Corsair started out making memory modules for computer makers, a part almost nobody ever saw. Twenty-six years later it went public as a brand that gamers showed off on their desks. In September 2020 millions of people were stuck at home, buying PCs, playing games and streaming them. Corsair sold the glowing keyboards, mice, headsets and parts for those setups. A private equity firm owned most of it, and the pandemic boom gave it a window to list.

Cache on a Stick

Andy Paul, Don Lieberman and John Beekley founded Corsair Microsystems in Fremont, California, in January 1994. Its first products were cache modules sold to computer makers. When Intel moved that cache onto its processors, Corsair switched to memory modules. Later it turned to PC enthusiasts who tuned their machines for speed. From there it grew into power supplies, cases, cooling and gaming gear. In 2017 EagleTree Capital bought a majority stake for $525 million.

A Pandemic Listing

Corsair priced 14 million shares at $17 on September 22, 2020, the middle of its $16 to $18 range. The company sold 7.5 million shares and EagleTree sold the rest, raising $238 million in all. At that price the company was worth about $1.5 billion. The stock began trading on Nasdaq the next day as CRSR. Corsair is now based in Milpitas, California. It still trades on Nasdaq.

Cover: Two Frigates Under Full Sail, Willem van de Velde, II. Art Institute of Chicago, public domain. Chosen for sailing warships (the corsair).