The most anticipated consumer technology IPO in years has finally arrived.
Snapchat parent company Snap Inc. publicly filed today for its New York Stock Exchange debut, setting the stage for the company, which has been valued as high as $25 billion, to raise $3 billion or more.
For investors hungry for data, the filing offers a first window into a famously secretive corporate culture. Last year Snap posted a net loss of $515 million on revenue of $404 million, according to the company’s prospectus. The year prior, it lost $382 million on revenue of $59 million.
Snapchat, Snap’s flagship product, has more than 158 million daily active users. Quarterly average revenue per user rose to $1.05 in the fourth quarter of 2016—triple what it was in the fourth quarter of 2015, but far less than Facebook’s fourth quarter 2016 average of $4.74. The majority of Snap users are in the 18-34 year-old demographic that advertisers covet.