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Snap, the company formerly known as Snapchat, is reportedly looking to raise up to $4 billion when it files paperwork for its initial public offering (IPO). In doing so, the company could have a valuation of between $25 billion to $35 billion.

On Wednesday, sources informed Bloomberg of the company’s plan, but the exact timing of the filing hasn’t been made — though it’s likely next year. If things change enough, it’s said that Snap’s valuation could jump to $40 billion.

We already know that the company selected Morgan Stanley and Goldman Sachs Group Inc. to lead the IPO, but the exact details of Snap’s finances may not be revealed until later, as it could file its paperwork confidentially. This would be similar to what Box, Twitter, Square, and Twilio have done previously and is permitted for companies with revenue of less than $1 billion, under the JOBS Act .

Should Snap go public soon, it’ll follow a number of tech IPOs in the past couple of years, including BlackLine, cloud spend management company Coupa, Twilio, Dell’s spin-off SecureWorks, network hardware firm Acacia Communications, Nutanix, Match Group, Atlassian, and Square. With the exception of Line’s $10 billion IPO, Snap would have one of the largest filings in the tech space in the past two years.

Shareholders may appreciate the notion that not only is Snap’s ephemeral messaging app appealing to millennials, there’s added opportunity with original content and shows. Snap’s Sponsored Lenses is apparently a moneymaker, and the company has been reaching out to networks to bring fresh programming in digestible formats. Snap has also been working to diversify its offering, branching off into hardware such as its Spectacles eyewear.

A Snap spokesperson declined to comment.

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