Cloud storage firm Dropbox has completed a long-awaited $250-million funding round, according to a Wall Street Journal report. The latest round puts the company's valuation at almost $10 billion. This ranks Dropbox among the highest-valued venture-backed firms in the market, wrote VentureBeat.

In November, the New York Times published a story saying Dropbox was raising another $250 million just two years after a $250-million round in 2011. During that time, the cloud storage provider's valuation was estimated to be at $8 billion. Around the same time, Dropbox competitor Box secured $100 million in funding, the report detailed.

With the new massive round of funding and increasing momentum, Dropbox is now rumored to be gearing for an initial public offering (IPO) in 2014, the report added.

The latest financing was led by investment fund BlackRock. Goldman Sachs, Accel Partners, Index Ventures, and Sequoia Capital participated in the Dropbox's previous round. The San Francisco firm has raised a total of $507 million in capital to date, VentureBeat reported.