Backblaze

What Backblaze does

Backblaze is a San Mateo, California-based public company (NASDAQ: BLZE, IPO 2021) operating a cloud object storage platform comprising two product lines: Backblaze B2 Cloud Storage (S3-compatible object storage with usage-based pricing) and Backblaze Computer Backup (endpoint backup subscriptions). The company runs its own infrastructure—six owned data centers in Sacramento, Stockton, Phoenix, Reston VA, Amsterdam, and Toronto—managing over 5 exabytes of storage across a fleet of 340,000+ HDDs, rather than reselling hyperscaler capacity. This HDD-centric architecture, evolved from the company's 2007 origins as a consumer backup service, underpins its cost-leadership positioning: the company claims up to 90% lower storage cost versus hyperscalers and operates at 26% adjusted EBITDA margin in Q1 2026. The technology stack offers both a drop-in S3-compatible API (working with the full AWS SDK ecosystem) and the B2 Native API, with throughput up to 1 Tbps via the 2026-launched B2 Overdrive and white-label B2 Neo products targeting neocloud AI infrastructure customers.

Revenue is generated primarily through usage-based B2 Cloud Storage (per-GB-stored and per-GB-transferred pricing, plus free egress to CDN partners via the Bandwidth Alliance with Cloudflare, Fastly, and BunnyCDN) and subscription-based Computer Backup. Q1 2026 revenue of $38.7M (up 11.7% YoY) was composed of $22.4M from B2 Cloud Storage (now the majority of revenue, growing 24% YoY at a $158M ARR running 28% YoY) and a declining legacy Computer Backup segment with 402,589 subscribers generating $16.2M in 2025. The customer base exceeds 500,000 across 175 countries, with a hybrid go-to-market combining self-serve API/PLG acquisition, developer and open-source community channels (genblaze, hf-cache-sync, jupyter-b2, b2-vscode on GitHub), and a scaling enterprise field-sales motion now anchored by a June 2026 $335M, five-year multi-exabyte agreement with CoreWeave (~$67M expected annual revenue). The June 2026 launch of B2 Overdrive for AI/HPC workloads and the appointment of a new CRO from NetApp (April 2026) reflect a deliberate pivot toward AI infrastructure and neocloud providers, while the November 2025 restructuring and improving free cash flow signal operational discipline. Key competitors are hyperscalers (AWS S3, Azure Blob, GCP Cloud Storage), VAST Data (a $1.17B CoreWeave counterpart), and Pure Storage; key risks include legacy Computer Backup subscriber erosion, hyperscaler price compression, and a March 2026 security incident involving Iranian APT group Seedworm leveraging Backblaze infrastructure for malware hosting.

Name

Backblaze

Legal name

Backblaze, Inc.

Website

https://backblaze.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

251–500 employees

Short description

Backblaze provides S3-compatible cloud object storage (B2 Cloud Storage) and endpoint backup services, serving developers, enterprises, and neocloud AI infrastructure providers. The company operates its own HDD-based data centers across the US, Europe, and Canada, managing over 5 exabytes of storage.

Ownership category

akta.pro rank

Product category

Cloud Storage

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210), Computer Storage Device Manufacturing (334112), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Services-Prepackaged Software (7372), Computer Storage Devices (3572)

akta.pro primary industry

Backup & Recovery Software (HDABAEAD)

akta.pro secondary industries

Hybrid Cloud Storage & Backup Infrastructure (HDABAMAG), Backup & Restore Platforms (Cloud Backup) (HDABAIAB), Cloud DR, Backup & Business Continuity (BPAEACAJ), Data Protection & Backup Appliances (Backup Targets, Dedup Appliances) (HDACACAI), Endpoint, SaaS & M365/Google Workspace Backup Services (BPAEALAJ)

Keywords

• Cloud object storage
• S3-compatible storage
• Computer backup
• AI data storage
• Neocloud storage

Headquarters

HQ city

San Mateo

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Infrastructure, Technology or R&D, Personnel, Marketing or Sales, Operations, Supply Chain

Revenue model

1. B2 Cloud Storage: Cloud object storage service generating revenue on a usage/consumption basis (per GB stored and per GB transferred). Revenue grew 24% year-over-year to $22.4M in Q1 2026, now representing the majority of total company revenue. B2 Cloud Storage ARR reached $158M with 28% year-over-year growth. The segment serves developers, enterprises, and neocloud providers with products including B2 Standard, B2 Neo (white-label for neoclouds), and B2 Overdrive (high-throughput). The $335M CoreWeave deal is expected to add approximately $67M annually in revenue over five years.
2. Computer Backup (Consumer/SMB): Endpoint backup subscription service for individuals and businesses. The consumer backup segment is experiencing declining interest due to competition from cloud sync services (iCloud, Google Drive, OneDrive) and the rise of SSDs. In 2025, the company reported 402,589 backup subscribers generating $16.2M in revenue. The segment continues to face headwinds as the market shifts toward cloud-native workflows and AI infrastructure use cases.
3. Flamethrower / Startup Credits: Early-stage startup program offering cloud storage credits (up to $100,000 per startup) as a customer acquisition and ecosystem development mechanism. Startups receive B2 Cloud Storage credits in exchange for building on the platform, with potential to convert to paying customers at scale.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels8 records

Core offering

Backblaze sells S3-compatible cloud object storage (B2 Cloud Storage) and consumer/SMB endpoint computer backup subscriptions, operating its own purpose-built HDD-based data center infrastructure across the US, EU, and Canada. Its platform stores more than 5 exabytes of customer data and is increasingly optimized for AI infrastructure workloads, offering high-throughput products (B2 Neo, B2 Overdrive) and an S3-compatible API that acts as a drop-in replacement for AWS S3.

Differentiator

Problem solved

Functional benefit

Brands

• B2 Neo: White-label cloud object storage solution purpose-built for neocloud platforms to support AI and machine learning workloads.
• Flamethrower
• B2 Overdrive
• Shard Stash

Products and services

• B2 Cloud Storage Backblaze’s primary cloud object storage service offering S3-compatible API and B2 Native API for storing and retrieving data. Supports AI/ML workloads including training datasets, model weights, embeddings, and generated content. Manages over two billion gigabytes of data across customers in 175 countries.
• B2 Neo Purpose-built cloud object storage solution for neocloud platforms supporting AI and machine learning workloads. Offers throughput speeds up to 1 terabit per second, built on nearly 20 years of cloud storage expertise with over five exabytes of storage under management. Enables platforms to launch storage in weeks without building own backend infrastructure.
• B2 Overdrive High-throughput cloud storage product delivering up to 1 Tbps throughput for AI, machine learning, and high-performance computing workloads. Offers hyperscaler-level performance at reduced costs with transparent pricing and no egress fees.
• Backblaze Computer Backup Online backup service for personal and business computers. Provides endpoint backup with continuous or scheduled backup, mobile access, and remote delete capabilities. Available as both Personal Backup and Business Backup offerings.

Quantifiable outcome

• Up to 90% lower storage costs versus hyperscalers (AWS S3)
• +8 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration23 records

AI capability5 records

Feature12 records

Partnerships

One partnership is on record.

• CoreWeaveflagshipStrategic or Co-development Partner · 23 June 2026Five-year, multi-exabyte data storage agreement worth $335 million total contract value. Backblaze provides HDD-based storage capacity supporting CoreWeave's managed AI Object Storage infrastructure. CoreWeave serves 9 of the top 10 AI model providers. Backblaze issued equity warrants to CoreWeave for up to 4,194,876 shares at $7.60 per share, linking incentives to contracted storage capacity growth. Analysts estimate this deal could account for approximately one-quarter of Backblaze's B2 business by end of fiscal 2027. The deal positions Backblaze alongside VAST Data ($1.17B CoreWeave deal) as a key storage supplier for AI infrastructure.

Scale indicators21 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Wasabi Technologies: Wasabi offers S3-compatible cloud object storage positioned as a low-cost alternative to AWS S3 with no egress fees, serving a similar SMB/enterprise developer and MSP customer base. Most direct competitor to Backblaze B2 in the independent cloud storage category.
• Cloudflare R2: Cloudflare R2 is S3-compatible object storage with zero egress fees, directly competing on Backblaze's core value proposition. Backblaze has a Bandwidth Alliance partnership with Cloudflare CDN but R2 represents competing storage infrastructure serving the same developer/enterprise workloads.
• IDrive: IDrive provides consumer and business cloud backup with similar per-device subscription pricing. Backblaze Computer Backup competes directly with IDrive in the legacy consumer/SMB backup segment, which is a defined but declining market for Backblaze.

Broad incumbents

• Amazon Web Services (S3): AWS S3 is the dominant cloud object storage incumbents and the incumbent against which Backblaze positions its 90% cost advantage. While hyperscale-priced, S3 sets the benchmark Backblaze targets with its drop-in S3-compatible API and serves as the migration source for many Backblaze customers.
• Microsoft Azure Blob Storage: Azure Blob Storage is a hyperscaler object storage offering competing in the same S3-compatible ecosystem. As enterprise data increasingly spans AWS and Azure, Azure Blob represents both a competitor and a complementary workload target for Backblaze's multi-cloud positioning.
• Google Cloud Storage: Google Cloud Storage competes in the hyperscale object storage market with multi-regional, archive, and coldline tiers. It addresses similar AI/enterprise storage workloads and sets pricing reference points against which Backblaze B2 positions its cost advantage for data-intensive customers.

Emerging players

• VAST Data: VAST Data provides AI-scale data infrastructure and signed a $1.17B deal with CoreWeave, positioning it as a peer in the AI infrastructure storage supply chain. While VAST targets high-performance tiers, both companies are now contracted by CoreWeave for AI object storage, making them complementary rather than direct competitors.
• MinIO: MinIO offers S3-compatible self-hosted object storage popular with Kubernetes and AI infrastructure deployments. It competes for the same developer and AI infrastructure workloads but as on-premises software versus Backblaze's managed cloud model.
• DigitalOcean Spaces: DigitalOcean Spaces provides S3-compatible object storage bundled with DigitalOcean's developer cloud platform, targeting the same SMB/developer customer base with competitive pricing. It serves as a relevant peer for the PLG/dev-focused motion Backblaze uses for B2.

Others

• CoreWeave: CoreWeave is the largest Backblaze customer ($335M TCV contract) and a neocloud AI infrastructure provider. While not a direct competitor, CoreWeave's strategic importance makes it both a key partner and concentration risk factor for Backblaze's forward growth trajectory.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/backblaze
• Xx.com/backblaze

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds7 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Backblaze