Dropbox privately filed for its IPO just last month as the company built expectations for a public offering over the last year. Today, the SEC has publicly revealed the IPO details, offering specifics including last year’s financial performance.
CNBC notes that Dropbox’s $500 million IPO matches up exactly with its 500 million users.
Additionally, Dropbox created $1.11 billion in revenue last year, an increase of 31% over 2016. While many have noted a track record of profitability, Dropbox had a net loss of $111.7 million in 2017.
Dropbox has previously had an estimated value of $10 billion. Notably, Dropbox’s founder, Drew Houston remembers an intense interaction with Steve Jobs when he called Dropbox “a feature, not a product.” Via Business Insider:
It’s safe to say the company has created much more than a feature. Dropbox is planning to use the IPO funding to build even more third-party partnerships and integration, while also working on creating more paying customers out of its huge user base.
Dropbox’s full IPO disclosure is available here.
