![]() ![]() So, color us more than curious.īut before we sign off, we have new numbers from Backblaze that give us a nibble at its Q3 results. With this move, the company has become the latest cloud storage provider to enter the stock market as it looks to take advantage of the growing demand for cloud services. And when double-digit multiples applied to profit and not revenue. Last Thursday, Cloud Backblaze Thursday 100M IPO 650MNovetCNBC filed for an IPO that is said to be worth up to 650 million. Its IPO is a harkening back to the time when it was somewhat difficult to convince private-market investors to value your company in the nine-figures, let alone 10. Which makes Backblaze nearly unique from our perspective. The examples roll from memory: Robinhood was worth dozens of billions when it went public Coinbase was as well when it direct listed NerdWallet is going to be a public unicorn merely on the strength of the written word and AllBirds? More like AllUnicorn. Indeed, even some of the smaller or less traditional companies that we’ve seen debut in recent quarters have had valuations north of $1 billion. Which is notable given the sheer heft of many tech companies we’ve seen go public lately. That means that Backblaze is going public as a non-unicorn. Quick extrapolation indicates that at the top end of its price range, Backblaze’s IPO could value the storage firm at $684.3 million. Notably the company’s fully diluted valuation is quite a bit higher, with Renaissance Capital reporting that at $16 per share, Backblaze’s valuation inclusive of shares that have been earned, if not yet exercised via options or similar, to be $644 million. And it has, namely an S-1/A filing indicating that the company expects to price its IPO between $15 and $17 per share.Īt its IPO price range and 28,545,893 shares expected to be outstanding after its IPO, Backblaze is worth $428.2 million to $485.3 million. Since it was smaller in revenue terms than most tech companies going public these days, we deferred on judging its worth until Backblaze itself provided some guidance. But when it came to pricing, we had little idea of how to value the company. It climbed 24 in their debut on Nasdaq on last Thursday and another 12 on last Friday. 6,250,000 shares were sold at 16 per share for the 100 million IPO, in the middle of projected range of between 15 and 17 that gave company a valuation of 583 million. With a central core of content to help power customer acquisition and a huge swath of customers, it was an interesting cloud storage play. Backblaze CEO Gleb Budman, center, celebrated first day of trading on Nasdaq. ![]() Riley, Inc.When Backblaze first filed to go public, TechCrunch found it a compelling company. JMP Securities/ Lake Street Capital Markets/ B. Oppenheimer & Co./ William Blair/ Raymond James 10, 2021, at $16 – the mid-point of its $15-to-$16 price range – on 6.25 million shares, the same number of shares in the prospectus, to raise $100 million.) ![]() Today, our solutions are differentiated by their ease of use and affordability. Over the following years, we focused relentlessly on cutting away the complexity common among diversified cloud vendors’ services and legacy on-premises system vendors. As businesses and consumers shift to the cloud, we believe our cloud services will increasingly become a foundational element of their overall technology stack.Īt its founding, Backblaze set out to simplify the process of storing, using, and protecting data. These customers use the Backblaze Storage Cloud platform across more than 175 countries to grow and protect their business data on our approximately 2 exabytes, or 2 trillion megabytes, of data storage under management. Referrals from our community of brand advocates, combined with our highly efficient and primarily self-serve customer acquisition model and an ecosystem of thousands of partners, have allowed us to attract over 480,000 customers. By substantially reducing the complexity and frustration of storing, using, and protecting data, we empower customers to focus on their core business operations. From genome sequencing to mapping the world, from saving lives to playing online games, from interacting with a business to running one, data is central to modern existence. We provide these cloud services through a purpose-built, web-scale software infrastructure built on commodity hardware. We are a leading storage cloud platform, providing businesses and consumers cloud services to store, use, and protect their data in an easy and affordable manner. ![]()
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