Tigris Data

Cloud Storage · AI Infrastructure

Acquisition

Dropbox acquires AI storage startup Tigris Data for $350M, its biggest deal yet

It charges no egress fees, undercutting the Amazon S3 fees that lock AI developers into a single cloud provider.

• Dropbox agreed on November 3, 2026 to acquire Tigris Data for about $350 million in cash, its largest acquisition since the company's 2007 founding, with closing expected in Q4 2026.
• Tigris, founded in 2021 by former Uber storage engineers led by CEO Ovais Tariq, runs a globally distributed, S3-compatible object storage network built for AI workloads.
• Tigris will anchor Dropbox's new DBX Agent Cloud, which launches with standalone, S3-compatible object storage sold directly to developers and businesses building AI apps.
• Tigris had raised only about $31.9 million total, including a $25 million Series A in October 2025 led by Spark Capital, meaning Dropbox is paying roughly 10x its total funding.
• Tigris already serves AI-infrastructure customers like Railway, Runpod, Replicate and Fal, giving Dropbox a live commercial base rather than a storage product built from scratch.
• The deal still requires regulatory approval, and Dropbox has yet to prove it can retain Tigris's AI-native customers once its larger enterprise sales operation takes over.
• The acquisition shows legacy cloud-storage players now treat AI-native, egress-free storage as existential competition to AWS, Google Cloud and Azure rather than a side bet.