Fly.io

fly.io →

-75%

est. 2Y upside i

DevOps & InfraSeries C

Application hosting platform for running full-stack apps close to users

Rank

#4101

Sector

Developer Tools

Est. Liquidity

~3Y

Data Quality

Data: Medium

Fly.io is a profitable, fast-growing company (~$11M revenue, +47% YoY) in the large cloud infrastructure market, differentiating with its edge computing focus.

Last updated: March 10, 2026

Bull (25%)+80%

Fly.io's focus on edge computing with Firecracker microVMs and new offerings like Sprites and Corrosion drives accelerated adoption, pushing revenue to ~$28M by 2028. This strong execution justifies a 30x revenue multiple, leading to an $840M valuation, representing an ~80% upside.

Base (25%)+3%

Fly.io maintains its ~47% YoY growth, reaching ~$24M in revenue by 2028. However, intense competition from AWS and Google Cloud limits multiple expansion, resulting in a 20x revenue multiple and a $480M valuation, offering a modest ~3% upside.

Bear (50%)-66%

Increased competition from dominant cloud providers and well-funded rivals leads to growth deceleration to ~20% YoY, with revenue reaching only ~$16M by 2028. The market re-rates the company to a 10x revenue multiple, resulting in a $160M valuation and a ~66% downside, significantly impacting common stock value due to $115M in liquidation preferences.

Est. time to liquidity~3.0 years

Adjusted for competitive dynamics: -32% (raw: -75%, adjustment: -20%)

Preference Stack Risk

high

Funding Intensity

25%

Investors hold $115M in liquidation preferences, meaning common shareholders would only see returns after this amount is paid out to preferred shareholders in an exit scenario. If the company exits at the current $467M valuation, common shareholders would share in $352M.

Dilution Risk

moderate

As a Series C+ company, while profitable, future growth initiatives may necessitate additional funding rounds, leading to further dilution of common stock.

Secondary Liquidity

limited

Secondary markets exist (e.g., Forge, Nasdaq Private Market, Hiive, EquityZen) but transactions are subject to company approval and accredited investor requirements.

Other — 2 roles

Jobs · Want to work on super fun problems with (arguably) likable people? Then you’ve come to the right place.
RSS Feed · Fly.io is a fully distributed global team, and we love that. We offer a bunch of benefits and perks designed to support our diverse team:

View all 2 open roles at Fly.io →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Fly.io's data — designed to show you've done your homework.

1
“Given the significant resources and established market positions of AWS and Google Cloud, how does Fly.io plan to sustain its competitive moat and pricing power in the edge computing space, especially with their recent moves into similar offerings?”
2
“With ~$11M in revenue and ~47% YoY growth, what are the key strategies for accelerating customer acquisition and expanding average revenue per user to justify the current valuation and achieve significant scale in the next 2-3 years?”
3
“Considering the Series C funding and the current valuation, what is the company's anticipated timeline for a liquidity event, and how does Fly.io ensure that common stock holders see meaningful returns given the existing $115M in liquidation preferences?”