Fast-rising startup Pure Storage files for an IPO

August 12, 2015, 5:44 PM UTC
Photograph by Getty Images/Brand X

Pure Storage, a data storage company that is trying to challenge bigger rivals like EMC and Western Digital, plans to go public.

The Silicon Valley company filed paperwork with federal regulators Wednesday for an initial public offering under the ticker symbol “PSTG.” It did not disclose which exchange it plans to trade on or the number of shares it intends to sell.

Pure Storage is not yet profitable, according to the regulatory filing, but its revenue has skyrocketed over the past year.

For the fiscal year 2015, Pure Storage revenue more than quadrupled to $174.5 million compared with $42.7 million in the previous year. Meanwhile, its losses more than doubled to $183.2 million in 2015 from $78.6 million in 2014.

The storage startup has attracted a lot of attention since its founding in 2009 for its combination of software and flash storage technology, which analysts say is faster and more efficient than older spinning disc drives. The company is also one of the few big flash storage startups on the market that have not been acquired by more established storage companies like EMC (EMC).

In an interview with Fortune in July, Pure Storage co-founder John Hayes discussed the startup’s ambitions to become the Apple (AAPL) of the data center, hinting that the company might eventually branch out to making other data center gear as opposed to only storage products.

Pure Storage is among a growing crowd of startups with sky-high valuations. Last year, in a funding round, the company was valued at over $3 billion, earning it a spot on Fortune‘s list of so-called unicorn startups that have a valuation of $1 billion or more.

As of July 2015, Pure Storage had over 1,100 customers, including T-Mobile USA, Samsung, and ConocoPhillips.

According to the regulatory filing, the company’s top stockholders include early investors Sutter Hill Ventures with a 27.4% stake, Greylock Partners with a 17.3% stake, and Redpoint Ventures with a 5.7% stake.

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