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updated 2/17/2014 9:19:14 PM ET 2014-02-18T02:19:14

Box, the online storage startup that counts Dropbox among its rivals, has secretly filed for its initial public offering, according to reports.

Box, which is run by 29-year-old Aaron Levie and valued at more than $1 billion, raised more than $100 million in 2012. It’s since taken cash from several major banks to underwrite its IPO. The company could be looking to raise about $500 million in going public, Quartz reported.

Related:Why Box's Co-founder Turned Down a $550 Million Offer That Would Have Made Him 'Phenomenally Wealthy' At 26

Under a new law, companies that earn less than $1 billion in revenue a year are allowed to file their IPO drafts with the Securities and Exchange Commission in secret. Box told Quartz it has nothing new to share at this time.

Earlier this month, competitor Dropbox closed a $250 million funding round at a $10 billion valuation, fueling ongoing rumors that the company is positioning itself to go public.

Related:Head in the Clouds: Dropbox Reportedly Valued at $10 Billion

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