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Data management unicorn Rubrik plots the largest software IPO since 2021

April 22, 2024

This week, Rubrik (RBRK) plans to raise $679 million at a $6.1 billion market cap, marking the largest software IPO since late 2021. The founder-led company provides a zero-trust security platform that combines AI and automation to protect data across enterprise, cloud, and SaaS applications. Unlike traditional platforms and point solutions, Rubrik believes its suite of solutions that focus on the data layer offer a holistic approach to cybersecurity across prevention, data threat analytics, security posture, and recovery. Over the last few years, the company has been transitioning its customers away from perpetual license and maintenance contracts to its Rubrik Security Cloud subscription offering, which has reached $784 million in annual recurring revenue (ARR). Going forward, Rubrik believes it is well-positioned to continue expanding as the volume and value of data grows and cyberattacks become increasingly more sophisticated, particularly in the wake of generative AI.

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