- The San Francisco security startup Cloudflare on Tuesday set a price range for its IPO of $10 to $12 per share.
- At the high point, the company could be valued at $3.5 billion.
- Cloudflare is expected to start trading later this month on the New York Stock Exchange under the ticker "NET."
Cloudflare, a security startup that protects websites from attacks and helps pages load quickly, set a price range for its upcoming initial public offering, which could value the San Francisco company as high as $3.5 billion.
In a filing on Tuesday, the company said it planned to price its IPO at $10 to $12 per share. At the high point, Cloudflare would raise $483 million. The company is expected to start trading later this month on the New York Stock Exchange under the ticker symbol "NET."
Since its founding in 2009, Cloudflare has raised more than $400 million in private capital. Its biggest shareholders include its series A backers Venrock and Pelion Ventures, as well as its series B lead, New Enterprise Associates.
But its biggest shareholder of all is Fidelity, which led a $150 million funding round in March.
In 2014, the company raised $100 million from Google's Capital G, Microsoft, Baidu, and Qualcomm.
Cloudflare has made headlines over the past few years for its ardent protection of contentious organizations, which would fall victim to denial-of-service attacks from adversaries without Cloudflare's services.
Though more recently, the company has changed its tune. Cloudflare founder and CEO Matthew Prince publicly stopped working with two organizations over the past two years. Cloudflare stopped working with the neo-Nazi website The Daily Stormer in 2017, and in August, it stopped working with the forum 8chan, which was tied to three mass shootings this year.
