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

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% 

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