Dropbox files for a $500 million IPO

Dropbox files to go public 10 years after launch

Dropbox, which has 11 million paying users across 180 countries, said that about half of its 2017 revenue came from customers outside the United States. The company's last private valuation was $10 billion. The IPO is likely to attract a lot of attention because Dropbox's service is so widely used.

According to the public filing, Dropbox revenue in 2017 rose 31% to $1.1 billion and its net loss of $111.7 million shrank from 2016 when it recorded a net loss of $210.1 million. The company will trade on Nasdaq under the symbol "DBX".

"A majority of our registered users may never convert to a paid subscription at our platform", the startup warned. Some might sign up multiple times for multiple accounts, so the number of unique users is certainly lower.

Dropbox, which was founded in 2007 and was valued at $10bn (£7.2bn) at a fundraising round in 2014, filed with an offering size of $500m, although this amount is normally a temporary placeholder and often changes.

Still, the company lost $112 million last year - though that figure has been improving year over year.

"Our modern economy runs on knowledge".

Dropbox still uses AWS for less than 10 percent of its storage needs, it said in the statement.

The smaller question: Which company can we compare it to?

The San Francisco-based company, which started as a free service to share and store photos, music and other large files, competes with much larger technology firms such as Alphabet Inc.'s Google, Microsoft Corp. and Amazon.com Inc.as well as cloud-storage rival Box Inc.

It will also be interesting to see how Dropbox fares on Wall Street compared to Snap's disappointing performance over the past year. Its model of attracting paying consumer users through a pair of premium plans alongside business sales has generated a ton of revenue, as well as potential up-sell opportunities going forward.

The company made public its filing on Friday, but noted that it submitted documents previous year in a confidential filing with the SEC under rules for "emerging" growth companies.

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