Published: Fri, January 12, 2018
Research | By Derrick Holloway

$10 billion Dropbox has filed the paperwork for an IPO

$10 billion Dropbox has filed the paperwork for an IPO

Dropbox could be one of the biggest US enterprise technology companies to list domestically in recent years.

TechCrunch has been hearing that the cloud company plans to go public in early 2018.

Anonymous sources told Bloomberg today that the cloud storage provider has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission.

The joke surrounding Dropbox for years was that the company was set to go public in the fourth quarter of that year - every year.

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The last private valuation for Dropbox was $10 billion in a 2014 funding round.

The two lead banks have a history of working with Dropbox.

Goldman Sachs had been helping the company prepare IPO documents. There has been no official confirmation about this just yet, either from Dropbox or Goldman Sachs and JPMorgan for that matter.

The San Francisco-based business has been around since 2007 and there's been speculation for years that it was getting closer to going public. It claimed some 500 million users in the spring of 2016, the company's last publicly disclosed figure.

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Dropbox's financials results are not publicly known, but the company said in January 2017 that it was on track to generate $1 billion in revenue on an annualized run rate.

"What Drew and the team have accomplished is something that we are proud of in the tech community and should be proud of as a country", said Ben Horowitz, a venture capitalist at Andreessen Horowitz, which has not invested in Dropbox. However, this net worth has been criticized by some investors as being overvalued.

One big question that hangs over a potential IPO is what sort of valuation Dropbox would command as a public company. Box has since rebounded to a market cap of about $3 billion.

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