We extend the theory of Kapitza stabilization within the complex domain, i.e. for the case of an imaginary oscillating potential. At a high oscillation frequency, the quasi-energy spectrum is found to be entirely real-valued, however a substantial difference with respect to a real potential emerges, that is the formation of a truly bound state instead of a resonance. The predictions of the Kapitza averaging method and the transition from a complex to an entirely real-valued quasi-energy spectrum at high frequencies are confirmed by numerical simulations of the Schrödinger equation for an oscillating Gaussian potential. An application and a physical implementation of the imaginary Kapitza pendulum to the stability of optical resonators with variable reflectivity is discussed.