It must be a Friday afternoon because a major technology company has decided to dump some news. Dropbox has officially filed its initial public offering to be listed as a common stock on the Nasdaq, under the ticker “DBX.” 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.
Dropbox, which continues to seek profitability, says it plans to raise $500 million–although this is very likely going to change as later filings are submitted. A few details in the form do stick out–namely its growth. In 2017 it recorded $1.1 billion in revenue, up from $603 million in 2015. Similarly its losses have shrunk–in 2015 it lost $325.9 million, and in 2017 that stat hit $111.7 million. The company’s last private valuation put it at $10 billion.
Dropbox also says it has 500 million registered users in 180 countries, with 100 million having signed up since the beginning of 2017. It relies heavily on paying users, of which it has more than 11 million, and average revenue per paid user is now $111.91, up from 2016 but down from 2015. Lately, it’s been trying to woo more corporate customers amid fierce competition from cloud providers like Microsoft, Alphabet, and Box.
There’s a lot more to unpack from its S-1 filing, which you can read here.
dropbox vying for the silicon valley-est mission statement that ever silicon valleyed pic.twitter.com/m5aGFIQtpm
— Erin Griffith (@eringriffith) February 23, 2018