Cloudflare’s long-gestating initial public offering plans took a significant step toward fruition as it filed IPO paperwork with the U.S. Securities and Exchange Commission (SEC). That paperwork has a place-holding IPO amount of $100 million, though it’s expected to raise several multiples of that amount.

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.

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.

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, the company 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.

Goldman Sachs, Morgan Stanley, and JP Morgan are the main underwriters of the Cloudflare IPO.

The Cloudflare IPO filing claims it competes against companies like Amazon, Cisco, and Oracle. However it also directly competes against CDN firms like Akamai, Limelight, and Fastly, which went public in May. Cloudflare also rents security and optimization services in competition with hardware from traditional vendors including Cisco and Juniper Networks.

Talk of Cloudflare pursuing an IPO has 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.

There is no set timeline for the IPO to happen, but as a reference, Fastly's IPO occurred just under a month after it filed its SEC paperwork.