Edge cloud platform provider Fastly is looking to raise $125 million by selling convertible senior notes, a move announced the same week it’s set to shift from the New York Stock Exchange (NYSE) to Nasdaq.

The vendor announced plans to sell of convertible senior notes that are set to mature in 2030 with an option to raise an additional $25 million if initial purchasers exercise their option.

Having seen its revenues rise in 2024 by 7% to $543.7 million, Fastly has sought to position itself ready to take advantage of the expected increased demand for edge computing. STL Partners projects that the edge compute market will soar to $424 billion by 2030 at a compound annual growth rate (CAGR) of 32% over the next six years.

To help it meet that demand, Fastly CEO Kip Compton said the firm is undergoing a “transformation” aimed at scaling up.

The funding will be used in part to repurchase some of the company's existing convertible notes set to mature in 2026, with the remainder going toward general corporate purposes. Fastly also plans to use some of the proceeds to fund capped call transactions designed to limit potential dilution of its stock when the notes are converted.

In addition, the vendor is shifting its stock exchange listing from the NYSE to Nasdaq. From December 9, Fastly will trade alongside some of the biggest names in tech, while retaining its current ticker symbol “FSLY.”

Compton said the shift from NYSE to Nasdaq was one of “several steps” in the company’s scaling efforts while “working to unlock long-term value for customers and shareholders.”

“By joining Nasdaq, Fastly aligns with a growth-driven market and becomes part of a community of the world’s most innovative companies,” said Nelson Griggs, president of Nasdaq.

Founded in 2011, the San Francisco-based firm provides content delivery network services, image optimization, and load balancing services.

It went public on the NYSE in May 2019. Fastly’s stock price has risen 46.81% in the past six months, standing at $11.28 compared to just $6.98 in early July, with the company buoyed by recent impressive results, including record revenues, operating profit, and free cash flow in the most recent quarter.

“The pace of feature roll-outs to our platform has improved dramatically over the last year, and we’re winning business with some of the most sought-after customers worldwide,” Compton said following its Q3 results in November. “Our Security revenue growth of 30% year-over-year is a result of this momentum combined with our strong go-to-market cross-sell execution.”