Rubrik, a cybersecurity company backed by Microsoft (MSFT), filed for an 澳洲幸运5官方开奖结果体彩网:initial public offering (IPO) and is set to trade under the ticker symbol "RBRK." The company is the latest to go public after a 澳洲幸运5官方开奖结果体彩网:flurry of recent tech IPOs, including Reddit (RDDT) and Astera Labs (ALAB).

The company did not announce the number of shares that will be offered or their pricing, though Bloomberg reported Rubrik could aim to raise between $500 million to $700 million.

Opportunity Amid AI Boom

Rubrik provides secure data for enterprise customers across cloud and 澳洲幸运5官方开奖结果体彩网:Software as a Service (SaaS) applications powered by 澳洲幸运5官方开奖结果体彩网:machine learning (ML), and says its SaaS architecture allows it "to apply artificial intelligence and machine learning directly to business data to understand emergent data threats and deliver cyber recovery."

The company could become the latest to gain from the 澳洲幸运5官方开奖结果体彩网:recent surge in investor interest in 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI), with Rubrik noting that i🎶n the age of AI, cybersecurity risks could be more significant to businesses and increase demand for its services.

Some of the company's customers notably include AI leaders like Microsoft, Oracle (ORCL), and Amazon's (AMZN) AWS, the filing showed.

Initial Look at Busine𝓰ss Metrics S🅺hows Widening Losses

The 澳洲幸运5官方开奖结果体彩网:S-1 filing offered potential investors a look into Rubrik's financials and showed widening losses in recent years while its total revenue grew as the compaওny s🐟aid it made investments to grow its business.

The company reported a net loss for the 2024 fiscal year of $354.2 million, widening from a loss of $277.7 million in fiscal 2023. Rubrik said that the losses were a result of the company's "invest[ments] in growing [its] business and advancing [its] solutions to capitalize on [its] market opportunity."

Rubrik reported total revenue of $627.9 million in fiscal 2024, up from $599.8 million in 2023. The company said it has "experienced rapid growth" as businesses seek solutions "in the face of cyberattacks, malicious insiders, and operational disruptions."

The company said that its subscription annual 澳洲幸运5官方开奖结果体彩网:recurring revenue from subscriptions grew 47% to $784 million in 2024 from $532.9 million in 2023, according to the 澳洲幸运5官方开奖结果体彩网:S෴🔯ecurities and Exchange Commission (SEC) filing.

Ongoing Microsoft Partnership

Rubrik disclosed its partnership with Microsoft in the SEC filing, saying that it formed "deeper strategic relationships" with the tech giant that "extends from driving go-to-market activities to co-engineering projects."

Through the Rubrik and Microsoft partnership, the companies offer integrated Zero Trust Data Security products built on Azure. Microsoft named Rubrik its "partner of the year" in 2023.

Rubrik announced "a strategic agreement" with Microsoft that included an equity investment for an undisclosed amount in 2021. The company's partnership with Microsoft, which is a leader in the AI space with its 澳洲幸运5官方开奖结果体彩网:relationship with ChatGPT maker OpenAI, could bolster Rubrik's position within the AI race.