>> Dropbox making official, on Friday, what Wall Street has eagerly been awaiting for years now. An initial public offering, which the company says could raise up to half a billion dollars. Reuters correspondent Sal Rodriguez is in San Francisco.>> For 2018, it looks like Dropbox will be probably one of the biggest tech IPOs.
It and Spotify are the two that investors are most eagerly awaiting. So this is going to generate quite a bit of buzz as they get ready to finally ring the bell.>> The Cloud storage company, which started as a free service, is not yet profitable, but revealed in its filing with the SCC that it took in more than $1 billion in revenue last year.
It also has roughly 500 million registered users, a small fraction of which, are paying customers.>> The numbers were pretty promising. They've shown growth over the last three years, while at the same time, narrowing their losses. So, at the same time, they're also filing at a good time for the stock market, so it's setting up to be a big one coming out of the tech industry.
>> But Dropbox faces fierce competition not just from rivals like Box and OneDrive, but also heavyweights like Alphabet's Google Drive and Amazon's Web Services. The company said it plans to debut on the NASDAQ with the ticker DBX, and it could start trading as soon as late March.