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.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: FDA approves Gilead's remdesivir as a coronavirus treatment How the pandemic might endMany U.S. deaths were avoidable.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.

Early voting eclipses 2016 total with 12 days until election

People stand in line to vote early in Fairfax, Virginia in September. Photo: Tasos Katopodis/Getty Images

Americans have cast more than 47.1 million ballots in the 2020 presidential election, surpassing the total early-vote count for 2016 with 12 days left until Election Day, according to a Washington Post analysis of voting data.

Why it matters: The election is already underway, as many states have expanded early and mail-in voting options because of the coronavirus pandemic.

What to expect from the final debate of the 2020 election

Trump and Biden at the first debate. Morry Gash-Pool/Getty Image

Watch for President Trump to address Joe Biden as “the big guy” or “the chairman” at tonight's debate as a way of dramatizing the Hunter Biden emails. Hunter's former business partner Tony Bobulinski is expected to be a Trump debate guest.

The big picture: Trump's advisers universally view the first debate as a catastrophe — evidenced by a sharp plunge in Trump’s public and (more convincingly for them) private polling immediately following the debate.