Every week I’ll provide updates on the latest trends in cloud software companies. Follow along to stay up to date! Rubrik IPO This week Rubrik launched their IPO with an initial pricing range of $28 - $31 / share. This range represents roughly a $6B valuation at the midpoint ($29.50 / share), with a ~6.5x NTM revenue multiple. Their GAAP revenue grew 5% in 2023, and 29% in Q4 ‘23 YoY. There is some noise in the revenue growth figures as the company transitions from selling perpetual licenses to to recurring subscriptions, and as they convert maintenance customers to subscription customers (they do this as maintenance contracts come up for renewal, so the transition happens gradually).

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Rubrik launched their IPO with an initial pricing range of $28 - $31/share. Their GAAP revenue grew 5% in 2023 and their subscription ARR was $784 million at the end of 2023.

Clouded Judgement 4.19.24