Rubrik files IPO plans, reports $784m in ARR

The data security firm aims to become the first vendor in the cybersecurity industry to complete an IPO in more than two years.

Rubrik has publicly filed its intentions for a planned initial public offering, citing annual recurring revenue of $784m as of the end of January.

The data security firm did not share a target fundraise or number of shares for the IPO in the filing with the US Securities and Exchange Commission.

Rubrik is seeking to be listed on the New York Stock Exchange under the symbol "RBRK."

The vendor aims to become the first in the cybersecurity industry to complete an IPO in more than two years. Other security vendors eyeing a 2024 IPO reportedly include Snyk and Cato Networks.

Rubrik's annual recurring revenue (ARR) climbed 47 per cent to $784m as of 31 January, up from $532.9m a year earlier, according to the SEC filing. Total revenue rose 5 per cent to $627.9m as of the end of January.

The company disclosed a net loss of $354.2m for its fiscal 2024, ended at the close of January, which widened from $277.7m during the prior fiscal year.

The company reported having more than 6,100 customers as of the end of January, up from 5,000 customers a year earlier.

Last year, Rubrik CEO Bipul Sinha, who co-founded the company in 2014, contended that Rubrik stands alone in offering data security built on zero trust principles.

Rubrik's advantage, Sinha told CRN at the time, is that "from day one" the company was committed to an architecture for its data protection software built on zero trust, involving steeper requirements for user access to data and greater control for organisations.

As a result, "we are the only zero trust data security platform," Sinha said. "And that's what is driving our demand, because that's what businesses need. They need to have a platform where you can only interact with the platform with full authentication."

By contrast, he said, "the classic backup and recovery architecture is a ‘full trust' architecture."

In terms of completing an IPO, "we definitely have the scale and momentum," Sinha said at the time.

Rubrik's valuation in connection with its August 2021 funding round from Microsoft was not disclosed, but Bloomberg had reported the company valuation at $4bn at the time. Other investors include Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners, Khosla Ventures and IVP.