Dropbox bets $350M that AI agents need a place to keep their files

Dropbox agreed to pay about $350 million in cash for Tigris Data, a cloud storage startup founded by former Uber engineers, in what appears to be Dropbox's largest acquisition ever. The deal, signed November 3 and announced November 5, is expected to close in the fourth quarter of 2026.

The purchase powers DBX Agent Cloud, a new storage business for companies building AI applications and agents. It starts as standalone S3-compatible object storage, with filesystem features later so agents can manage files and keep continuity across tasks — Dropbox's bet that agents, not just people, need somewhere to put things.