A $1.6 billion rival to Oracle and Amazon just filed to go public
From left: MongoDB cofounder Eliot Horowitz and execs Michael Gordon and Dev Ittycheria.YouTube/devGeeK; MongoDB
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MongoDB, a New York-based database startup reportedly valued at $1.6 billion, officially filed on Thursday afternoon for its initial public offering.
In August, TechCrunch reportedthat MongoDB had confidentially filed the paperwork to go public, taking advantage of new Securities and Exchange Commission rules. This paperwork appearing publicly on the SEC's system appears to confirm that report.
You can read the full filing here. The company plans to trade on the Nasdaq under the ticker symbol MDB.
MongoDB isn't profitable — the company reported a $45.76 million loss on $67.9 million in revenue in the six months ending July 31. It did $45.1 million in revenue over the same period last year and showed growth.
And MongoDB reports that those losses are narrowing. It says it lost $1.71 a share over those same six months, versus $1.93 a share in the same period last year.
MongoDB also notes that it faces stiff competition from the likes of Oracle, Microsoft, and Amazon. While its flagship Atlas database runs on cloud-computing platforms like Amazon Web Services and Microsoft Azure, those platforms also offer database services of their own.
Earlier this year, MongoDB CEO Dev Ittycheria told Crain's New York that Oracle was the company's biggest target.
"We believe Oracle is incredibly vulnerable because they've lost the developer's heart and soul," Ittycheria said.
When MongoDB goes public, it will be the seventh so-called unicorn — a private startup company valued at $1 billion or more — to do so this year.
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