Dropbox has secretly filed for a US IPO

Emma Haslett
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Dropbox founder Drew Houston said the company's revenues had hit $1bn last year. (Source: Getty)

Dropbox, the Silicon Valley file-sharing giant last valued at $10bn (£7.4bn), has celebrated the passing of its 10th birthday by secretly filing documents ahead of an IPO.

Reports suggested Goldman Sachs and JPMorgan will lead the listing, although the company is said to be in talks with more banks.

The reports, by Bloomberg, suggested the company will go public in the first six months of the year.

Investors are likely to hold their breath after the disappointment of last year's landmark tech IPOs: shares in Snap, Inc, Snapchat's parent company, are 14 per cent lower than the $17 they debuted at in March, while Blue Apron has fallen 65 per cent since its IPO in June.

However, Dropbox is underpinned by encouraging financials: the company's founder, Drew Houston, said this time last year its sales had broken the $1bn-a-year mark, with 500m users and 200,000 paying business customers.

The company's valuation hit $10bn back in 2014, when it raised $250m from investors including a fund managed by BlackRock. Other investors include Goldman, Sequoia Capital and Index Ventures.

Its decision to IPO marks a break from a trend among tech firms, which have shied away from floating in recent years: both Airbnb and Uber have decided to stay in private ownership, despite their valuations rising into the tens billions of dollars.

Listen: How Dropbox achieved insane growth

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