• Dropbox has filed IPO paperwork with the SEC confidentially, according to a Bloomberg report.
  • The company plans to list shares in the first half of 2018.
  • Its last known valuation of $10 billion was during a 2014 funding round.

Dropbox, the cloud computing storage company valued at $10 billion, has confidentially filed the paperwork for an IPO, according to a Bloomberg report on Thursday citing anonymous sources.

The IPO is expected in the first half of 2018, Bloomberg reported, marking the first high-profile tech listing of the year, and coming on the heels of Snap's disappointing IPO in 2017. Uber, the most highly valued private tech company, is not expected to go public until 2019.

San Francisco-based Dropbox had been expected to list shares in an offering this year, after news surfaced last year that it had retained investment bank Goldman Sachs. Bloomberg said that JP MorganChase has also been tapped to serve as a lead underwriter on widely anticipated IPO. 

Dropbox says that more than 500 million people use its online software service, which allows consumer and business users to save documents in the cloud and access them from any device. Dropbox for Business, the premium product aimed at business users and considered its most important business going forward, has 200,000 customers the company says on its website.

Dropbox was not immediately available for comment.

"Cash is oxygen"

Dropbox's financials results are not publicly known, but the company said in January 2017 that it was on track to generate $1 billion in revenue on an annualized run rate. CEO Drew Houston said in June 2016 that Dropbox was "cash flow positive," an important gauge of financial health followed by Wall Street. But that doesn't mean Dropbox's business is profitable on a net basis yet.

"Cash is oxygen," Houston said in an onstage interview at the time. "Even just being a dollar cash flow positive is a really critical threshold because it lets you control your destiny."

The company's last reported valuation of $10 billion came during a venture capital funding round in 2014.

If the company were to IPO at that valuation with $1 billion revenue, it would fetch a 10x revenue multiple. That's richer than the 8x multiple that Box, Dropbox's closest competitor in the enterprise business, fetched during its 2015 IPO.

Dropbox has been steadily building out its senior management team as it moves towards its market debut, bringing on experienced hands like former Google executive Dennis Woodside as COO and former Twitter product boss Todd Jackson, as its head of product.

This post originally appeared on Business Insider