Dropbox Inc. is reportedly ready to hit the stock market, finally.

Anonymous sources told Bloomberg today that the cloud storage provider has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission. The IPO would be a key one this year because Dropbox has been a prime candidate to go public following another disappointing year for IPOs. A successful offering could open up the sluice gate for a flood of other companies waiting to go public.

The sources said Goldman Sachs Group Inc. and JPMorgan Chase & Co. are acting as underwriters, which was reaffirmed by a tipster who spoke separately to CNBC. The news seems to corroborate a leak from July that claimed the two Wall Street giants are set to play a role in the IPO.

Dropbox is reportedly in talks with several other banks that may join the fray as well. The company is taking a much more conventional approach to the IPO than Spotify Ltd., which is also said to have quietly filed for a public offering recently.  The music streaming provider is pursuing an unusual direct listing that will not have any underwriters backing it, an arrangement that could create additional risks.

Dropbox could face potential volatility too. The company received a $10 billion valuation after its last funding round in 2014, which venture capital research firm CB Insights opined to be too high.

On the flip side, Dropbox has a strong balance sheet. Chief Executive Officer Drew Houston (pictured) last year revealed that his company has reached the $1 billion annual run rate mark. Perhaps even more notably, the provider claims to be profitable excluding interest, taxes, depreciation, and amortization, which is something of a rarity among the tech firms that have filed to go public in recent quarters.

Wall Street will no doubt take note of that fact once Dropbox’s stock starts trading. Rival Box Inc., which went public in 2015, is not yet profitable.

One of the sources who spoke to Bloomberg said Dropbox is hoping to launch its IPO by the end of the second quarter. The company declined to comment on the news, as did Goldman Sachs and JPMorgan.

Photo: JDLasica/Flickr