# Dropbox — Capital Time Machine Explore 2 documented private funding stages and their hypothetical value at the IPO offer price. Canonical citation: https://capitaltimemachine.com/private/dropbox Dataset revision: ctm-research-2026-10-01; evidence register reviewed: 2026-09-19. Each observation retains its own check date. Publisher: CapitalTimeMachine. Methodology: https://capitaltimemachine.com/methodology ## What this supports Prices are rounded to cents in the filing table. The March 2018 one-for-1.5 reverse split is already reflected. Early Series A/A-1 are excluded pending issuance-context review. Preferred shares convert 1:1 to Class B, with 1:1 Class A equivalents. No additional split adjustment. No holder-specific adjustment is assumed. IPO offer-price mark only; no sale, investment availability or realized return is established. ## Limitations - Historical research and hypothetical arithmetic, not live quotes, investment advice or an offer to invest. - Company valuation changes are not shareholder returns. Financing, dilution, security rights and exit access matter. - IPO offer-price marks are not realized sale proceeds; minimum investments and access are not established. - User-entered prices and valuations are assumptions, not sourced observations. Fee and carry treatment is stated by each method; taxes and distributions are excluded. - Selected surviving companies are not representative of private-market outcomes; investments may lose all value. ## Sourced observations ### DBX-B — Series B Value: 13.58 USD; scope: per_share_issuance_price Date: 2017-12-31; precision: day; role: historical_table_snapshot; actual investment date: not established Security: Series B preferred; share basis: retrospectively_split_restated Verification: primary_verified; checked: 2026-09-17 Prices are rounded to cents in the filing table. The March 2018 one-for-1.5 reverse split is already reflected. Early Series A/A-1 are excluded pending issuance-context review. Reference date is not an assumed purchase date. Source: [SEC · Dropbox filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1467623/000119312518092764/d553522d424b4.htm) Source location: Note 11: December 31, 2017 preferred-stock table and Conversion; Note 2: Stock Split; Registration Rights Citation: https://capitaltimemachine.com/private/dropbox#DBX-B ### DBX-C — Series C Value: 28.65 USD; scope: per_share_issuance_price Date: 2017-12-31; precision: day; role: historical_table_snapshot; actual investment date: not established Security: Series C preferred; share basis: retrospectively_split_restated Verification: primary_verified; checked: 2026-09-17 Prices are rounded to cents in the filing table. The March 2018 one-for-1.5 reverse split is already reflected. Early Series A/A-1 are excluded pending issuance-context review. Reference date is not an assumed purchase date. Source: [SEC · Dropbox filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1467623/000119312518092764/d553522d424b4.htm) Source location: Note 11: December 31, 2017 preferred-stock table and Conversion; Note 2: Stock Split; Registration Rights Citation: https://capitaltimemachine.com/private/dropbox#DBX-C ### DBX-OFFER — IPO offer Value: 21.00 USD; scope: public_offer_price_per_share Date: 2018-03-22; precision: day; role: offering_pricing; actual investment date: not established Security: Class A common; share basis: undefined Verification: primary_verified; checked: 2026-09-17 Prospectus pricing date. This is not the first trading close or a realizable sale price. Source: [SEC · Dropbox filing — IPO prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1467623/000119312518092764/d553522d424b4.htm) Source location: Prospectus cover: offering price and prospectus date Citation: https://capitaltimemachine.com/private/dropbox#DBX-OFFER ## Calculation options { "early_stage_assumptions": null, "ipo_offer_models": [ { "id": "DBX-B-IPO", "company": "dropbox", "start": "DBX-B", "end": "DBX-OFFER", "label": "Series B → IPO offer-price mark", "conversion_factor": "1", "split_adjustment": "already_reflected_do_not_apply_again", "reviewed_on": "2026-09-17", "basis_note": "Prices are rounded to cents in the filing table. The March 2018 one-for-1.5 reverse split is already reflected. Early Series A/A-1 are excluded pending issuance-context review. Preferred shares convert 1:1 to Class B, with 1:1 Class A equivalents. No additional split adjustment. No holder-specific adjustment is assumed. IPO offer-price mark only; no sale, investment availability or realized return is established.", "source_url": "https://www.sec.gov/Archives/edgar/data/1467623/000119312518092764/d553522d424b4.htm", "source_locators": [ "Note 11: December 31, 2017 preferred-stock table and Conversion; Note 2: Stock Split; Registration Rights", "Prospectus cover: IPO offering price; Description of Capital Stock" ] }, { "id": "DBX-C-IPO", "company": "dropbox", "start": "DBX-C", "end": "DBX-OFFER", "label": "Series C → IPO offer-price mark", "conversion_factor": "1", "split_adjustment": "already_reflected_do_not_apply_again", "reviewed_on": "2026-09-17", "basis_note": "Prices are rounded to cents in the filing table. The March 2018 one-for-1.5 reverse split is already reflected. Early Series A/A-1 are excluded pending issuance-context review. Preferred shares convert 1:1 to Class B, with 1:1 Class A equivalents. No additional split adjustment. No holder-specific adjustment is assumed. IPO offer-price mark only; no sale, investment availability or realized return is established.", "source_url": "https://www.sec.gov/Archives/edgar/data/1467623/000119312518092764/d553522d424b4.htm", "source_locators": [ "Note 11: December 31, 2017 preferred-stock table and Conversion; Note 2: Stock Split; Registration Rights", "Prospectus cover: IPO offering price; Description of Capital Stock" ] } ], "valuation_comparisons": [], "user_entered_private_prices": false, "entered_public_price_review": { "company": "dropbox", "ticker": "DBX", "issuer_cik": "1467623", "model_ids": [ "DBX-B-IPO", "DBX-C-IPO" ], "from_date": "2024-06-10", "through_date": "2026-09-19", "reviewed_on": "2026-09-19", "status": "reviewed_user_price_scenario", "historical_only": false, "limitation": "Entered price is unverified. Use the actual common-share price on its dated basis, not a dividend-adjusted or retrospectively split-adjusted history.", "listed_equivalent_factor": "1", "splits": [], "sources": [ { "url": "https://www.sec.gov/Archives/edgar/data/1467623/000119312518092764/d553522d424b4.htm", "title": "Original IPO share basis", "locator": "Prospectus / offering and capital-stock terms; the existing private-to-IPO model supplies the entry conversion." }, { "url": "https://www.sec.gov/Archives/edgar/data/1467623/000146762326000049/dbx-20260630.htm", "title": "Issuer 10-Q · 2026-08-07", "locator": "Common-stock presentation and corporate-action screening. A missing split keyword alone is not evidence of a complete history." }, { "url": "https://www.stocksplithistory.com/?symbol=DBX", "title": "Supplemental split-history screen", "locator": "Dated post-IPO corporate actions only. Ticker reuse can introduce unrelated pre-IPO events; those are excluded. No market quote was copied." } ], "review_note": "Entry-to-IPO conversion reuses the approved company-specific model. The post-IPO corporate-action screen matches the issuer CIK and excludes reused ticker history predating its IPO. This is a bounded price-only scenario, not a licensed quote or a certified corporate-action feed." }, "public_ipo": null } ## Reuse and corrections Link to the company page and original evidence, retain dates, units and limitations. Third-party source terms remain applicable; no new license to third-party material is granted. https://capitaltimemachine.com/terms Corrections: mailto:capitaltimemachine@gmail.com