Dropbox uploads its biggest document yet: Read its IPO filing

Dropbox files for IPO of up to $500 million

In a filing with the Securities and Exchange Commission on Friday, Dropbox said it planned to raise up to $500 million in the offering, and meant to use the money for a variety of purposes, including potential acquisitions.

It will be interesting to see how this offering compares to Spotify's reported plans to directly list itself on the New York Stock Exchange.

Dropbox, one of technology's "unicorns", has filed for an initial public offering.

Dropbox has previously had an estimated value of $10 billion. Its model of attracting paying consumer users through a pair of premium plans alongside business sales has generated a ton of revenue, as well as potential up-sell opportunities going forward.

Dropbox's move to go public isn't all that surprising, but it is an important step for the company and the larger tech industry.

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Co-founder and CEO Drew Houston is Dropbox's biggest shareholder, owning 25 percent of the shares before the offering. Earlier this week, celebrity Kylie Jenner, one of the app's most popular users, admitted she wasn't using Snapchat anymore. "Dropbox's business model has scaled successfully".

Dropbox is popular among individuals users who like the simplicity of the company's cloud storage products, but it has struggled to make inroads in the enterprise space.

Per the filing itself, Dropbox has over 500 million registered users but only 11 million of those are paying subscribers. Dropbox was last valued by private-market investors at about $10 billion. And while the company lost money overall all of those years, it's been losing less and less, falling from a loss of $326 million in 2015 to $111.7 million last year.

Based on the middle of the valuation range among mutual funds - about $7.5 billion - Houston's stake is worth about $1.9 billion, and Sequoia's shares would be valued at about $1.7 billion.

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