San Francisco-based Dropbox has filed for an initial public offering (IPO) in the aim of raising $500mn that will be used to finance an expansion of the platform including the integration of more third-party software.
Dropbox’s filing on the US Securities Exchange is set to be the largest tech listing since Snap’s own IPO last Spring.
In the filing, Dropbox revealed that its revenue topped $1bn for the first time, up 31% from 2016 to $1.11bn, with 100mn more users having signed up to the platform throughout the course of the year, with a total 500mn registered users now on the platform.
Despite these promising numbers, Dropbox remains unprofitable, having lost $112mn in 2017. However, this deficit is down from the $326mn recorded in 2015 and the $210mn loss of 2016.
Further, the updates to platform are expected to attract more paid subscribers to the platform, driving up revenues, with currently only 11mn subscribers accessing the full paid features.