The Wall Street Journal reported separately that Snap had filed to go public before the election last week, but that the outcome of the election didn’t affect the company’s plans. A Snapchat spokesperson declined to comment.
News of the filing comes just days after Snap launched its first hardware product with Spectacles, a set of sunglasses capable of recording short video clips for sharing on Snapchat. The company also officially announced its name change from Snapchat Inc. to Snap Inc. when it first revealed Spectacles in September.
Snap would be just the latest company to take advantage of the ability to tell the Securities and Exchange Commission of its intend to go public without a public S-1 filing. These so-called confidential filings are reserved to companies with an annual revenue of less than $1 billion, which are also known as emerging-growth companies.
Snapchat aims to have more than $1 billion in revenue in 2017; earlier this year, Recode reported that the company aimed for a revenue target of $300 to $350 million for 2016. Snap is expected to be valued between $20 billion and $25 billion when it goes public, according to the Journal.
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The company has raised at least $2.63 billion in funding from investors including Alibaba, Benchmark, Kleiner Perkins Caufield and Byers and others. Just last month, news broke that CapitalG, the investment arm of Google parent Alphabet, also contributed to one of the funding rounds.
Snapchat is thought to have 150 million daily active users, which makes it more popular than Twitter. That number is up significantly from late last year, when it had 110 million daily active users. However, its focus on growth also means that the company is losing money. A cash injection from Wall Street could help Snapchat to continue to finance its growth while also allow it to build out its business.