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Microsoft-backed (NASDAQ:MSFT) Rubrik, a cloud and cybersecurity startup, filed Monday with the U.S. Securities and Exchange Commission to hold an initial public offering.
The Palo Alto-based company intends to offer these shares to the public “as soon as practicable after this Registration Statement is declared effective,” reads the SEC filing. It will be listed on the New York Stock exchange under RBRK.
“We are defining the future of cybersecurity,” said Rubrik CEO and co-founder Bipul Sinha, in a letter to investors. “In today’s world, no government or business is immune to cyberattacks. We do what matters.”
Rubrik aims to raise $500 million to $700 million in the IPO. In 2021, Microsoft invested in Rubrik as part of a financing round that valued the startup at $4 billion.
Rubrik’s subscription revenue has seen a steady rise over the years. Total revenue for the year-ended Jan. 31, 2023, was $599M. One year later it totaled $627M, according to its consolidated statement of operations. Net losses for those years were $278M in 2023 and $355M in 2024.
“We measure our business on the basis of Subscription ARR,” reads the company’s prospectus. “Subscription ARR illustrates our success in acquiring new subscription customers and maintaining and expanding our relationships with existing subscription customers. As of January 31, 2024, we had 1,742 customers generating more than $100,000 in Subscription ARR and 99 customers generating more than $1,000,000 in Subscription ARR.”
“We have continued to invest in growing our business and advancing our solutions to capitalize on our market opportunity,” the prospectus continues. “As a result, in fiscal 2023 and fiscal 2024, we incurred net losses.”
Pre-IPO share prices have varied from $32 to $39.
Goldman Sachs, Barclays, Citigroup and Wells Fargo are serving as lead underwriters.