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Rubrik Inc. to File for IPO with Microsoft Backing

(Bloomberg) — Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., is planning to file as soon as next week for an initial public offering, according to people familiar with the matter.

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Details of the companyÔÇÖs plans, including the timing, could still change, said the people, who asked not to be identified discussing confidential information. A spokesperson for Palo Alto, California-based Rubrik declined to comment.

The filing would add to the roster of companies planning to go public after IPO successes this month by social media platform Reddit Inc. and semiconductor connectivity company Astera Labs Inc., which met or exceeded their IPO fundraising goals and then rose in their trading debuts. Digital marketing software firm Ibotta Inc. and commodities dealer Marex Group Plc are among the companies that have filed for IPOs in the past week.

Rubrik had been working on its IPO plans with Goldman Sachs Group Inc., Barclays Plc and Citigroup Inc., Bloomberg News reported in September. The company could seek to raise $500 million to $700 million in an IPO, according to the story.

Microsoft made an equity investment in Rubrik in 2021 in a financing round that valued the startup at $4 billion, according to data provider PitchBook. Rubrik, whose backers also include Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners and Khosla Ventures, has raised $1.18 billion to date, the PitchBook data shows.

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