cloud backblaze nasdaq thursday friday 100m

In the cloud storage space, it competes with the likes of Inc’s Amazon Web Services, although Backblaze targets smaller companies.Īccording to a report Impact-of-COVID-19-on-the-Market- by Research and Markets, the global market for cloud computing services is projected to reach a revised size of $937.5 billion by 2027, growing at a compound annual rate of 17% over the seven years since 2020. Oppenheimer & Co, William Blair and Raymond James are the lead underwriters on Backblaze’s offering. I think people have been scared of it and so waited longer and longer.The company will list its stock on the Nasdaq under the symbol “BLZE”, according to a filing. 'It used to be that other companies went public at other sized scales. 'I actually hope us showing this is possible for a mid-market company opens the path for more companies to do this,' Budman said. Its B2 business, which competes with Amazon's S3 cloud storage offering, grew 61% in the second quarter. He said the fresh capital will help the company expand its sales team as it faces off against industry heavyweights. Backblaze currently stores two exabytes of data - that's 2 million terabytes - and has a half-million paying customers.īudman said the IPO presented a clear opportunity to open Backblaze's books to customers and prove that it's mature enough to be a long-term technology provider. Until about a decade ago, when the private markets started to balloon with new entrants, it was still common for tech companies to go public with valuations below $1 billion.īackblaze executives had other reasons to go public in a highly-competitive market that features the biggest cloud services in the world from Amazon, Microsoft and Google. Backblaze, by contrast, had raised less than $3 million from outside investors between its formation in 2007 and earlier this year, when it issued $10 million in convertible notes.īut when Amazon went public in 1997, the company was generating $16 million in quarterly revenue. Rivian raised $2.5 billion in a pre-IPO round in July. Those companies all routinely tapped venture investors for hefty amounts of capital on their way to the public exchanges. Coinbase is valued above $70 billion, Roblox is over $50 billion and Affirm topped $40 billion. At least 21 tech companies to debut in 2021 are worth over $10 billion. exchanges this year and, by the standards of its peers, Backblaze is a micro-cap.

Over 100 technology companies have listed on U.S. Backblaze shares climbed 24% in their debut on Thursday and another 12% on Friday, lifting the price to $22.31 and giving the company a market cap of around $650 million. In the year that ended June 30, Backblaze's revenue totaled $59.9 million, with second quarter sales up about 17% to $16.2 million, according to the company's prospectus.īackblaze raised just $100 million in its offering, less than one-twentieth the amount raised this year by companies including GlobalFoundries, Robinhood and Bumble. In an era of blockbuster market debuts preceded by astronomical private financing rounds, Backblaze is a throwback to a time when sub-billion-dollar companies routinely went public to raise capital and build their profile in an effort to win the trust of customers.

Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit

Cloud backblaze nasdaq thursday friday 100m