Snap Inc. has filed confidentially for its initial public offering, per Reuters today.
In October, the Wall Street Journal reported Snapchat could start selling shares as early as late March with a valuation of $25 billion or more. That gives a time window between the SEC getting the documents and them becoming available for public scrutiny, both from industry watchers and potential investors.
Snapchat was valued at almost $18 billion in its latest round of funding in May. Founded in 2011 as Snapchat, the startup became known for its disappearing photos and text messages but has evolved as it added a platform, called Discover, for publishers to reach Snapchat's young audiences. The company also officially announced its name change from Snapchat Inc.to Snap Inc. when it first revealed Spectacles in September. According to Bloomberg, the company expects to bring in $350 million in revenue this year. A Snapchat spokesperson declined to comment.
Companies that generate less than $1 billion in annual revenue can file confidentially for an IPO.