Dropbox files for an IPO

Dropbox, a file storage and sharing company, has filed for a $500 million initial public offering.

• Offering details: The San Francisco-based company plans to trade on the NASDAQ under ticker symbol DBX, with Goldman Sachs listed as left lead underwriter.
• Financials: Dropbox is not profitable yet. It reported net losses of $210.2 million and $111.7 million in fiscal 2016 and 2017, respectively. Dropbox brought in $844.8 million in revenue during the fiscal year of 2016, and $1.1 billion in fiscal 2017.

Business numbers:

• More than 500 million registered users, in more than 180 countries—though it double-counts people who have multiple separate accounts.
• 11 million paying users, up from 8.8 million in 2016, and 6.5 million in 2015 (same note as above).
• Average revenue per paying user (ARPU): $111.91 in 2017, up from $110.54 in 2016, and down from $113.54.
• 90% of its revenue is from self-serve channels.
• More than 500,000 developers had registered and built applications using Dropbox's tech as of Dec. 2017.

Backers: Dropbox has raised more than $1.7 billion in venture capital and debt financing, and was most recently valued at about $10 billion. Its major backers include Sequoia Capital, Accel, T. Roe Price, and Green Bay Ventures.

The story has been updated with more information.