Snap Inc, maker of Snapchat, is preparing paperwork for an IPO that could value the firm at $25 billion, the Wall Street Journal reports, confirming an IPO timeline first revealed by The Information. The paperwork indicates that the IPO could happen in March of 2017.
The possible valuation is a marked jump from Snap's previous market cap, $17.8 billion, first reported in May.
Thought it is not clear whether Snap Inc is a profitable business, it generated $60 million in revenue in 2015 and is on track to earn $250 and $350 million in 2016, according to the Journal. Snapchat has projected it could earn $1 billion in revenue in 2017.
The news comes on the heels of Snap Inc's first hardware product, Spectacles.
Snapchat declined BuzzFeed News' request for comment.