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"That would be the key argument that they would want to make to deserve a premium valuation, as opposed to many other cash-burning unicorns." "The bigger part of the story they would probably be looking to tell is they do not need a capital influx, given their financial profile," Kulkarni said. He estimates that the company generated about $1 billion in revenue last year, with 25 percent growth and close to two-thirds of sales coming from enterprises. After going public, Dropbox could wind up with a market cap below or equal to its $10 billion private valuation from 2014, said Rohit Kulkarni, managing director for private investment research at SharesPost.
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