Dropbox has secured $500 million in a recent debt financing, according to sources familiar with the deal cited by Re/code. The new credit facility comes just a couple of months after it raised $350 million from venture capitalists and private equity firms, the report said.

JP Morgan was reportedly the lead investor in the transaction, according to the Financial Times.

Another source close to the company said the San Francisco-based cloud storage firm is unlikely pushing through with an initial public offering (IPO) until 2015. In addition, the new capital was reportedly raised for the construction of its new data center which will be used for its global expansion. However, another source said the new funding did not yet have a specific purpose, the report detailed.

A press event is set this Wednesday for Dropbox to launch its new products and services. A source said new productivity features are expected to be revealed. The company is also stepping beyond just file storage and syncing, Re/code reported.