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Rubrik files for IPO, reveals rapid growth, $354 million loss

Data security and backup firm's SEC filing shows it sees a TAM of $36.3 billion by the end of 2024.

Rubrik IPO filinog
NYSE trading floor image credit: Scott Beale / Laughing Squid

Data security and backup specialist Rubrik has filed to go public in New York. Newly public documents show that it has added over 1,100 customers over the past year – but seen losses balloon to $354 million.

Rubrik ascribed those losses to investment in “growing our business and advancing our solutions to capitalize on our market opportunity” in an SEC filing that revealed its subscription revenues grew $252 million over the 12 months to January 31, 2024 – hitting $784.0 million.

The SEC filing also reveals Rubrik has:

  • 6,100 customers
  • 1,742 customers paying over $100k in annual subscriptions
  • 99 customers paying more than $1m in annual subscriptions
  • A net retention rate of 133% 

See also: As the "Truman Show" economy ends, the once-dirty "P" word is back for tech firms, investors

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