Box, the cloud storage and collaboration software company, filed for a $250 million initial public offering of its stock today with the Securities and Exchange Commission. The S-1 filed with the SEC shows that Box revenues have grown from $58.8 million in 2012 to $124.2 million last year, an annual growth rate of 111 percent. But the company lost $168.6 million last year as it invested heavily in building its product and salesforce. The company says it will not be profitable "for the foreseeable future."
Box was founded nearly eight years ago by Aaron Levie and Dylan Smith. The company has raised more than $400 million and has been valued at $2 billion. The company says 40 percent of the Fortune 500 pays for the software, with 34,000 total paying customers and more than 25 million registered users. It had filed its initial paperwork with the SEC in secret earlier this year under a provision of the JOBS Act.