The company also said that it has 500 million registered users around the world, with 11 million of those paying for additional features like security and management tools.
The bright side is that the company's losses have also decreased over the past three years.
Dropbox's revenue was $1.11 billion in 2017, a 31 percent increase from the year prior.
Drew Houston, chief executive of Dropbox, helped found the company in 2007, initially naming it Even Flow after a song of the same name by the rock band Pearl Jam. As per CNBC, the company's $500 million IPO matches precisely with its 500 million users, however, the digit is just a placeholder.
The business reported 2017 revenue of US$1.11 billion, compared with US$844.8 million a year earlier, while the company's net loss narrowed to US$111.7 million from US$210.2 million.
"Our business depends on our ability to retain and upgrade paying users, and any decline in renewals or upgrades could adversely affect our future results of operations", the company said in the filing when referring to one of its "risk factors". Dropbox acknowledged that it had to pay more money to maintain all that extra copied data, but it's since "reduced this practice" over the years. That's a statistic that the company acknowledges it needs to improve. Now more mature, it's considering hiring more salespeople to better sell its products to large companies with which it acknowledged that is has limited experience in terms of direct sales.
Former Hewlett Packard Enterprise Co CEO Meg Whitman, who joined Dropbox's board in September, received stock worth US$908,800. Still, the company details some of its financial ties to HPE in the filing that haven't been previously disclosed and were likely related to Dropbox's migration from AWS, which HPE helped out with. Dropbox is entering a potentially volatile market, because stock prices in all sectors have been on a roller-coaster ride in the first two months of the calendar year.
Dropbox isn't profitable yet, though: It lost nearly $112 million in 2017.