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Two weeks after the successful IPOs of Astera Labs and Reddit<\/a>, another highly anticipated name is entering the public market: The cloud data and cybersecurity company Rubrik, which just filed its S-1 with the SEC<\/a> to start trading on the New York Stock Exchange under the ticker \u201cRBRK.\u201d<\/p>\n Rubrik was founded in 2013 (first as ScaleData Inc., changing its name the following year) with a focus on protecting data stored in the cloud. By 2021, the company had a $4 billion valuation. That same year it entered into a partnership with Microsoft,<\/a> which led a funding round to build cybersecurity protection for Microsoft\u2019s cloud service Azure. Among Rubrik\u2019s over 6,000 customers is NVIDIA<\/a>, a key producer of chips for AI computing.<\/p>\n \u201cWe are defining the future of cybersecurity,\u201d CEO Bipul Sinha wrote in a letter that accompanied the filing. \u201cIn today\u2019s world, no government or business is immune to cyberattacks. What we do matters.\u201d<\/p>\n While the company highlighted $784 million in revenue from subscriptions for last year, the S-1 also showed net losses of $354.2 million by January 2024. The filing also showed an accumulated deficit of $1.7 billion.<\/p>\n Rubrik had been mentioned as one of the companies that could help end a two-year drought for IPOs, which also could affect the private markets<\/a> that trade companies not yet registered with the SEC.<\/p>\n The company has been gearing up for a possible IPO since at least June, when it hired Goldman Sachs<\/a>, Barclays<\/a>, and Citigroup<\/a> to prepare its filing. At the time, Reuters reported<\/a> that the company expected to raise $750 million. Those three banks are still leadering the offering, joined by Wells Fargo<\/a>, Deutsche Bank<\/a>, and 10 other institutions.\u00a0<\/p>\n This S-1 didn\u2019t include an initial price for shares but did specify the offering will separate out a portion of the stock for a direct share program. Reddit had such a program and set aside 1.7 million shares<\/a>, about 8%, of the total offering for \u201csuper redditors,\u201d a group that includes content moderators and high-volume users.<\/p>\n According to Bloomberg, the Reddit and Astera Labs IPOs were the main contributors to the total $9.6 billion raised by IPOs during the first quarter of 2024.<\/p>\n Early trading for both Astera Labs and Reddit showed promise, with Astera listing at $36 before soaring to $89 and Reddit listing at $34 before reaching $65 last week. Both have declined a bit since, with Astera trading north of $71 and Reddit near $48 as of midday Tuesday.<\/p>\n<\/div>\n\nSubscribe to the CFO Daily newsletter to keep up with the trends, issues, and executives shaping corporate finance. Sign up<\/a> for free.<\/div>\n<\/div>\n