Rubrik Set to Launch $750 Million IPO

Rubrik, the American cybersecurity startup, is said to be working on an IPO of $750 million. Sources say the company has enlisted banks to prepare for its massive IPO.
Based in Palo Alto, California, Rubrik was founded in 2014 by venture capitalist Bipul Sinha. The company currently has more than 5,000 enterprise customers, including Nvidia and Home Depot. Rubrik initially specialized in backup systems, but has since expanded and promoted its Security Cloud offering.

Leading the Fight Against Ransomware

Rubrik’s products implement a zero-trust approach to data management that ensures that ransomware attacks cannot compromise backups. This specialized capability proved attractive to Microsoft, and in 2021, Rubrik signed a strategic agreement with the software giant. Microsoft made a significant investment in the startup to “fight ransomware” with several co-engineering projects. One was to provide integrated Zero Trust data protection solutions built on Microsoft Azure.

Three Banking Giants On Board

Rubrik is partnering with Goldman Sachs, Barclays and Citigroup for the planned IPO. The move could take place in 2024. The article suggests that maybe Rubrik wants to wait for the IPO market to “become more welcoming.” Indeed, there have been few IPOs this year due to the volatility in the market.
Rubrik was valued at $4 billion in a fundraising effort two years ago, and its annual recurring revenue from software subscriptions surpassed $500 million in January, according to Reuters. In addition, Pitchbook reports that the startup has so far raised more than $1 billion in equity and debt from investors such as Bain Capital and Lightspeed Venture Partners.
As Rubrik continues to grow, the company is looking to the future with its planned IPO. With the help of Goldman Sachs, Barclays and Citigroup, Rubrik is set to launch a $750 million IPO in 2024. The company’s specialized capabilities have proven attractive to Microsoft, and the zero-trust approach to data management ensures that ransomware attacks cannot compromise backups. Rubrik’s success in the past two years has been impressive, and the company is poised to continue its success with the upcoming IPO.