Coinbase is valued above $70 billion, Roblox is over $50 billion and Affirm topped $40 billion.
Those companies all routinely tapped venture investors for hefty amounts of capital on their way to the public exchanges. Rivian raised $2.5 billion in a pre-IPO round in July. 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. 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 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. He said the fresh capital will help the company expand its sales team as it faces off against industry heavyweights. Its B2 business, which competes with Amazon's S3 cloud storage offering, grew 61% in the second quarter. "I actually hope us showing this is possible for a mid-market company opens the path for more companies to do this," Budman said. "It used to be that other companies went public at other sized scales. I think people have been scared of it and so waited longer and longer.Seeking Alpha contributor The Value Investor does a deep dive into BLZE here.Shares have risen 10% to 20% or more in each the company’s first four sessions. BLZE saw its stock rally 24.4% in its first session to close at $19.90, and the stock’s price has only stoked higher from there.īeck Blaze came to the fore this week after generating only 16 million in revenue in the second quarter. Since its initial public offering (IPO) at 16 per share on Nov. One is called Backblaze B2 Cloud Storage. However, sparks flew for the stock from its first trading day last Thursday. Cloud backup service Backblaze added 100M to its Nasdaq on Thursday, up 24 from its initial launch and 12 on Friday, after raising 100M in its IPO, giving it a market cap of 650M.
What really sets Backblaze apart and will potentially disrupt the industry are the company’s two main cloud services.Participation from Market Makers and ECNs is strictly voluntary and as a result. ET) and the After Hours Market (4:00-8:00 p.m. The company sold 6.3M Class A shares last week at the midpoint of its IPO’s expected $15-$17/share range. Investors may trade in the Pre-Market (4:00-9:30 a.m. Cloud-Backup: zuverlässige Datensicherung für Unternehmen. BLZE offers consumers and businesses subscriptions for cloud-based computer storage and backup.The stock has been on fire on no apparent news other than enthusiasm for its IPO. Backblaze ( BLZE) has risen in all four of its trading sessions since going public last week. BLZE ended the day at a session high $31.50 and kept rising after hours, changing hands at $33.50 shortly before 6 p.m.That’s up 6.4% in after-hours trading and 109.3% from the stock’s initial public offering price.
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