Companies in the cloud space are heating up the IPO market. Cloud storage company Box filed for a $250 million IPO in March, giving the company a $2 billion valuation. Despite Box's 111 percent revenue increase in 2013 to $124.2 million, the company's net losses have continued to widen which could hinder the company's allure.

Unlike Dropbox, which is a "consumer first" company, Box wants to focus on big companies as customers, Re/Code Senior Editor Arik Hesseldahl said on CNBC's "Fast Money."

"They want to reach out to a lot of these companies that are building their own software. Every company these days is in some way a software company," he said. "If you're in the insurance business, health care, media. If you want to build your own software, Box wants to be the backplan that you build it on."

As far as timing, Hesseldahl said, "With the markets down right now, Box will almost certainly wait to pull the trigger until after several cloud companies including Salesforce, Workday, ServiceNow and NetSuite report their latest batch of Q1 earnings. That tells me late May or early June. They will want to ride as much as possible on the cloud software sentiment as they can."

Watch the "Fast Money" interview with Re/Code Senior Editor Arik Hesseldahl.