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DigitalOcean files to go public

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Cloud platform has over 570,000 customers, including Domain Name Wire.

Chart showing ARR at DigitalOcean

Annual run-rate revenue at DigitalOcean is charging up to the right. The company filed for an IPO this week.

Cloud platform DigitalOcean has filed to go public, planning to list on the New York Stock Exchange under the ticker DOCN. It currently lists the raise at $100 million.

The company was founded in 2012. Last year, it generated $318.4 million in revenue, up from $254.8 million in 2019.

It lost $43.6 million in 2020. The company calculates an adjusted EBITDA number that clocked in at $95.9 million last year, up from $55.2 million in 2019. The biggest drivers of the adjusted number last year were $75.6 million in depreciation and amortization and $29.5 million in stock-based compensation.

The company boasts 573,000 customers as of December 31, up from 502,000 in Dec 2018.

38% of its revenue last year came from North America, 30% from Europe, and 22% from Asia.

The monthly average revenue per user was $47.78 in 2020, up from $35.97 two years earlier.

DigitalOcean was carrying $263.7 million of debt as of Dec 31, 2020.

Former GoDaddy CEO Warren Adelman joined the company’s board in Nov 2020.

Domain Name Wire uses DigitalOcean for hosting.

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