Jan 11, 2018

Report: Dropbox files for IPO

Dropbox CEO Drew Houston. Photo by Drew Angerer/Getty Images

File storage and sharing company Dropbox has filed confidentially for an IPO, according to Bloomberg. Goldman Sachs and J.P. Morgan are leading the offering.

Why it matters: Dropbox is one of the most-valuable tech companies to remain privately-held, having last raised money at a $10 billion valuation.

The big question is how Dropbox will be valued by the public markets, if and when it goes public (confidential filings don't start any sort of clock, and often suggest the pricing could be well in the future). Since that last raise, some of Dropbox's mutual fund investors have marked it down substantially, although rival Box has seen its share price more than double in the past year.

San Francisco-based Dropbox has previously said that it is cash-flow positive with more than $1 billion in annual sales. For context, Box has just south of $500 million in annual revenue and a market cap of $2.88 billion.

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Exclusive: Trump's "Deep State" hit list

Illustration: Aïda Amer/Axios. Photos: WPA Pool/Getty Pool, Drew Angerer/Getty Staff

The Trump White House and its allies, over the past 18 months, assembled detailed lists of disloyal government officials to oust — and trusted pro-Trump people to replace them — according to more than a dozen sources familiar with the effort who spoke to Axios.

Driving the news: By the time President Trump instructed his 29-year-old former body man and new head of presidential personnel to rid his government of anti-Trump officials, he'd gathered reams of material to support his suspicions.

Exclusive: Anti-Sanders campaign targets black South Carolina voters

Courtesy of The Big Tent Project

The Big Tent Project, a Democratic political group focused on promoting moderate presidential candidates, has sent hundreds of thousands of mailers bashing Bernie Sanders to black voters in South Carolina who voted in the state's 2016 primary.

Why it matters: Sanders' rise to the top of the pack, as dueling moderate candidates split their side of the vote, is worrying many in the Democratic political establishment who fear a socialist can't beat President Trump.

Inside the fight over FBI surveillance powers

Carter Page. Photo: Artyom Korotayev\TASS via Getty Images

Over the past year, President Trump has told senior administration officials, including Attorney General Bill Barr, that he wants a major overhaul of national security surveillance powers and the secret court that approves them.

Behind the scenes: In one such discussion last year about the need to reauthorize government authorities to surveil U.S. citizens, Trump went so far as to say he'd rather get rid of the Foreign Intelligence Surveillance Act (FISA) altogether.