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Rubrik’s IPO filing hints at thawing public markets for tech companies
Rubrik initially presents as a moderately growing software business with net losses that stretched to $354 million in its most recent fiscal year.
The difference between its net losses and operating cash deficits is not resolved through the excision of expansive share-based compensation; those are single-digit million yearly expenses at the company. While Rubrik notes that its purchases of technology products and services from Confluera and Glean were “negotiated in the ordinary course of business,” they underscore the connections that exist between many Silicon Valley operators. The Rubrik S-1, while not indicating anything untoward, is a reminder that network effects in startup and venture circles are often predicated on relationships and their geographic density in places like Northern California.
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