Rubrik Files for IPO Amid Signs of Reviving Tech Market

Backed by Microsoft, the cybersecurity firm aims to raise up to $700 million, marking a significant move in the tech IPO landscape.

Rubrik, a data cybersecurity company, has filed for an IPO, signaling a potential thaw in the public markets for tech companies.
The company, backed by Microsoft, aims to raise between $500 million to $700 million, with a valuation that could significantly exceed its last funding round.
Rubrik's shift to a subscription-based revenue model has been a key driver of its growth, with subscription revenues growing 40% in the last fiscal year.
Despite growing revenues, Rubrik reported net losses of $354.2 million in its most recent fiscal year, highlighting the challenges of transitioning business models.
The IPO could serve as a bellwether for other tech companies, especially those in the enterprise software sector, looking to go public amid a more favorable market environment.