather than a share of the transactions an AI agent performs.

1Password keeps subscription payments after the costs of running its service, customer support, and delivering the product, while also funding engineering and sales. Its double-digit free cash flow margin indicates that cash generation has continued as it invests in agent security; it is not a disclosed gross margin or EBITDA margin.

The business originally sold perpetual software licenses before moving to subscriptions. That shift made renewals and adoption inside customers’ organizations central to growth, while the consumer product remains a distribution channel into workplaces and a potential home for personal-agent security.

1Password helps individuals, families, and businesses store and share passwords, payment information, and other secrets. A user saves a credential in an encrypted vault and uses the app or browser extension to fill it into a sign-in form; a business administrator decides which employees or groups can access shared vaults.

The company began with a Mac password manager in 2006 and added mobile support and a dedicated business tier as customers accumulated more cloud applications. Its enterprise products extend the same vault foundation into managing access for developers, software workloads, and AI agents.

Announced in October 2026, 1Password for Agents lets a personal AI assistant request access to an account without seeing or storing the password. When the agent reaches a sign-in form, it requests a credential from the user’s vault; after the user approves, 1Password fills the credential directly into the destination site. The user can see, approve, and manage access rather than copying a password into a conversation with the agent.

Launch partners include Meta, SpaceX, Instinct, OpenAI, and Anthropic. This is a way to let an assistant work inside an existing account while keeping the account’s reusable credential outside the assistant’s view.

For engineering and security teams, Credential Broker verifies the identity of a software workload or AI agent against company policy and supplies only the credentials approved for that job. Privileged Access governs what the identity can do in the destination system, granting permissions for the task and removing them when the work ends. These enterprise controls address a different problem from personal-agent autofill: deciding which software can use a company secret and what access it should receive.

The broader Unified Access platform combines password management, SaaS application management, device trust, credential brokering, and privileged access. Security teams can inspect access records and connect decisions about people, machines, and agents instead of leaving long-lived credentials in local files or scripts.

1Password competes with LastPass, Dashlane, and Bitwarden for consumer and workplace password management, and with broader identity and secrets-management products for enterprise access budgets. The competitive question is increasingly whether customers buy a shared password vault alone or a platform that also controls what developers, machines, and agents can access.

LastPass, Dashlane, and Bitwarden compete for the same basic job of storing, filling, and sharing credentials. 1Password’s opportunity is to make enterprise administration and agent access valuable enough to support a broader paid relationship, rather than relying only on the usefulness of a personal password vault.

Apple and Google bundle password management into platforms consumers already use. Their distribution makes basic password storage harder to sell as a standalone product, while 1Password’s independent position gives it a reason to serve users and teams working across multiple operating systems, applications, and agent providers.

Okta and HashiCorp’s Vault address adjacent parts of enterprise identity and secrets management. They compete for security and engineering budgets as 1Password expands from a familiar employee tool into infrastructure that software workloads depend on.

1Password can enter through employees’ existing vaults and expand into developer credentials and agent permissions. The challenge is to meet the reliability, integration, and administrative requirements of infrastructure buyers while showing why another product is needed alongside their existing identity systems.

AI agents create access-management needs beyond remembering an employee’s passwords: software can now act inside accounts and production systems on a person’s behalf. 1Password is pursuing enterprise machine-access budgets and personal-agent security, each of which extends the buyer and use case beyond its original password manager.

Credential Broker and Privileged Access give 1Password a route into engineering and security budgets for controlling automated access to infrastructure. The buyer is responsible for which software can reach a database, cloud service, or internal system, not just which employee can open a shared vault.

The company can build on credentials already stored in 1Password to verify workloads, issue narrowly approved access, and record who authorized it. If customers adopt these controls as part of running production agents and software, 1Password could earn revenue from a wider security platform rather than only employee password subscriptions.

1Password for Agents opens a consumer use case in which an assistant needs to sign into accounts to complete tasks without inheriting the user’s permanent credentials. Partnerships with agent makers provide a path to put approval and credential handling inside the assistant’s workflow, rather than requiring users to paste passwords into it.

CEO David Faugno expects personal agents could strengthen the consumer business, which is a smaller portion of ARR than business subscriptions. That is an expansion opportunity rather than a reported consumer revenue acceleration: 1Password still has to convert the need for trusted access into adoption and willingness to pay.

Dependence on agent adoption: The current acceleration is tied to developers and businesses adopting AI agents, while the new personal-agent product has only just been announced. Slower deployment or a failure to convert personal-agent security needs into paid use could weaken the next leg of growth.

Bundled security alternatives: Apple, Google, identity platforms, and agent providers can make more access controls part of products customers already buy. 1Password must demonstrate enough cross-platform value and enterprise control to sustain a separate subscription.

Trust and access failures: Expansion into machine and agent access places 1Password closer to actions performed inside sensitive company systems. A credential exposure, incorrect permission, or unreliable approval process could cause customer harm and undermine the trust on which renewals depend.