Cloud and Data Security Startup Rubrik to Go Public in the United States

Technology Author: EqualOcean News, Xiaoran Zhang Apr 16, 2024 12:52 PM (GMT+8)

Rubrik will go public in the United States to seek financial support to further promote technological innovation.


Recently, according to sources familiar with the matter cited by the media, cloud and data security startup Rubrik is set to debut on the U.S. stock market to raise $713 million. Prior to this, Rubrik submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission on April 2, with plans to list on the New York Stock Exchange. It is reported that the company intends to offer shares to the public "as soon as practicable after this registration statement is declared effective by the SEC," with Goldman Sachs, Barclays, Citigroup, and Morgan Stanley serving as lead underwriters.

Public records show that Rubrik was founded in 2013, offering cloud data security services to enterprises and launching its first product in 2016. Rubrik's capabilities include backup, compression, deduplication, and version management, among others. According to its prospectus, a significant portion of Rubrik's current revenue comes from software for "detecting, analyzing, and remediating data security risks and unauthorized user activities." The company currently boasts over 1,700 customers, including Goldman Sachs, Barclays Bank, and Citigroup. In 2019, Rubrik raised $261 million in financing. In 2021, the company received equity investment from Microsoft, valuing the startup at $4 billion at the time.

Financial data indicates that Rubrik's subscription revenue has steadily increased over the years. As of January 31, 2023, annual total revenue reached $599 million, with a net loss of $278 million. By January 31, 2024, total revenue had risen to $627 million, with a comprehensive operating statement showing a net loss of $355 million. In response, the company stated in its prospectus: "To seize market opportunities, we continue to invest in business expansion and solution upgrades. Therefore, we incurred net losses in both fiscal years 2023 and 2024." Additionally, the company emphasizes subscription Annual Recurring Revenue (ARR) as a business metric, stating, "As of January 31, 2024, Rubrik has 1,742 customers, each with subscription ARR exceeding $100,000; additionally, there are 99 customers, each with subscription ARR exceeding $1 million." It appears that the high-value customer base is a stable and significant source of revenue for the company. Rubrik's upcoming public listing has drawn widespread attention from the industry, with expectations for the company to further drive technological innovation and market expansion in the future.