Rubrik, Inc. is an American cloud data management and data security company based in Palo Alto, California, founded in January 2014. The company is listed on the New York Stock Exchange after going public in April 2024.
Priced at $32 per share, Rubrik raised $752 million and reached a valuation of $5.6 billion. By the end of its first trading day on the New York Stock Exchange, Rubrik's shares surged 16%, reflecting strong investor appetite for cybersecurity solutions in an era of escalating ransomware threats.
In FY 2023, Rubrik launched Rubrik Security Cloud, or RSC, a unified cloud-based control plane and a Zero Trust Data Security Platform. The Rubrik Security Cloud (RSC) is a cloud-native SaaS platform that secures data across disparate sources, allowing customers to have a single point of control from one user interface.
Rubrik provides immutable data snapshots, which can be a significant countermeasure against ransomware attacks. The platform's Zero Trust architecture ensures that Rubrik is immutable by design, not through a hardened Linux repository or object storage, so your data is secure from the start. Rubrik's logical air gap prevents unauthorized discovery, access, mounting, or compromise of data.
We concluded fiscal 2026 with an exceptionally strong performance, highlighted by a record $115 million in net new subscription ARR and significant free cash flow, according to CFO Kiran Choudary.
In fiscal year 2025, Rubrik's revenue was $886.54 million, an increase of 41.19% compared to the previous year's $627.89 million. Losses were -$1.15 billion, 226.1% more than in 2024. While the company remains unprofitable on a GAAP basis, its transition to subscription-based revenue and improving unit economics demonstrate a clear path toward profitability.
Rubrik began migrating legacy customers over to RSC, which is all subscription and transitioned the sales of Rubrik-branded appliances to their contract manufacturers. Customers have been rapidly adopting the cloud-native RSC platform which contributed to the majority of FY 2024 subscription revenue.
Rubrik achieved $784 million in ARR by 2024, with 91% of revenue coming from subscriptions. Subscription Revenue: 91% of total revenue by 2024, compared to 59% two years earlier.
Cohesity's top 12 competitors are Rubrik, Commvault, Veeam, Cloudian, Datrium, Actifio, Qumulo, ClearSky Data, Inc., Datera, Inc., Apeiron Data Systems, Inc., StorageCraft and Acronis.
| Competitor | Key Strengths | Rubrik's Advantage |
|---|---|---|
| Cohesity | Workload coverage, elastic scalability | Rubrik offers the leading secure primary backup solution in the industry with high quality, value, and customer satisfaction |
| Veeam | Platform flexibility, cost-effective licensing | Rubrik is often considered the strongest choice for pure ransomware recovery due to its "Zero Trust" architecture and proprietary immutable file system (Atlas) |
| Commvault | Enterprise scale, comprehensive features | Rubrik is highly regarded for simplicity and automation. Its streamlined deployment and intuitive management interface make it appealing for organizations prioritizing operational simplicity |
Choose Rubrik if your priority is a secure, isolated vault that minimizes configuration risk and provides deep forensic insights into cyber incidents. The company has successfully differentiated through its cloud-native architecture and security-first approach.
Gartner named Rubrik a Leader in furthest in vision in the 2025 Gartner® Magic Quadrant™ for Backup and Data Protection Platforms, validating the company's market position and innovation trajectory.
Rubrik's CEO is Bipul Sinha, appointed in Jan 2014, has a tenure of 12.17 years. CEO, Chairman, and Co-Founder Bipul Sinha brings 18+ years of experience in building billion-dollar products and companies from the ground up. Previously, he was a partner at Lightspeed, where he invested in Nutanix.
Sinha directly owns 5.64% of the company's shares, worth $587.83M, demonstrating strong alignment with shareholders.
Sinha has articulated a vision of positioning Rubrik as "mission control" for the AI enterprise—delivering risk and recovery critical to safely scale AI transformations, moving the company beyond traditional backup into broader enterprise resilience.
The recent promotion of Jesse Green to Chief Revenue Officer, who successfully served as President, Rubrik Americas, will now lead Rubrik's global revenue organization demonstrates continuity and internal promotion culture.
Rubrik (NYSE: RBRK) is owned by 39.84% institutional shareholders, 4.51% Rubrik insiders, and 55.66% retail investors.
Lightspeed backed the company in five separate rounds, including leading the company's Series A round back in 2015. Lightspeed owns 23.9% of Rubrik's shares prior to the IPO. The firms' conviction in the company might come from the fact that Rubrik co-founder and CEO Bipul Sinha was formerly a partner at Lightspeed from 2010 to 2014.
Microsoft: Invested during Rubrik's Series E round in 2021, integrating its solutions into Microsoft's ecosystem, adding strategic value beyond capital.
Most of their revenue comes from partners, and their 3 largest channel partners, Arrow Enterprise Computing Solutions, Exclusive Networks, and Promark Technology, collectively generated ~79% and ~76% of revenue for FY 2023 and FY 2024, respectively.
The model is land-and-expand. The land happens in 4 ways by securing: 1) enterprise or private cloud environments 2) enterprise NAS or unstructured data 3) cloud environments 4) and SaaS applications. The expansion motion happens across 3 vectors: 1) growth of data in applications 2) new applications secured, and 3) additional data security products. Expansion is very strong as evidenced in the company's average subscription dollar-based net retention rate of 133%.
Rubrik typically hits you with higher upfront costs for their appliances, though their Rubrik Cloud Vault can help even things out over time. The company targets premium pricing justified by superior security and simplicity.
According to 22 analysts, the average rating for RBRK stock is "Strong Buy." The 12-month stock price target is $104.9, which is an increase of 105.53% from the latest price.
Rubrik represents a high-quality franchise in a secularly growing market. The company's Zero Trust architecture, strong customer retention, and leadership position provide a durable competitive advantage. While near-term profitability remains elusive, the trajectory toward free cash flow positivity is clear, with FY2026 demonstrating significant progress.
The recent stock decline of ~50% from peak levels presents an attractive entry point for long-term investors. With 34% ARR growth, 133% net retention, and analyst consensus pointing to 105% upside, the risk/reward appears favorable.