Snapchat parent company Snap Inc. has confidentially filed for an initial public offering, according to multiple reports.
The Wall Street Journal reports that an IPO could value the company between $20 and $25 billion. The filing would be one of the biggest since Alibaba’s $25 billion IPO in 2014.
A Snap spokesperson to declined to comment on the reported filing.
Snap is able to file confidentially because its annual revenue generated this year is expected to be under $1 billion.
The 2012 Jumpstart Our Business Startups Act allows companies with revenue under that threshold to privately file an IPO draft and make redactions with regulators before publicly announcing the offering. The intention is to make it easier for emerging companies to become public.