Cloudflare lit up Wall Street last Friday raising $525 million in an initial public offering (IPO) that surged past initial expectations.

The content delivery network (CDN) provider’s IPO attracted strong attention with the firm’s stock surging 20% on its debut. Cloudflare had initially priced its offer at between $10 to $12 per share before increasing the price tag to $15 per share just ahead of its launch on the New York Stock Exchange (NYSE) Friday morning.

That new priced tagged to the 35 million shares sold allowed the company to pocket its tidy haul. The IPO placed a nearly $4 billion valuation on the company.

Investors quickly drove Cloudflare’s stock price up to as high as $19.55 per share with the stock trading at around $19 per share Monday morning. That pushed Cloudflare to a roughly $1.5 billion market capitalization.

Cloudflare Lights Up Wall Street

The company last year said it planned to go public at some point in early 2019.

Prior to its IPO, Cloudflare raised more than $330 million in venture capital. Its latest haul in March raised $150 million, which pushed its valuation to more than $3 billion.

Cloudflare is best known for its CDN services — its paperwork cites support for more than 20 million “internet properties” — but it also has a stake in both cloud and security. It said it blocks 44 billion cyberthreats per day.

In its IPO filing ahead of its Wall Street debut, Cloudflare claimed it competes against companies like Amazon, Cisco, and Oracle. However it also directly competes against CDN firms like Akamai, Limelight, and Fastly. That last firm generated $180 million in an IPO in May.

Cloudflare also rents security and optimization services in competition with hardware from traditional vendors including Cisco and Juniper Networks. Traditionally, appliances such as load balancers, DDoS mitigation gear, WAN optimizers, malware scanners, firewalls, and authentication devices ensured that traffic reached its destination securely. CloudFlare’s claim to fame is that it can enable all of these functions by turning all of this hardware into cloud services. With all of its businesses, it seeks to eliminate hardware and act as an internet edge service provider.