Dropbox to buy Tigris Data for $350 million to expand AI storage

Dropbox (DBX) agreed to buy Tigris Data Inc. for about $350 million in cash, expanding its push into AI infrastructure.

Shares were little changed at 10:17 a.m. ET.

The deal was signed Nov. 3, 2026, alongside a new storage product. Tigris is a globally distributed object storage platform built for AI workloads, drawing on nearly two decades of experience operating storage systems at scale.

The transaction covers all outstanding equity of Tigris, subject to customary purchase price adjustments. Closing is expected in the fourth quarter of 2026.

Dropbox also introduced DBX Agent Cloud, a storage and data layer for companies and developers building AI applications and agents. It starts with standalone, S3-compatible object storage that companies can buy independently and use with familiar tools. Dropbox plans to add filesystem and content-processing capabilities next.

The company also changed its core product. Customers can ask Dropbox to complete supported tasks directly on their files, and they can use Dropbox content in supported third-party AI tools, including ChatGPT, Claude and Muse.

Dropbox shows customers a plan to approve before making changes, works within existing permissions and keeps a record of the actions it takes. Customers can review changes and undo supported actions.

“The value of AI depends on the content and context it can work with,” said Ashraf Alkarmi, co-CEO of Dropbox.

The new Dropbox experience has already rolled out to more than 70,000 teams. The initial rollout focuses on eligible Standard and Advanced teams in the US, UK and Australia, starting in English, with broader availability planned for 2027.