Rakhimov was born in Ufa. Worldwide, Rakhimov is known to be the only son of Murtaza Rakhimov, the former President of Bashkortostan. Throughout most of Rakhimov's life, he maintained a deep interest in science, eventually studying at Ufa State Petroleum Technological University and graduating in 1984.
He then studied at the French Petroleum Institute, receiving a Master's of Science, and then he studied in the United States for another Master's degree. For most of his Business career, he was a member of Bashneft. In 2003, he initiated the creation of Bashkir capital. During 2009 till early 2010 he was the owner of Salavat Yulaev Ufa.