Dropbox privately filed for its IPO just last month as the company built expectations for a public offering over the last year. Today, the SEC has publicly revealed the IPO details, offering specifics including last year’s financial performance.

CNBC notes that Dropbox’s $500 million IPO matches up exactly with its 500 million users.

Additionally, Dropbox created $1.11 billion in revenue last year, an increase of 31% over 2016. While many have noted a track record of profitability, Dropbox had a net loss of $111.7 million in 2017.

Dropbox has previously had an estimated value of $10 billion. Notably, Dropbox’s founder, Drew Houston remembers an intense interaction with Steve Jobs when he called Dropbox “a feature, not a product.” Via Business Insider:

And so he started trolling us a little bit, saying we’re a feature, not a product, and telling us a bunch of things like that we don’t control an operating system so we’re going to be disadvantaged, we’re going to have to figure out distribution deals, which are risky, and sort of a bunch of business-plan critiques. But then he was like, ‘Alright, well I guess we’re gonna have to go kill you, basically.’ Maybe not in those words, but pretty close.

It’s safe to say the company has created much more than a feature. Dropbox is planning to use the IPO funding to build even more third-party partnerships and integration, while also working on creating more paying customers out of its huge user base.

Dropbox’s full IPO disclosure is available here.

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Michael Potuck

Michael is an editor for 9to5Mac. Since joining in 2016 he has written more than 3,000 articles including breaking news, reviews, and detailed comparisons and tutorials.