Twitter announced on, uh, Twitter today that it has confidentially filed an S-1 to the SEC for a planned IPO.
Companies with less than $1 billion in annual revenue are allowed to submit their IPO filings confidentially [PDF] under the relatively new JOBS Act.
After years of not making any money, Twitter began building its business through a promoted tweets product in 2010 and has recently courted television advertisers by allowing them to understand and target who is watching the shows on which they already advertise. One of the company’s investors valued it at $10 billion last year.
Recently, it acquired mobile ad exchange and publish network MoPub for $350 million in stock and hired a new CFO, both of which pundits interpreted as steps to an IPO.
Bloomberg News has reported on its Twitter account that Goldman Sachs is “said to be” the IPO’s lead underwriter.
We’ve confidentially submitted an S-1 to the SEC for a planned IPO. This Tweet does not constitute an offer of any securities for sale.
— Twitter (@twitter) September 12, 2013
[Image: Flickr user Prasanth Jose]