Rubrik just reported its latest Q127 in early June, then turned around days later to hold its annual FORWARD conference and first dedicated IR briefing.

Let's look at how Rubrik is progressing in my ongoing thesis, and how its resiliency platform is expanding into Agentic Ops. Beyond the hyperscaler clouds and other next-gen security providers, this will also be of interest to data lakehouses like Snowflake & Databricks and AI providers like Anthropic & OpenAI.

  • Rubrik is starting to see the artificial tailwinds of material rights shift into artificial headwinds, which will worsen across FY27.
  • I believe the emergence of new Identity and AI Ops (RAC) solutions will drive continued hypergrowth, to greatly counter (and possibly offset) those headwinds. Identity is already hitting $50M in ARR in its first year, and RAC was implied to be growing even faster.
  • Profitability continues to trend well. They've been cash flow positive now for 6Qs, and non-GAAP profitable for 3Qs.
  • Land and expand continues to trend well, with record net new large customers (outside of their seasonally strongest Q4) and rising deal sizes.
  • They embedded a new agentic orchestration layer into their overall platform stack, powered by their Predibase acquisition.
  • This new layer enables multiple new product directions, including Rubrik AI, Agentic Ops (Rubrik Agent Cloud), and several new automated remediation services (Cloud Apps, Identity Roll Forward, and SaaS Enterprise Tools recovery) that greatly simplify IT recovery complexity for enterprise customers.
  • They expanded their Identity solution with a unique new post-intrusion recovery offering (Roll Forward), and acquired a startup to add Identity Continuity (high availability after an identity service failure).
  • This startup also recently added two new services that could greatly enhance the agentic identity security capabilities within RAC.
  • Annapurna has been revamped into a new module within Rubrik Agent Cloud. This service now enables an AI agent to securely access an enterprise's pool of unstructured data without needing the overhead of data pipelines and ETL workflows.
  • Misunderstanding of these artificial headwinds seems likely to create entry points over the next few earnings reports, at least until RAC & Annapurna revenue starts showing up in earnest or GAAP profitability hits breakeven.