Rackspace has reportedly filed for an initial public offering (IPO) that could value the managed cloud services company at more than $10 billion, according to Reuters.

The move would mean Rackspace’s return to the public market. The company went private in 2016 in a $4.3 billion deal led by Apollo Global Management.

Rackspace confidentially filed for an IPO and plans to make its public debut after the economic upheaval caused by the coronavirus pandemic subsides, Reuters reports, citing sources familiar with the filing.

“As a private company, we do not comment on speculation in the press or on a possible IPO,” a Rackspace spokesperson said in an emailed statement to SDxCentral. “We remain focused on driving success for our customers as they look to realize the full value of the cloud.”

While Rackspace got its start building managed private clouds based on OpenStack, Microsoft, and VMware, among others, it began moving into the managed cloud services space shortly after being acquired by Apollo. It also bought a handful of companies to help it make this transition including TriCore Solutions, Datapipe, and, most recently, Onica, a cloud-native consulting and managed services firm. It now provides managed services to companies that want to move their workloads to public clouds including Amazon Web Services (AWS), Microsoft Azure, and Google including managed Kubernetes, application and data migration and integration, consulting, and multi-cloud security.

According to Reuters, the rising stock prices of Rackspace peers including Fastly and Datadog prompted Apollo to register Rackspace for an IPO. As the pandemic drives more companies to cloud comping instead of on-premises data centers, these companies also rely on firms like Rackspace and its competitors to help them move and manage workloads to the cloud.