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Cybersecurity platform Rubrik files for an estimated $500 million IPO

April 1, 2024

Rubrik, a hybrid cloud and on-premise data management and integration platform for enterprises, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.

Rubrik built its Security Cloud (RSC) with Zero Trust design principles to secure data across enterprise, cloud, and SaaS applications. RSC delivers a cloud native SaaS platform that detects, analyzes, and remediates data security risks and unauthorized user activities. The platform's broad applicability allows the company to serve organizations of all sizes across a wide range of industries and geographies. As of January 31, 2024, Rubrik had more than 6,100 customers, up from over 5,000 customers as of January 31, 2023.

The Palo Alto, CA-based company was founded in 2013 and booked $628 million in revenue for the 12 months ended January 31, 2024. It plans to list on the NYSE under the symbol RBRK. Rubrik filed confidentially on October 14, 2022. Goldman Sachs, Barclays, Citi, Wells Fargo Securities, Guggenheim Securities, Mizuho Securities, Truist Securities, BMO Capital Markets, and Deutsche Bank are the joint bookrunners on the deal. No pricing terms were disclosed.