With the filing we see that the largest shareholder is Sequoia Capital, which owned 23.2% of the overall shares outstanding. We compete with Box on a more limited basis in the cloud storage market for deployments by large enterprises.”īox CEO Aaron Levie chatted with us on our “Equity” podcast, sharing his immediate reaction to competitor Dropbox’s filing. Certain features of our platform compete in the cloud storage market with products offered by Amazon, Apple, Google, and Microsoft, and in the content collaboration market with products offered by Atlassian, Google, and Microsoft. “The market for content collaboration platforms is competitive and rapidly changing. The prospectus warns of the competitive landscape. Part of its success will be measured relative to Box, which went public in 2015 and will be considered a comparable. The big question is whether the company will achieve the $10 billion valuation it raised in the private markets. Its average revenue per paying user is $111.91. This shows significantly improved margins when compared to losses of $210 million for 2016 and $326 million for 2015.ĭropbox has been cash flow positive since 2016.ĭropbox, which has a freemium model, 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. The company is not yet profitable, having lost nearly $112 million last year. This compares to $845 million in revenue the year before and $604 million for 2015. The filing shows that Dropbox had $1.1 billion in revenue for last year. The company says it will be targeting a $500 million fundraise, but this number is usually just a placeholder. We knew that it had already filed confidentially, but the company has now unveiled its filing, meaning the actual IPO is likely very soon, probably late March. The cloud storage company has been around since 2007 and has raised over $600 million in funding.
Going public is a huge milestone for Dropbox and has been one of the most anticipated tech IPOs for several years now.
It’s official, the Dropbox IPO filing is here.
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