A rainbow is an experience.
Color is an experience and nothing else.
The stimulus for a brain to create a color is out in the world, not the color itself.
Color is an evolved arbitrary response to a stimulus.
We do experience rainbows, which is to say we have an experience when we detect them in some way.
Don't forget, however, that the experience is not what the experience is an experience of; hence, just our experience of seeing a table is not the same as the table itself, our experience of a rainbow is not the rainbow itself.
After all, if you shut your eyes and fail to experience the table, the table persists, just as the rainbow will be for the experiencing for those that don't shut their eyes.