Dropbox, cloud storage company and tech unicorn, files for IPO

Drew Houston founder and chief executive officer of Dropbox which filed for an IPO Friday is seen at a 2016 business conferen

The San Francisco company claimed 500 million users in 180 countries and $1 billion in annual revenues in documents filed with the Securities and Exchange Commission.

Dropbox has plenty going for it with investors.

Dropbox woos users with a free version of its online file-storing service, then entices with premium features to upgrade to paid subscriptions.

Dropbox, which was valued at $10 billion in its 2014 funding round, could be one of the biggest US corporate software companies to list domestically in recent years. It will also be interesting to see how Dropbox fares on Wall Street compared to Snap's disappointing performance over the a year ago.

Dropbox has previously had an estimated value of $10 billion.

The big question is whether the company will achieve the $10 billion valuation it raised in the private markets.

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Dropbox, which was founded in 2007, has been the subject of IPO rumors since at least 2013. However, as CNBC reported last month, mutual funds have most recently valued the company at between about $6.6 billion and $8.5 billion in SEC filings. Several other high-flying Silicon Valley companies - from Uber to Airbnb - are no doubt watching closely how Dropbox performs as they mull when to time their own public offerings. Dropbox has demonstrated impressive growth since 2015, roughly doubling the number of paying users and revenue.

The documents showed that CEO and co-founder Drew Houston has 24.4 percent of voting power in the company, and Sequoia Capital has 24.8 percent.

In 2017, the average revenue per paying user was $111.91.

The company is not yet profitable, having lost almost $112 million a year ago.

Exact pricing on the shares will arrive in the upcoming weeks from Goldman Sachs and JPMorgan Chase, who are leading this IPO.

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