Dropbox, cloud storage company and tech unicorn, files for IPO


Dropbox Inc. granted about $190 million in stock awards to three top executives past year as the file-sharing company prepared for an initial public offering.

Going public is a huge milestone for Dropbox and has been one of the most anticipated tech IPOs for several years now.

The company saw losses of $111.7 million previous year - an improvement from a loss of $210.2 million it showed in 2016, and of $325.9 million in 2015.

Dropbox has done very well over the past two years.

More news: 'The Crown' Star Claire Foy Sadly Reveals Separation From Husband Stephen Campbell
More news: Dortmund's Batshuayi alleges racist abuse by Atalanta fans
More news: Father defends son accused in slaying of exhibitionist wife

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.

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. Last month Bloomberg reported that the company had filed a secret IPO, meaning the company's S-1 was bound to drop soon-and here we are today. The last private valuation for Dropbox was $10 billion in a 2014 funding round.

The company said it plans to have its common stock listed on the Nasdaq under the ticker symbol "DBX". The unicorns still on the IPO sidelines include ride-hailing company Uber and home-sharing company Airbnb.

Dropbox competes with Box and Atlassian, two business-software companies valued on the public markets at $3.17 billion and $12.37 billion as of Friday afternoon. Notably, Dropbox's founder, Drew Houston remembers an intense interaction with Steve Jobs when he called Dropbox "a feature, not a product".