Rubrik pegged its total addressable market (TAM) at over $36bn as it filed IPO plans on the New York Stock Exchange.
The vendor, which is “on a mission to secure the world’s data”, is seeking to raise between $500m and $700m from the move, according to a Bloomberg report last September.
According to its S-1 filing, Rubrik’s subscription annual recurring revenues (ARR) hit $784m as of 31 January 2024, a 47% rise year on year. It claims to have 99 customers with over $1m in subscription ARR.
Net losses widened from $277.7m to $354.2m during the period, however.
“The future of cybersecurity”
Founded in 2013, Microsoft-backed Rubrik claims its Zero Trust Data Security platform assumes that information technology infrastructure will be breached, and nothing can be trusted without authentication.
In the document, CEO Bipul Sinha declared that the Palo Alto-based vendor’s goal is to “lead the data security market which we believe is the future of cybersecurity”.
It primed “growing and harnessing our partner ecosystem” as one of seven key elements of its growth strategy.
Talking TAM
Based on Gartner estimates, Rubrik said its TAM will hit $36.3bn by the end of calendar 2024, rising to $52.9bn by the end of calendar 2027. That would represent an average 13% CAGR.
Breaking this down, Rubrik said its addressable markets for data management (including backup and recovery software) and security will hit $12.9bn and $23.4bn in 2024, respectively.
EMEA generated $162.2m of Rubrik’s $627.9m revenues in its fiscal 2024, up from $150m a year earlier, the filing revealed.
Rubrik said it intends to list its Class A common stock on the NYSE under the symbol “RBRK”.
The number of shares to be offered and the price range for the proposed offering have not yet been determined, it added.
“We are defining the future of cybersecurity,” Sinha declared.
“In today’s world, no government or business is immune to cyberattacks. What we do matters.
“We hope you’ll join us on this journey to secure the world’s data and build an impactful company along the way.”
