Dropbox filed for an initial public offering today with the aim to raise $500 million for its cloud-based file storage and collaboration service. It had secretly filed to go public in early January.
The San Francisco-based company brought in $1.1 billion in revenue last year, with a net loss of $111 million. It has more than 500 million registered users, 11 million of which are paying users. The company’s last private valuation was $10 billion. Dropbox’s annual revenue has grown significantly year-over-year, while the company has also managed to slash its net loss from nearly $326 million in 2015.