Fastly, a content delivery network (CDN) turned edge cloud company, filed for a $100 million initial public offering (IPO), although that figure will likely change.
The San Francisco-based startup on Friday filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). It plans to list its Class A common stock on the New York Stock Exchange (NYSE) under the “FSLY” ticker symbol.
The filing comes less than a year after Fastly’s latest funding round: a $40 million Series F that closed last summer, pushing the 8-year-old company’s total haul to $219 million and its valuation to $850 million, according to PrimeUnicorn Index. So while the IPO has a placeholder amount of $100 million, it’s likely to see upwards of $1 billion when it prices its shares.
Fastly started as a CDN, competing against the likes of Akamai and Limelight as well as newer CDNs like CloudFlare, which also recently pivoted into cloud and security and is also eyeing an IPO in the near future.
Fastly launched its edge cloud platform in 2017, putting smaller-size data centers closer to big customers, including The New York Times, to help these customers deal with traffic spikes. It can also provide huge amount of storage at the edge, which benefits customers with long-tail content — such as Pinterest. Other customers include Alaska Airlines, Airbnb, GitHub, Gannett, Spotify, and Ticketmaster.
Last year, Fastly started selling a security product called Platform TLS to help companies automate and configure Transport Layer Security (TLS) certificate and key management. In January, Fastly partnered with Microsoft to integrate its edge cloud platform with Microsoft’s Azure services, including Azure Data Explorer, Azure Blob Storage, and Azure Event Grid to power near-real-time data analytics. It already offered a similar integration with Google Cloud Platform (GCP).