It feels like Backblaze has been in the space for a while though? My uninformed picture of them was as a modest small/medium size business with a good niche product and probably some loyal customers type, not as an all-stop-sign-pulled-VC-funded-moonshot startup.
I think the deal is they are spending more on growth than their profit, buying hardware for the next several years is expensive and as long as that growth keeps up quite a bit of value is being created.
At 14 years old, is Backblaze still considered "young"?
The less successful you are, the longer you can get away with calling yourself young.