Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Rubrik reported a solid 1QFY26. There were plenty of positives, including revenue upside, competitive wins and increased FY26 revenue guidance.  </li>
<li>I maintain a bullish view on the data security company and a pioneer in cyber resilience. Management sees a huge opportunity in securing identity.</li>
<li>Rubrik added 135 customers with subscription ARR ˃$100K to total 2,381, +28% y/y, and the subscription net retention rate remains ˃120%.  </li>
</ul>


Rubrik reported a solid 1QFY26. There were plenty of positives, including revenue upside, competitive wins and increased FY26 revenue guidance.  
I maintain a bullish view on the data security company and a pioneer in cyber resilience. Management sees a huge opportunity in securing identity.
Rubrik added 135 customers with subscription ARR ˃$100K to total 2,381, +28% y/y, and the subscription net retention rate remains ˃120%.  


Rubrik 1QFY26 Update: Huge Opportunity In Identity Resilience Will Drive Growth In The Future

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Cribl hit $300M in ARR in May 2026, up from $200M at the end of 2024, which itself was up 71% YoY from $117M ARR at the end of 2023, valued at $3.5B as of their August 2024 Series E for a 17.5x revenue multiple.</li><li>Cribl's growth is driven by its data pipeline products that help enterprises reduce spending on platforms like Splunk by 30-90%.</li><li>The company maintains a strong 145% net revenue retention rate and counts 43 Fortune 100 companies among its customers, with 25% of the Fortune 500 using its solutions.</li></ul>

Sacra estimates that Cribl hit $300M in ARR in May 2026, up from $200M at the end of 2024, which itself was up 71% YoY from $117M ARR at the end of 2023, valued at $3.5B as of their August 2024 Series E for a 17.5x revenue multiple.Cribl's growth is driven by its data pipeline products that help enterprises reduce spending on platforms like Splunk by 30-90%.The company maintains a strong 145% net revenue retention rate and counts 43 Fortune 100 companies among its customers, with 25% of the Fortune 500 using its solutions.

<ul><li>BigID is a data governance platform doing about $74M ARR as of the end of 2022, up 48% YoY.</li><li>BigID is valued at over $1 billion as of their 2024 funding round, led by Riverwood Capital.</li><li>The company's target customer profile is firmly enterprise: today, they have roughly a few hundred customers in this segment, many of which signed up through reseller partnerships with AWS, Microsoft, SAP, and Snowflake.</li></ul>

BigID is a data governance platform doing about $74M ARR as of the end of 2022, up 48% YoY.BigID is valued at over $1 billion as of their 2024 funding round, led by Riverwood Capital.The company's target customer profile is firmly enterprise: today, they have roughly a few hundred customers in this segment, many of which signed up through reseller partnerships with AWS, Microsoft, SAP, and Snowflake.

<ul><li>Prove made $109M in 2021, a 90% increase over 2020.</li><li>Prove's multiple is comparable to its publicly-listed competitors.</li><li>In October 2025, Prove launched the Prove Identity Graph claiming coverage of 90%+ of digital consumers across 227 countries and territories.</li></ul>

Prove made $109M in 2021, a 90% increase over 2020.Prove's multiple is comparable to its publicly-listed competitors.In October 2025, Prove launched the Prove Identity Graph claiming coverage of 90%+ of digital consumers across 227 countries and territories.

<ul><li>Teleskope closed a $25M Series A in November 2025 led by M13, with participation from Primary Venture Partners and Lerer Hippeau.</li><li>Cyera has emerged as the category leader with $760M raised and a $6B valuation, positioning itself as a comprehensive data security platform.</li><li>The launch of Prism represents a significant expansion beyond traditional data classification into business-level document understanding.</li></ul>

Teleskope closed a $25M Series A in November 2025 led by M13, with participation from Primary Venture Partners and Lerer Hippeau.Cyera has emerged as the category leader with $760M raised and a $6B valuation, positioning itself as a comprehensive data security platform.The launch of Prism represents a significant expansion beyond traditional data classification into business-level document understanding.

United States

Rubrik, Inc. operates as a cloud data management and data security company. The Company offers a platform which helps enterprises to achieve resilience against cyber-attacks, malicious insiders, operational disruptions, cloud mobility, and regulatory compliance. Rubrik serves government, health care, education, legal, and financial industries worldwide.

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Rubrik (RBRK US)

Rubrik 1QFY26 Update: Huge Opportunity In Identity Resilience Will Drive Growth In The Future

Rubrik's strong 1QFY26 performance includes revenue growth, competitive wins, and increased guidance. Management optimistic about securing...

Andrei Zakharov

Primer: Cribl - 10 May 2026

Data pipeline software for routing, filtering, and storing enterprise observability and security logs

Sacra

Primer: BigID - 22 Mar 2026

Software for discovering, classifying, and securing sensitive data across cloud and on-prem systems

Sacra

Primer: Prove - 04 Jan 2026

Tool for verifying digital identities using mobile phone data across industries

Sacra

Primer: Teleskope - 05 Nov 2025

Platform for automating data security, privacy, and compliance through AI-driven data classification and remediation

Sacra

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52-week Range

Market Cap (USDm)

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Rubrik 1QFY26 Update: Huge Opportunity In Identity Resilience Will Drive Growth In The Future

​Rubrik's strong 1QFY26 performance includes revenue growth, competitive wins, and increased guidance. Management optimistic about securing...

Andrei Zakharov

Primer: Cribl - 10 May 2026

Data pipeline software for routing, filtering, and storing enterprise observability and security logs

Sacra

Primer: BigID - 22 Mar 2026

Software for discovering, classifying, and securing sensitive data across cloud and on-prem systems

Sacra

Primer: Prove - 04 Jan 2026

Tool for verifying digital identities using mobile phone data across industries

Sacra

Primer: Teleskope - 05 Nov 2025

Platform for automating data security, privacy, and compliance through AI-driven data classification and remediation

Sacra

Rubrik's strong 1QFY26 performance includes revenue growth, competitive wins, and increased guidance. Management optimistic about securing...