Dropbox files to go public with over $1.1 billion in annual revenue

  • Dropbox files to go public with over $1.1 billion in annual revenue

Dropbox files to go public with over $1.1 billion in annual revenue

Dropbox, one of the first cloud-based file-storage services to gain traction among consumers and businesses, has filed to go public with the release of its S-1 statement Friday. However, as CNBC reported last month, mutual funds have most recently valued the company at between about $6.6 billion and $8.5 billion in SEC filings. It will also be interesting to see how Dropbox fares on Wall Street compared to Snap's disappointing performance over the past year. Clark's stock vests over five years.

It will list on the Nasdaq under the stock ticker "DBX". The last private valuation for Dropbox was $10 billion in a 2014 funding round.

Dropbox says it has 11 million paying users, just a small fraction of the over 500 million registered users who use its cloud services for free.

It's official - Dropbox has finally filed for an initial public offering (IPO) after years of rumors and speculation.

Dropbox, which was founded in 2007, has been the subject of IPO rumors since at least 2013.

Dropbox has plenty going for it with investors. The unicorns still on the IPO sidelines include ride-hailing company Uber and home-sharing company Airbnb.

Dropbox put out word in 2016 that encrypted user IDs and passwords of some 68 million clients stolen four years earlier were freshly leaked online.

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

Co-founder and CEO Drew Houston is Dropbox's biggest shareholder, owning 25 percent of the shares before the offering.

Sequoia Capital has the largest non-executive stake in the company at 23.2 percent.

"Our business depends on our ability to retain and upgrade paying users, and any decline in renewals or upgrades could adversely affect our future results of operations", the company said in the filing when referring to one of its "risk factors".