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If youve had your fill of initial public offerings (IPOs) in 2021, I totally get it. Still, the recent introduction of Backblaze (NASDAQ:BLZE) to the Nasdaq deserves your attention. Heck, you might even end up adding BLZE stock to your holdings after learning about the company.

In the wake of the Covid-19 pandemic, some businesses have moved their operations online and, more specifically, into the cloud. This created a need for bold, disruptive businesses to provide powerful, accessible cloud storage services.

Backblaze filled this void; but admittedly, its not the only cloud-storage company out there. Still, as well discover, Backblaze has a unique vision and approach to servicing this high-demand niche.

As for the IPO itself, it was a huge success from the outset. The initial enthusiasm has subsided somewhat, though, so lets see if we can get a technical reading on BLZE stock.

In early November, Backblaze planned to price its public offering between $15 and $17.

About a week later, the company set an IPO price of $16. Finally, BLZE stock started trading on the Nasdaq on Nov. 11. The stock jumped 24% on that first day, and then rose another 12% to $22.31 on the following day.

On Nov. 17, the stock peaked at $36.50 before it finally started to cool off. As the old market saying goes, trees dont just grow straight to the heavens.

Over the next week, BLZE stock backslid somewhat and landed at $26. Its still too early to identify a defined range for the stock. However, $20 could be a significant technical level if it gets there.

Moreover, if BLZE stock crashes down through the $16 IPO price, that would be a sign that the sellers have completely taken control.

Since there are much bigger and more famous companies that offer cloud-based data storage, Backblaze must differentiate itself.

Its not enough just to have huge storage capacity, though we can still be impressed as Backblaze has nearly two exabytes of data storage under management.

Whats an exabyte? According to Backblaze, its 1 million terabytes, or 1 billion gigabytes. In other words, its a whole lot of cloud storage capacity.

But again, its not just about big numbers. What really sets Backblaze apart and will potentially disrupt the industry are the companys two main cloud services.

One is called Backblaze B2 Cloud Storage. This service is a pay-as-you-go (consumption-based) offering intended for application development, ransomware protection, backup, multi-cloud and other use cases.

Then theres the subscription-based Backblaze Computer Backup service.

This automatically backs up a virtually unlimited amount of data (according to the company), protecting customers from ransomware, theft, and data loss, as well as providing remote access and more.

Even if you havent heard about Backblaze until today, the company has a sizable market presence. In fact, Backblaze currently works with nearly 500,000 customers in over 175 countries.

On a financial level, the company appears to be on an upward trajectory. Indeed, Backblaze claims that B2 Cloud Storages revenue has climbed more than 60% year-over-year.

There should still be more room for growth, however. The total addressable market for public cloud Infrastructure-as-a-Service or IaaS is projected by IDC to be $91 billion in 2025, according to Backblaze.

So dont be surprised if you start seeing the term IaaS everywhere. Now we know what it stands for and which company is seeking to dominate this niche market.

The market is still in the process of determining an appropriate price range for BLZE stock.

Still, its fine to start accumulating the shares if you like Backblazes unique vision for the burgeoning Infrastructure-as-a-Service market. Apparently, this market is poised for exponential growth.

Perhaps Backblaze will grow along with it, and todays investors will be glad that they got into the name at this still-early stage.

On the date of publication, David Moadeldid not have (either directly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.

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Tap Into the Disruption-Ready Cloud Storage Market With Backblaze - Investorplace.com