Snap Inc. Files for $3 Billion IPO

It’s been a long-time coming, but Snap, the company behind the mega-popular social network, Snapchat, has finally filed for its IPO.

Today, Snap officially filed its initial public offering (IPO) with the Securities and Exchange Commission (SEC), at $3 billion. Snap, for its part, has not laid out its specific terms for the IPO at this point, but a report from The Wall Street Journal outlines several key elements, including that the valuation for Snap Inc., could be between $20 million and $25 million.

One important reveal from the IPO is that Snap apparently made $404.5 million through 2016 — which is a huge increase from the $58.7 million it made in 2015. At the same time, Snapchat sees a $515 million loss — while all the while having 158 million users.

It’s also interesting that Snap lists Apple as the first company listed as a major competitor. Moreover, Snap reveals that there is strikingly higher engagement with the app on iPhones than there is on Android phones.

How often do you use Snapchat?

[via The Wall Street Journal]