Snap Inc., parent company of Snapchat, officially filed yesterday for its initial public offering, with plans of raising $3 billion. The IPO, which is being widely predicted as one of the biggest U.S. tech IPOs since Facebook, should open officially in March.
Last year, Snap generated more than $404 million in revenue, compared to $58 million in 2015. The parent company more than doubled the amount it was investing in research and development along with sales and marketing last year, with those numbers alone topping $300 million.
Snapchat, according to the filing, has an estimated 158 million users, creating more than 2.5 billion Snaps per day. The majority its users are younger, between the ages of 18 and 34. To remain competitive, the company released plans to spend $2 billion over the next five years with Google Cloud, where it hosts the majority of its computing and software systems.
Here’s a look at some of our recent Snapchat coverage: