Rubrik posted a record Q1: subscription ARR of $1.57B, up 32%, with $103M of net new subscription ARR — its largest first-quarter add ever.

Cloud is now 89% of subscription ARR, up from 82% a year ago.

Cloud GTM engine

Mature cloud motion

Rubrik sells its data security platform across AWS, Azure, and Google Cloud, won two 2025 Google Cloud Partner of the Year awards, and signed a Strategic Collaboration Agreement with AWS last November.

CEO Bipul Sinha: “our customers are buying Rubrik solution on AWS, Azure, GCP.” Each cloud is a separate place to land and expand, so coverage across all three compounds revenue.

Cloud engine + AI product

Agentic AI is still early (for everyone), which makes Rubrik’s traction notable.

Rubrik Agent Cloud launched in February, and a US financial services customer already moved “from AI experimentation to full production deployment across AWS Bedrock and Microsoft Copilot” last quarter.

AI integrations with clouds are key, but co-selling of agents is still forming:

The CEO responded to a question asking if Rubrik would “create partnerships with some of the larger players in this market to accelerate enterprise take-up” of Agentic AI:

“what we are doing is to discovering all the agents that exist in the enterprise environment. And for that, we actually integrate with platforms such as Bedrock, Microsoft Copilot, Copilot Studio, Google and other platforms.

So definitely, we believe that there’s an opportunity for a deeper partnership and go to market together across all of that. And we really want to build an ecosystem because we have a platform play.”

The channel engine

Rubrik reports that “a vast majority of sales flow through our Channel Partners with the support of our sales force.”

Three distributors: Arrow ECS, Exclusive Networks, and Ingram Micro — moved ~68% of Rubrik’s revenue in FY2026.

However, the share of top 3 partners has fallen every year since 2023, with the last year dropping 5%: 79% to 76% to 73% to 68%

But because the revenue base is growing rapidly the dollars through those three rose ~38%.

The base widens while the anchors keep growing: healthy deconcentration or channel substitution?

What’s clear is that with this much running through partners, the agentic product is almost certainly reaching customers the same way.

3 takeaways for alliance leaders:

1. Cloud and channel are not either/or. Rubrik scales both at once, and they reinforce each other

2. A mature cloud motion is the launchpad for the next product. Agent Cloud rides the partner muscle the core product already built

3. Read concentration both as a ratio and a dollar figure. Falling share with rising dollars could signal a maturing partner base

Which GTM compounds faster for you — cloud or channel?