The company behind Snapchat, a teen-oriented social network famous for its quickly disappearing messages, has filed for what could be one of the largest tech IPOs in years.
Snap Inc. said Thursday that it’s seeking up to $3 billion in an initial public offering, a figure that could shift based on investor demand. That demand will help determine the price per share sought by Snap in the upcoming weeks.
Snapchat has millions of users, and Snap has built a thriving ad business on it. But the company has also made a lot of money — nearly $900 million — disappear in the past two years.
The fast-growing social network for the younger set boasts 158 million daily users. It lets people send photos, videos and messages that disappear a few seconds after viewing. It was created in 2012 by Evan Spiegel, who dropped out of Stanford University just three classes shy of graduation to focus on the app.