MGNI on Nasdaq

Magnite Inc

Logo: Magnite, Inc., Public domain, via Wikimedia Commons4

American advertising technology firm

Magnite Inc. (formerly Rubicon Project) is an American online advertising technology firm based in Los Angeles, California.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

May 1, 2007Founded1

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  • TickerMGNI on Nasdaq1
  • Industryadvertising industry1
  • HeadquartersLos Angeles1
  • Founded inLos Angeles1
  • Websitewww.magnite.com
  • Legal formDelaware corporation1
  • Incorporated inDE5
  • Business address1250 Broadway, 9Th Floor, New York, Ny5
  • Filer categoryLarge accelerated filer5

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Magnite Inc. (formerly Rubicon Project) is an American online advertising technology firm based in Los Angeles, California. The company was formed following a merger between Rubicon Project and Telaria in 2020.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

13.7%Operating margin7
20.3%Net margin7
6.9%Revenue growth, 20257
15.7%Return on equity7
0.38×Debt to equity7
$165.6MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 75% of the revenue Magnite Inc broke down this way in fiscal 2025.

  1. United States$537.7M775%up 8% from 2024
  2. Outside the United States$176.2M725%up 4% from 2024
Regions by year
Regions202320242025
United States$462.2M$498.4M$537.7M
Outside the United States$157.5M$169.7M$176.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue37¢$266.6M
  • Research and development12¢$84.7M
  • Other costs20¢$144.0M
  • Income tax10¢$74.0M
  • Profit20¢$144.6M

Out of $714.0M in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending30¢$70.5M
  • Share buybacks20¢$46.3M
  • Kept or used elsewhere51¢$119.4M

Out of $236.2M of cash from operations.7

Financial statements

Revenue8910117$714.0M in 2025+356% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $156.4M$156.4M20192020: $221.6M$221.6M2020+42%2021: $468.4M$468.4M2021+111%2022: $577.1M$577.1M2022+23%2023: $619.7M$619.7M2023+7%2024: $668.2M$668.2M2024+8%2025: $714.0M$714.0M2025+7%
Operating income8910117$97.6M in 2025
-$200.0M-$100.0M0$100.0M2019: -$27.6M-$27.6M20192020: -$54.2M-$54.2M2020+97%2021: -$81.1M-$81.1M2021+49%2022: -$112.8M-$112.8M2022+39%2023: -$155.0M-$155.0M2023+37%2024: $51.1M$51.1M20242025: $97.6M$97.6M2025+91%
Net income8910117$144.6M in 2025
-$200.0M-$100.0M0$100.0M$200.0M2019: -$25.5M-$25.5M20192020: -$53.4M-$53.4M2020+110%2021: $65.0K$65.0K20212022: -$130.3M-$130.3M20222023: -$159.2M-$159.2M2023+22%2024: $22.8M$22.8M20242025: $144.6M$144.6M2025+535%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Revenue$714.0M$668.2M$619.7M
Cost of revenue$266.6M$258.8M$409.9M
Sales and marketing$171.7M$166.1M$174.0M
Technology and development$84.7M$95.2M$94.3M
General and administrative$93.2M$96.9M$89.0M
Merger, acquisition, and restructuring costs$162.0K$0$7.5M
Total expenses$616.4M$617.1M$774.7M
Income (loss) from operations$97.6M$51.1M-$155.0M
Interest expense, net$18.9M$27.0M$32.4M
Foreign exchange (gain) loss, net$7.0M-$5.1M$2.0M
(Gain) loss on extinguishment of debt$2.2M$7.7M-$26.5M
Other income-$1.1M-$5.1M-$5.3M
Total other expense, net$27.0M$24.6M$2.5M
Income (loss) before income taxes$70.6M$26.5M-$157.5M
Provision (benefit) for income taxes-$74.0M$3.7M$1.6M
Net income (loss)$144.6M$22.8M-$159.2M
Basic (in USD per share)$1.01$0.16-$1.17
Diluted (in USD per share)$0.95$0.16-$1.17
Basic (in shares)142.6M shares140.6M shares136.6M shares
Diluted (in shares)153.8M shares146.8M shares136.6M shares

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The story

Rubicon Project was founded in 2007 by Frank Addante, Craig Roah, Duc Chau and Julie Mattern, who had previously worked together at L90/adMonitor, an online advertising network.

By April 2009, the company had raised $33 million in venture funding led by Clearstone Venture Partners, IDG Ventures Asia and Mayfield Fund. The company also secured $8 million in venture debt from Silicon Valley Bank.

In February 2014, Rubicon Project filed for an IPO and went public in April 2014 opening at over $20 per share. The stock fell back to about $16 per share later in the month.

In March 2014, the company was named number two on the top Ad Exchange Entities by comScore.

In February 2017, the company released its president and several other top executives. On March 14, 2017, CEO and founder Frank Addante stepped down from his position to take the role of chairman. The company announced Michael Barrett, previously the chief executive of mobile advertising marketplace Millennial Media and chief revenue officer at Yahoo!, would be the new chief executive.

In May 2024, Netflix announced its first expansion of its advertising partnerships to include Magnite, The Trade Desk and Google DV360.

On May 19, 2025, OSN has chosen Magnite, the independent sell-side advertising company, to power its new “Advanced TV” advertising solution. This marks the first time OSN will offer addressable advertising across its set-top box (STB) linear broadcast and video-on-demand (VOD) inventory. Using Magnite’s SpringServe video platform, targeted ads will now be delivered to OSN set-top boxes across the MENA region.

In September 2025, Magnite filed a lawsuit against Google over alleged monopolistic and anticompetitive behavior.

From Wikipedia’s article on Magnite Inc, shared under CC BY-SA 4.0.6

Leadership

Who has led Magnite Inc, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael G. Barrett2017–now

President

  1. Gregory R. Raifman2014–2016
  2. Michael G. Barrett2017–2020
  3. Mark Zagorski2020
  4. Katie Seitz Evans2025–now
  5. Sean Patrick Buckley2025–now

Chief financial officer

  1. Todd L. Tappin2014–2016

Chief operating officer

  1. Todd L. Tappin2014–2016
  2. Mark Zagorski2020
  3. Katie Seitz Evans2020–2024
2010201520202025
Board members and other officers (33)

Acquisitions

Rubicon Project acquisitions

In September 2009, the Rubicon Project acquired OthersOnline, an audience profiling technology company based in Seattle.

In May 2010, the company bought Site Scout, a malware detection company also based in Seattle.

In October 2010, the company acquired Fox Audience Network from News Corp in return for a minority stake in the company. It also received $18 million in additional funding led by Peacock Equity, the venture division of NBC Universal.

In May 2012, Rubicon Project acquired Mobsmith, a mobile technology company.

Read the full text

In August 2012, the company became the top-ranked online advertising company in terms of reach, with a 96.2% audience share, according to rankings provided by ComScore. This placed Rubicon ahead of Google for the first time, and also ahead of other competitors such as AOL and AT&T.

In October 2019, Rubicon Project acquired RTK.io, a header bidding startup for $11 million.

Merger with Telaria

In December 2019, Rubicon Project and Telaria announced a merger. Shareholders of Telaria and Rubicon project approved the merger on March 30, 2020, and the merger was completed on April 1.

While the two businesses initially fell under Rubicon Project and operated as two separate brands, the company rebranded under the name Magnite in June 2020. The merger made Magnite the world's largest independent omnichannel sell-side platform.

Recent acquisitions

In February 2021, Magnite acquired SpotX from European entertainment network RTL Group for $1.17 billion in cash and stock.

In September 2025, Magnite acquired Streamr.ai, a company that specializes in the development of AI-generated assets for small businesses' CTV campaigns.

From Wikipedia’s article on Magnite Inc, shared under CC BY-SA 4.0.6

Former names

  • RUBICON PROJECT, INC.Jan 16, 2014 to Jun 30, 20205

Timeline

  1. Mar 21, 2017New chief executive Michael G. Barrett becomes CEO15
  2. Apr 2, 2014Went public Listed on NYSE1
  3. May 1, 2007Founded Founded in Los Angeles1

Filings

695 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 40 major events, 401 insider forms, 32 large holders, 202 other. The latest 20:

  1. Oct 14, 20264 EDGAR
  2. Oct 7, 20268-K EDGAR
  3. Oct 2, 20264 EDGAR
  4. Oct 2, 20263 EDGAR
  5. Oct 2, 20264 EDGAR
  6. Sep 21, 20268-K EDGAR
  7. Sep 18, 20264 EDGAR
  8. Sep 18, 20264 EDGAR
  9. Sep 17, 2026144 EDGAR
  10. Sep 17, 2026144 EDGAR
  11. Sep 16, 20264 EDGAR
  12. Sep 16, 20264 EDGAR
  13. Sep 14, 2026144 EDGAR
  14. Sep 14, 2026144 EDGAR
  15. Sep 11, 2026144 EDGAR
  16. Sep 11, 20264 EDGAR
  17. Sep 11, 20264 EDGAR
  18. Sep 11, 20264 EDGAR
  19. Sep 10, 2026144 EDGAR
  20. Sep 10, 2026144 EDGAR

The 695 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 32 such filings since October 2021, the latest 10:

  1. Aug 13, 2026SCHEDULE 13G/A
  2. Aug 6, 2026SCHEDULE 13G
  3. May 14, 2026SCHEDULE 13G/A
  4. May 6, 2026SCHEDULE 13G/A
  5. Apr 30, 2026SCHEDULE 13G
  6. Apr 29, 2026SCHEDULE 13G
  7. Mar 27, 2026SCHEDULE 13G/A
  8. Feb 12, 2026SCHEDULE 13G
  9. Feb 10, 2026SCHEDULE 13G
  10. Dec 5, 2025SCHEDULE 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.12,713,156$241.3M0.0%+1,055,660
Vanguard Portfolio Management LLC8,197,286$155.6M0.0%+471,081
Fmr LLC7,759,426$147.3M0.0%+3,252,007
Vanguard Capital Management LLC6,225,195$118.2M0.0%+34,792
Wellington Management Group Llp6,044,492$114.7M0.0%−3,146,585
Dimensional Fund Advisors LP5,260,132$99.8M0.0%+1,276,458
Boston Partners5,013,835$95.9M0.1%+293,972
American Century Companies Inc4,622,736$87.7M0.0%−4,080
Capital Research Global Investors3,869,159$73.4M0.0%−1,151,130
Nuveen, LLC3,794,811$72.0M0.0%+204,786
Geode Capital Management, LLC3,789,959$71.9M0.0%+236,169
Edenbrook Capital, LLC3,555,615$67.5M23.6%+757,579
State Street Corp3,528,075$67.0M0.0%+364,936
325 Capital LLC3,412,694$64.8M15.4%+1,407,307
Nine Ten Capital Management LLC3,261,283$61.9M19.3%−220,000
Granahan Investment Management, LLC3,083,211$58.5M2.1%+529,798
Canada Pension Plan Investment Board2,995,093$56.8M0.0%+2,949,041
Jane Street Group, LLC2,199,191$41.7M0.0%+531,031
Park West Asset Management LLC2,000,000$38.0M2.6%+1,401,620
Morgan Stanley1,991,732$37.8M0.0%+1,064,913
Qube Research & Technologies Ltd1,955,989$37.1M0.0%+1,294,932
Blue Grotto Capital, LLC1,706,741$32.4M2.7%+377,959
Kennedy Capital Management LLC1,666,799$31.6M0.6%−86,743
Northern Trust Corp1,553,412$29.5M0.0%+230,841
Royce & Associates LP1,473,397$28.0M0.2%+107,908

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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