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Dropbox CEO Drew Houston (Dropbox Photo)

Dropbox updated its IPO prospectus Monday with the intended offering price for its shares on the Nasdaq, disclosing plans to sell 36 million shares in hopes of raising up to $648 million.

The company will set an opening price just before it decides when its shares will trade on the public market, which is expected to take place next week. On Monday, it set an estimated range of $16 to $18 per share for the offering. Assuming a midpoint of $17 a share, that would value Dropbox at around $7.5 billion according to The New York Times.

Lots of companies would be thrilled with that valuation, but Dropbox is one of those rare “decacorns,” valued at $10 billion during its last private financing round. One of the main questions in the run-up to Dropbox’s IPO was whether investors consider the company more akin to file-storage rival Box (currently worth $2.8 billion on the public markets), or more of an enterprise collaboration software company, which could carry a higher valuation.

Dropbox also announced that Salesforce Ventures has agreed to buy $100 million worth of its stock as part of the IPO process, although that money will go to Dropbox investors rather than the company itself.

[Editor’s Note: Salesforce is a GeekWire annual sponsor.]

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