So there have been just 5 B2B IPOs since 2021, but more are coming. SaaS Security leader Rubrik has performed the best of all of them, with a market cap of a stunning $13 Billion (!). It’s rocketed +80% since its IPO, and as we’ll see, for good reason:
The numbers are epic:
- $1.1 Billion ARR
- 39% growth (!)
- 120% NRR
- 80 NPS
- Cash flow positive, though just
That’s close to as good as it gets, folks.
5 Interesting Learnings:
#1. From $152m ARR in 2022 to $1.1B Today
Now these numbers are flattered by Rubrik’s transition to a SaaS model. But still — breathtaking.
#2. CyberSecurity Remains a High Growth Segment, With Zero Downturns
You may have noticed Wiz’s $32 Billion acquisition by Google. Rubrik’s 39% growth at $1.1 Billion in ARR is just about equally as impressive. CIOs can’t risk big breaches, so more and more IT budget just keeps going to cybersecurity. Especially as attacks surge.
#3. $100k Customers Fuel The Growth
While Rubrik only had 23 $100k+ customers in 2019, today it has 2,246 (!)
#4. More Efficient. And Free Cash Flow Positive, But Just Barely.
Rubrik has gotten much more efficient, but it’s also growing at a jaw-dropping rate of 39% at $1.1 Billion ARR. So it’s not super efficient like some more slow growing peers. Growth trumps efficiency, even in the public markets. But Rubrik has at least crossed the line into non-GAAP profitability.
#5. CEO Bipul Sinha Took 400 Customer Meetings Last Year!
Get out there more folks!! 🙂
And a related deep dive on AI and SaaS with Rubrik’s CPO from last year’s SaaStr Annual here:
