Rubrik and Microsoft

Rubrik Files IPO: Stock to Start Trading This Week?

By:Thomas Westwater

Rubrik operates at a loss, but that's not surprising given its rapid growth

  • Rubrik files for initial public offering (IPO).
  • RBRK can start trading as soon as this week.
  • Filing comes as IPO market heats up after RDDT listing.

Rubrik, a cybersecurity company backed by Microsoft (MSFT), filed a preliminary prospectus for an initial public offering (IPO) with the Securities and Exchange Commission (SEC) on April 1. Rubrik intends to trade on the New York Stock Exchange using the ticker symbol RBRK.

The filling is the latest breath of new life in the IPO market, which has been nearly non-existent over the past few years. Earlier this year, Reddit (RDDT) listed on the NYSE and has so far had a successful launch, helping to invigorate the market and inspire confidence in companies to do the same.

What is Rubrik?

Rubrik is a cybersecurity company founded in 2014 by Bipul Sinha, a venture capitalist who remains the CEO of the company. Setting itself aside from other cybersecurity firms, Rubrik focuses on data security solutions, focusing on “zero trust data security,” a cybersecurity strategy that assumes no one is trusted by default. The company's approach also allows it broad coverage for companies and serves organizations of all sizes, according to the prospectus.

While Rubrik operates at a loss, that is not surprising given that the company is growing rapidly. According to the prospectus, annual recurring revenue (ARR) increased to $784 million as of Jan. 31, 2024, fiscal year, from $533 million a year before, a 47% increase. Rubrik also touts its ability to acquire new subscribers, stating that they had 1,742 customers with $100,000 in subscription ARR and 99 customers with more than $1 million in subscription ARR.

Still, Rubrik’s net losses were $278 million and $354 million for 2023 and 2024 fiscal years, respectively, and free cash flow was negative $15 million and $24.5 million for the same periods. However, given the growth of Rubrik, investors will likely brush aside those losses and focus on future revenue growth, which can then be translated into profits down the road.

Trading Rubrik

Rubrik, under its ticker symbol RBRK, can start trading as soon as this Friday, April 5, or possibly even sooner.

Options on the stock can come as soon as a couple of weeks after that. Rubrik may attempt to raise around $500 million, and we could get more clarity on the eve of its launch, but we won’t know for certain until the shares start trading. In a similar move to Reddit, Rubrik is offering a directed share program for family, friends and others.

Thomas Westwater, a tastylive financial writer and analyst, has eight years of markets and trading experience. @fxwestwater

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