No surprise here: Millennial Media has made good on its prior statements that it may seek an IPO. The company filed its S-1 in anticipation of that event this afternoon. Paralleling the growth of mobile advertising, Millennial reported $69 million in revenue in 2011 -- up from $29 million in 2010.
Correction: FY revenue for 2010 was $47.8M and $69 million is through September 2011. (I wrote too quickly and didn't look carefully enough.) The company is not profitable but its losses have been steadily declining.
The total amount being sought in the public offering is $75 million.
Citing IDC estimates, Millennial characterizes itself as "the second largest mobile display advertising platform in the United States, with a 16.7% market share." The IDC numbers may be way off, but if they're accurate and $69 million is in fact 16.7% of the total value of mobile display ads in the US today . . . that total market value (not counting search) would be roughly $415 million.
Update: Given that $69 million is 9 months of revenue . . . the company's full year revenue is likely to be in excess of $90 million. Using the IDC figures (which again may be wrong) and extrapolating to the full value of the market, the total value of US mobile display would be closer to $550 million. That's somewhat more consistent with our sense of the market's growth.