The storage company might be valued at $684.3 million by Backblaze’s IPO, according to a quick extrapolation of its pricing range.Īs a non-unicorn, Backblaze is now going public. According to Renaissance Capital, at $16 per share, Backblaze is valued at $644 million, inclusive of shares that have already been earned but have not yet been converted into shares through the exercise of options or other similar means. The company’s fully diluted valuation is noticeably much higher. Likewise General Motors in the process, Backblaze was at the other extreme of the IPO market, a cloud storage platform for data backup.īackblaze is a throwback to a time when sub-billion-dollar enterprises commonly went public to acquire funds and boost their profile in an effort to gain customers’ trust in an era of blockbuster market debuts followed by stratospheric private fundraising rounds.īackblaze’s revenue for the year ended June 30 was $59.9 million, with second-quarter sales increasing by nearly 17% to $16.2 million according to the company’s prospectus.īackblaze is valued between $428.2 million and $485.3 million at its IPO price range and with 28,545,893 projected to remain outstanding after the IPO. The automaker of electric vehicles Rivian Automotive, which generates virtually no income, made headlines this week after raising over $12 billion in its initial public offering and then seeing its market valuation soar past $105 billion, surpassing Ford.
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