Matt Levine, Columnist

Unicorns Take Different Paths to Being Public

Also Alexa, PredictIt and Uber.

March 27, 2018 at 2:13 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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IPOs, etc.

Dropbox Inc. raised money in private markets at a $10 billion valuation in 2014. This year, it filed for an initial public offering at a valuation range of about $6.3 billion to $7.1 billion. Then demand was better than expected and it ended up going public at a valuation of about $8.2 billion. Then demand was even better and, by the close of trading on Friday, the first day that it was public, Dropbox had a public-market valuation of about $11.2 billion. It was up again -- to $11.9 billion -- yesterday.