In September, we highlighted several Prime Unicorn Index components poised for IPOs. Now, two of these companies, Rubrik and Astera Labs, are moving toward their public debuts in the coming months. This update will look at both of these companies and the implications this could have on the IPO landscape in 2024.
Astera Labs, known for supplying key components to data center giants like Amazon Web Services and Microsoft, is on the brink of a landmark IPO. With Morgan Stanley and JPMorgan Chase at the helm, the company is eyeing a March debut, buoyed by its strategic position in the generative AI boom. According to The Information, Astera generated $50 million in revenue in Q4 2023, up more than double YoY. The company expects $250-300 million in revenue in 2024 and was profitable last year.
Astera Labs has raised a total of $234.5 million over four rounds, with its most recent round being a $150 million Series D in November 2022, which valued the company at $2.74 billion. Investors include Fidelity, Atreides, Sutter Hill, Intel, Valor Equity, VentureTech Alliance, and GlobalLink1.
According to Reuters, Rubrik is setting its sights on an April IPO. Despite facing a U.S. fraud investigation into a former employee, the cybersecurity startup is cooperating fully with the Department of Justice, hopeful for a resolution ahead of its public offering. Rubrik’s cloud solutions for data security have attracted over 5,000 business customers, generating annual recurring revenue of over $600 million.
Rubrik has raised a total of $667 million over five rounds, most recently raising $375 million through a Series E round in July 2021, which valued the company at just over $3 billion. Investors include Bain Capital, Lightspeed, Greylock, Khosla, and IVP.
The impending IPOs of Astera Labs and Rubrik are not just milestones for the companies themselves but are also indicative of a broader tech IPO awakening in 2024. These developments will undoubtedly provide valuable insights into investor sentiment, market readiness for tech IPOs, and the evolving dynamics of the tech industry at large.