Silicon Valley darling Dropbox Inc. is aiming to go public at a valuation well below the $10 billion it clocked in its last private funding round, despite posting healthy revenue growth and turning cash-flow positive in the intervening four years.
The file-sharing company is targeting a public market capitalization of $6.3 billion to $7.1 billion in its initial public offering, according to a filing Monday. Including restricted stock units, that range is $6.7 billion to $7.6 billion.
The company is one of a class of well-funded, closely-watched technology companies that have achieved a private valuation of more than $1 billion. Investors wanting to get their hands on the next big thing piled into these so-called unicorns in recent years, helping drive up valuations.