After months of rumors that it was planning to do so, Dropbox has confidentiality filed paperwork for an initial public offering with the U.S. Securities and Exchange Commission, according to Bloomberg.
The San Francisco-based cloud storage company, which got its initial release ten years ago, was most recently valued at $10 billion during its last private funding round in 2014–an amount that venture capital research firm CB Insights believes is too high.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are reportedly leading the potential listing. Dropbox is talking to other banks this month to fill additional roles on the IPO, according to people familiar with the matter.
Dropbox says more than 500 million people use its service, which allows access to files saved to the cloud from any device. It adds that 200,000 customers use Dropbox for Business; a paid-for tier that offers more space and features. This latter service also covers enterprise users.
Last year, Dropbox said its annualized sales topped $1 billion, and in 2016 announced that it was cash flow positive.
Dropbox’s filing comes after last month's news that Spotify also secretly filed for an IPO. Unlike other tech firms that have undergone initial public offerings, the music-streaming service is reportedly taking the unusual and risky step of persuing a direct listing, meaning there are no underwriters backing it.
Sources say Dropbox is hoping to launch its IPO by the end of the second quarter. Once it makes the filing public, it should arrive within weeks.