- Apollo Global Management has reportedly registered Rackspace for an initial public offering (IPO), which would value the cloud services company at over $10 billion
Apollo Global Management has reportedly registered Rackspace for an initial public offering (IPO), which would value the cloud services company at over $10 billion, including debt according to sources with Reuters.
The successful IPOs of Rackspace’s rivals like Fastly and Datadog have been encouraging for Apollo to push forward.
The IPO has been confidentially filed with the U.S. Securities and Exchange Commission and is planning to proceed with a stock market debut once the volatility caused by the pandemic slows down.
What does Rackspace do? Rackspace leases server space and helps organizations store data in the cloud. Rackspace launched in 1998 and now it is a leading provider of expertise and managed services across all the major public and private cloud technologies.
The company is based in San Antonio, Texas and employs over 6,000 employees on 4 continents.
