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Aug. 15, 2019, 12:54 p.m. EDT

Cloudflare files to be next publicly traded cybersecurity company

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By Wallace Witkowski

Cybersecurity company Cloudflare Inc. announced it plans to go public, according to a Securities and Exchange Commission filing Thursday. The company plans on raising $100 million but that number is usually used as a placeholder and is subject to revision. The San Francisco-based company said its service blocks 44 billion cyber threats from 20 million internet properties daily. In 2018, Cloudflare reported a loss of $86.1 million on revenue of $192.7 million, compared with a $10.7 million loss on revenue of $134.9 million in 2017. Cloudflare plans to list under the ticker "NET" on the New York Stock Exchange. Goldman Sachs, Morgan Stanley and J.P. Morgan are among the underwriters. Earlier in the month, Cloudflare dropped 8chan as a customer, condemning the unmoderated message board as "a receptive audience for domestic terrorists" following recent mass shootings. Cloudflare's IPO would follow 2019's other big cybersecurity IPO CrowdStrike Holdings Inc. /zigman2/quotes/212513426/composite CRWD +1.86% , which went public in June. While Crowdstrike shares are trading 176% above their IPO price, the ETFMG Prime Cyber Security ETF /zigman2/quotes/207892345/composite HACK +2.19% is up nearly 12% for the year while the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +4.09% is up nearly 30%, compared with a 17% gain in the tech-heavy Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +2.26% .

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