Rubrik Joins Revenue Unicorn Club

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Congratulations to Rubrik as it crosses $1 Billion in annual revenue and joins the software Revenue Unicorns!

Let's see what we can learn from Rubrik's journey...

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Revenue Growth

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Rubrik accelerated revenue growth between stages on its path to $1 Billion in revenue. Notably, Rubrik’s revenue growth was greater than the Revenue Unicorn median after passing $1 Billion in revenue.

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Gross Margin

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Rubrik improved its gross margin throughout the journey to $1 Billion in revenue, a sign of improved efficiency in its operating model. Rubrik’s gross margin has been greater than the Revenue Unicorn median since passing $750 Million in revenue. Samsara had similar gross margin improvement on the journey from $100 Million to $1 Billion+ in revenue.

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Sales & Marketing

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Rubrik invested heavily in sales and marketing during its path to $1 Billion in revenue. Confluent and DocuSign also invested similarly in sales and marketing as a percentage of revenue with improving efficiencies on their path to $1 Billion in revenue.

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Research & Development

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Rubrik invested more in research and development than the median Revenue Unicorn throughout their journey to $1 Billion in revenue. Rubrik’s spend on research and development trended in a similar fashion to MongoDB and Procore.

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General & Administrative

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Rubrik’s general and administrative expense remained above the median Revenue Unicorn on their road to $1 Billion in revenue. Rubrik’s spend on general and administrative was similar to Atlassian and Cloudflare.

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Stock Based Compensation

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Rubrik had a lower SBC expense as a percentage of revenue from $250 Million to $750 Million compared to the Revenue Unicorn median and then transitioned to above the median for the rest of their journey to $1 Billion in revenue. When viewing SBC expense as a percentage of enterprise value, Rubrik is at 3.0%, which is higher than the Revenue Unicorn median of 1.8% in the $1 Billion+ revenue range.

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Free Cash Flow

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Rubrik’s free cash flow margin improved with scale. BILL delivered a similar trend of improving free cash flow margin with business growth.

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Time to Reach $1 Billion in Revenue

Rubrik reached $1 Billion in revenue after 11.50 years. This is faster than the median time of 13.38 years it took other Revenue Unicorns to reach the $1 Billion mark. Other Revenue Unicorns that took a similar amount of time to achieve the $1 Billion revenue threshold include Okta (11.50 years) and Veeva (11.75 years).

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Other Revenue Unicorns founded around the same time as Rubrik (2013 founding) include Confluent (2014), Elastic (2012), and Snowflake (2012). This set of companies took a median of 10.00 years to achieve $1 Billion in revenue (Confluent at 10.25 years, Elastic at 10.00 years, and Snowflake at 8.75 years).

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The Journey to $1 Billion in Revenue

For those of you that love data as much as we do, below is the full data set used for this analysis.

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Again, congratulations to the Rubrik team! Stay tuned for the next Revenue Unicorn update.

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Note: The complete list of Revenue Unicorns used in the comparison can be found in the presentation here.

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About Monday

Rubrik was founded in 2013 by Bipul Sinha, Arvind Jain, Soham Mazumdar, and Arvind Nithrakashyap. As per the Company’s materials, Rubrik is a Zero Trust data security platform to deliver cyber resilience so that organizations can secure their data across the cloud and recover from cyberattacks. The Rubrik Security Cloud, or RSC, is built with Zero Trust design principles to secure data across enterprise, cloud, and SaaS applications. RSC delivers a cloud native SaaS platform that detects, analyzes, and remediates data security risks and unauthorized user activities. The platform is architected to help organizations achieve cyber resilience, which encompasses cyber posture and cyber recovery.

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The Company reported $310 Million in second quarter revenue for the period ended July 31, 2025. Combined with results from the preceding quarters, this recent performance boosts Rubrik across the $1 Billion in annual revenue threshold as measured on a last twelve month basis to become the latest software Revenue Unicorn.

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About The Revenue Unicorn Playbook

The Revenue Unicorn Playbook is an analytical guide that explores the growth of public software companies from $100 Million to $1 Billion in revenue. The goal of the Playbook is to offer founders and company leaders a framework to examine their growth and investments as they scale.

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You can find the original Revenue Unicorn article here and presentation here.