CrowdStrike for data security and ransomware recovery.

ServiceNow for enterprise data protection and recovery.

• Rubrik Security Cloud: A unified software-as-a-service (SaaS) platform that provides data security and data management solutions to protect organizations from cyber threats.
• Data Protection & Recovery: Offers comprehensive backup, archival, and instant recovery capabilities for various enterprise workloads across cloud and on-premises environments.
• Ransomware Recovery: Provides rapid recovery from cyberattacks by offering immutable backups, threat detection, and orchestrated recovery workflows to minimize downtime.
• Data Observability & Governance: Enables organizations to discover sensitive data, monitor data risks, and detect anomalous activity to improve their data security posture and meet compliance requirements.

Rubrik (symbol: RBRK) primarily sells its enterprise data security, data management, and ransomware recovery solutions to other companies, operating on a business-to-business (B2B) model. Its customer base is highly diversified across various industries globally, including financial services, healthcare, government, manufacturing, and technology.

According to its SEC filings, Rubrik's customer base is broad, and no single customer accounted for more than 1% of its total revenue in recent fiscal periods. This indicates a wide and varied customer portfolio rather than reliance on a few "major" customers by revenue concentration. However, Rubrik highlights numerous prominent organizations as customers in its case studies and marketing materials, showcasing the breadth and impact of its solutions across large enterprises and public sector entities.

Below are examples of some of these notable public company customers identified through Rubrik's public communications and case studies:

• BP plc (NYSE: BP)
• The Estée Lauder Companies Inc. (NYSE: EL)
• National Grid plc (NYSE: NGG)
• T-Mobile US, Inc. (NASDAQ: TMUS)
• Stora Enso Oyj (HEL: STERV)

Other significant customers, which are private entities or government organizations and thus do not have stock symbols, include AEG (Anschutz Entertainment Group), PricewaterhouseCoopers (PwC), the City of Boston, and the U.S. Department of Defense.

• Amazon (AMZN)
• Microsoft (MSFT)
• Alphabet (GOOGL)

Rubrik (RBRK) operates in a significant and growing market for data security and cyber resilience solutions globally. Based on Gartner estimates, Rubrik's total addressable market (TAM) is projected to reach approximately $36.3 billion by the end of calendar year 2024. This market is expected to expand further to an estimated $52.9 billion by the end of calendar year 2027, representing an average compound annual growth rate (CAGR) of 13%.

The company's addressable market encompasses its core offerings, which include data management (such as backup and recovery software) and security solutions. In 2024, the addressable market for data management is estimated at $12.9 billion, while the security market is projected at $23.4 billion. These figures reflect the global market size.

Rubrik's main products and services are centered around its Zero Trust Data Security platform, Rubrik Security Cloud (RSC), which provides comprehensive data protection, data threat analytics, and cyber recovery solutions across enterprise, cloud, and SaaS environments. The TAM also includes specialized segments such as application security, cloud security, cloud security posture management, data security, and privileged access management software. Rubrik is further expanding its market opportunity by focusing on identity resilience and AI operations.

Rubrik (RBRK) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Expansion of Subscription Annual Recurring Revenue (ARR) and Customer Base: Rubrik consistently reports strong growth in its subscription ARR, indicating both successful acquisition of new customers and increased spending from existing ones. The company has seen a significant rise in customers with $100,000 or more in subscription ARR, which contribute a substantial portion of its total subscription ARR. This expansion within the existing customer base, reflected in a strong subscription Net Revenue Retention (NRR) rate, is a key driver.
2. Increasing Adoption of Rubrik Security Cloud (RSC) and Cloud-based Solutions: The Rubrik Security Cloud is a central component of the company's growth strategy, with strong adoption leading to significant Cloud ARR growth. Rubrik is expanding its cloud data protection capabilities to cover various platforms, including Amazon RDS for PostgreSQL and Amazon DynamoDB, addressing the increasing need for cyber resilience in multi-cloud environments.
3. Innovation and Integration of AI-driven Data Security and Identity Resilience: Rubrik is actively investing in and launching new products that integrate data security, identity resilience, and artificial intelligence. The company's focus on identity solutions, such as Rubrik Identity Recovery and Rubrik Identity Resilience, addresses the evolving threat landscape where attackers often target identities. Furthermore, the acquisition of Predibase and the introduction of offerings like Agent Rewind highlight Rubrik's commitment to leveraging generative AI for secure and efficient data management and recovery.
4. Strategic Focus on Cyber Resilience: Rubrik has firmly positioned itself as a leader in the cyber resilience market, providing solutions that enable enterprises to secure their data, monitor for risks, and rapidly recover from cyberattacks, malicious insiders, and operational disruptions. This strategic alignment with a critical and growing market need provides a significant tailwind for future revenue growth.

Share Repurchases

• Rubrik has not engaged in significant share repurchases, with a reported value of $0.00 for share buybacks.

Share Issuance

• Rubrik completed its Initial Public Offering (IPO) on April 25, 2024, selling 23.5 million shares of Class A common stock at $32.00 per share and raising approximately $752 million.
• The company granted underwriters an option to purchase up to an additional 3,525,000 shares of Class A common stock at the IPO price.
• Rubrik's shares outstanding significantly increased from 0.061 billion in 2024 to 0.154 billion in 2025, marking a 154.49% increase.

Inbound Investments

• Microsoft made an equity investment in Rubrik in 2021 as part of a strategic agreement.
• This investment reportedly valued Rubrik at approximately $4 billion.
• Rubrik has raised a total of $1.18 billion to date from various investors including Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners, and Khosla Ventures.

Outbound Investments

• In August 2023, Rubrik acquired Laminar, a data security posture management (DSPM) platform, for $104.9 million, of which $90.8 million was paid in cash.

Capital Expenditures

• Rubrik has projected capital expenditures of $51 million for 2026, increasing to $101 million by 2030, representing approximately 4% of revenue annually.
• The company has committed to spending $220 million over the next decade for the use of Microsoft's Azure cloud service.
• Rubrik continues to invest in research and development (R&D) to drive innovation across data, security, and artificial intelligence (AI) markets.