It’s a big day for Dropbox — the first marquee Web 2.0 name to go public this year and one of the biggest since Snap last year — which made its public debut today, with the stock soaring nearly 43% to around $30 in its first moments of trading.
Today’s debut for the enterprise-slash-consumer company is the culmination of plenty of headwinds — and tailwinds — that first questioned the valuation it got during the crazy Silicon Valley hype cycle before building up the confidence to bring it right back up. Dropbox’s last private valuation was around $10 billion, but throughout the IPO pricing process that companies use to essentially discover what investors are willing to pay, Dropbox’s valuation largely remained below that. But that price, starting at a range between $16 and $18, slowly ticked up before settling on $21 per share last night. Now, it’s gone well above that.