The storage and cloud company, which was founded and is still lead by Drew Houston, has been flirting with an offering for some years.
It may have been put off by rival, Box, which suffered after going public in 2015 and dropped its value to estimated $1.67 billion, less than the $2.4 billion figure penned in previous private fundraising rounds.
Comparisons are likely to be drawn with Snap Inc, the parent company of popular app Snapchat, which posted huge losses after entering the public market last year. Snap shares are down 15pc from its IPO last March.
Snapchat lost $3bn last year, failing to turn its apps popularity into profit. Disappointing sales of its Snapchat glasses, along with a forced re-design after shareholders complained they didn’t understand how the app worked, are also to blame.