Microsoft-Backed Cybersecurity Firm Rubrik Files for US IPO Amid Growing Market Momentum

Rubrik's Planned Public Listing Adds to Reviving IPO Market as Cybersecurity Sector Gains Momentum.

Rubrik, a cybersecurity platform backed by Microsoft, has filed for an initial public offering (IPO) in the United States, joining a wave of companies tapping into capital markets after a two-year lull. The Palo Alto-based company, founded in 2014 by venture capitalist Bipul Sinha, specializes in cloud-based ransomware protection and data-backup software, serving over 6,000 customers including prominent names like Nvidia and Home Depot.

Rubrik's decision to go public comes as part of a broader resurgence in public listings on Wall Street, following the successful debuts of companies such as Reddit and Astera Labs. The move also coincides with a period of anticipation for a decline in borrowing costs among investors.

The announcement of Rubrik's IPO filing follows earlier reports that the company is poised to list its shares in New York as early as April, despite ongoing investigations into potential fraud by one of its former employees. Rubrik revealed a net loss of $354.2 million for the fiscal year ended January 31, an increase from $277.7 million in the previous year. However, its subscription annual recurring revenue (ARR) surged by 47% year-on-year, contributing to a 5% rise in total revenue to $627.9 million.

While Rubrik did not disclose the size of the offering, it plans to list Class A common stock on the New York Stock Exchange under the symbol 'RBRK'. The company also stated that it does not anticipate paying any cash dividends in the foreseeable future, underscoring its focus on growth and expansion in the cybersecurity sector.