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Rubrik’s IPO filing hints at thawing public markets for tech companies

TechCrunch · 1y

Data cybersecurity company Rubrik has filed for an initial public offering (IPO) after raising over $500 million in private funding. The move follows recent IPOs from Reddit and Astera Labs, signalling a warming market for tech companies. Rubrik's cloud-based data protection platform serves enterprise customers, with over 1,700 clients with an annual contract value of $100,000 and nearly 100 customers paying over $1 million annually, according to its IPO filing. While Rubrik saw moderate growth as a software firm, its subscription revenue grew 40% from its fiscal 2023 to fiscal 2024. However, the company also reported net losses of $354 million in its most recent fiscal year.