At last check, the stock was at $96.48, up 129%.
With the company issuing 15.5 million Class A shares, C3.ai raised $651 million. The $42 share price put the company’s value at $4.05 billion.
C3 reported revenue of $156.7 million in the fiscal year ended April 30, , up from $91.6 million in the prior year. Over the same period, subscription revenue grew 75% to $135.4 million from $77.5 million. Subscription software accounts for 86% of total revenue.
C3.ai generated a net loss of $69.4 million in the latest fiscal year, widening from $33.3 million a year earlier.
“Our market-entry strategy has been to establish high-value customer engagements with large global early adopters, or lighthouse customers, in Europe, Asia, and the U.S. across a range of industries,” the company said in its initial public offering prospectus. “These lighthouse customers serve as proof points for other potential customers in their particular industries.”
As for risks, “a limited number of customers have accounted for a substantial portion of our revenue,” C3.ai said. “If existing customers do not renew their contracts with us, … our revenue could decline.”
Further, “we have a history of operating losses and may not achieve or sustain profitability in the future. We face intense competition and could lose market share to our competitors,” the company added.