Backblaze, Inc.

BLZEInfrastructure

Backblaze sells cloud storage that regular people and small teams can actually understand.

Key figures

Data as of Jun 2026 · Pills compare vs Mar 2026

ARR Multiple

5.2x

-0.5x

ARR

$171M

+10.5%

YoY Growth

17.7%

+6.0pp

Market Cap

$887M

-9.5%

Revenue (Q)

$43M

+10.5%

Gross Margin

62.8%

+2.0pp

Op. Margin

-9.8%

+4.0pp

Rule of 40

7.9

+10.0

Magic Number

1.57

+1.17

Revenue, margins & ratios from SEC filings; market cap & ARR multiple from market data. Market cap & ARR multiple use the close of 2 Oct 2026; their pills compare vs the Jun 2026 quarter-end (5.7x).

Valuation by quarter

Current ARR Multiple: 5.7x· Forward at Q3 FY2026 guidance: 5.5x

Calculated valuation

FRAMEWORK EST.

Valuation data is not available for this company.

Strategy recommendations

Levers ranked by valuation impact

No recommendations for this company.

AI Replacement RiskMODERATE

32/ 100

LowModerateElevatedHigh

Estimated likelihood that general-purpose AI replaces this product.

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Why this rating

From the AI Risk Calculator model

Your moat is reasonable today. Stay vigilant — re-evaluate when foundation models add tool-use and long-running workflows that compress your differentiation.

What's driving the score

InfrastructureCategory baseline

low base

Workflow complexity3/5

neutral

Data moat2/5

+5.5 risk

Integration depthMedium

-4 risk

SegmentEnterprise

-8 risk

IndustryOther

neutral

Own AI integration0/5

+8 risk

Ways to reduce exposure

Embedding AI into your product is the cheapest way to ride the wave instead of being drowned by it. Even table-stakes copilots reframe the conversation with customers.

Without unique data that improves the product over time, the logic alone is easy to replicate. Capture proprietary signals, feedback loops, or workflows that competitors cannot synthesize.

Company overview

Backblaze sells cloud storage that regular people and small teams can actually understand. The company started in 2007 in San Mateo, California. It went public in 2021.

The pitch is simple. Store your data in the cloud. Pay a flat, low price. Skip the confusing bills that the big clouds are famous for.

Two products carry the business. Computer Backup protects laptops and desktops for a fixed yearly fee per machine. B2 Cloud Storage offers object storage that works like Amazon S3 but costs a fraction of the price. Developers plug B2 into apps, media pipelines, and backup tools without rewriting much code.

Say you run a small film studio. You shoot terabytes of footage each week. Amazon charges you a fortune to pull that footage back out. Backblaze does not charge those steep egress fees on most transfers. That single difference wins a lot of customers.

Backblaze stores over an exabyte of data across hundreds of thousands of customers. Revenue sits around $130 million a year and keeps climbing. The company runs its own storage hardware, so gross margins land near 55 percent. It stays small next to the hyperscalers. It survives by being cheaper and easier.