Cloudflare is eyeing a $483 million cash infusion as part of its planned initial public offering (IPO), which would value the internet content delivery provider at around $3.5 billion.

In an update to its IPO filing with the U.S. Securities and Exchange Commission (SEC), Cloudflare said it plans to offer just over 40 million shares of Class A common stock at between $10 and $12 per share. Those shares include 35 million set to be offered to the public and 5.25 million shares optioned to the IPO underwriters. Goldman Sachs, Morgan Stanley, and JP Morgan are the main underwriters.

Like a number of tech firms, Cloudflare is luring potential investors with its...potential. The company reported $129.2 million in revenues for the first half of this year, which was a 48% increase compared to the first half of 2018. However, it continues to operate in the red with net losses of $36.8 million through the first half of 2019 compared to losses of $32.5 million for the same period last year.

Cloudflare initially filed its IPO paperwork last month. It included a $100 million place-holding amount, which is a common amount for tech-based IPOs.

Cloudflare has yet to stamp a date for its IPO, but as a reference, rival Fastly conducted its IPO in May just under a month after it filed its SEC paperwork. That IPO raised $180 million. Fastly has also seen its stock value double from its $16 IPO price.

Cloudflare is best known for its content delivery network (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 filing, Cloudflare claims it competes against companies like Amazon, Cisco, and Oracle. However it also directly competes against CDN firms like Akamai, Limelight, and Fastly. 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.

Cloudflare’s IPO ambitions have been circulating since last fall; however, this seemed to be taken off the table after the company raised $150 million in late-stage funding in March. That funding round pushed its total VC haul to more than $330 million with its valuation somewhere north of $3 billion.