The cloud infrastructure unicorn presents an interesting mix of open source and proprietary code, with recurring revenues and a nascent hosted product.

It has built a suite of tools that help other companies manage cloud applications (Terraform), keep them and their data secure (Boundary, Vault), handle networking on a granular level (Consul) and deal with orchestration and cross-platform deployment (Nomad, Waypoint).

Per the company’s S-1 filing, it has “deliberately built [its] products using an open-core software development model.” In practical terms, that means that all HashiCorp software products are “developed as open source projects, with large communities of users, contributors, and partners collaborating on their development.”

Regardless, how does HashiCorp make money from open source software? The company has built proprietary code atop its open source products that it sells, while also offering support and a hosted version of its products.