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 — 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 realized until later as it could file its paperwork confidentially, similar to what Box, Twitter, Square, and Twilio have done previously. This is permitted under the JOBS Act for those companies with revenue of less than $1 billion.

Should Snap go public soon, it’ll follow suit with others technology companies that have filed for IPOs in the past couple of years like 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.

What might be appealing for shareholders is the notion that not only is Snap’s ephemeral messaging app appealing to millennials, but there’s added opportunity such as original content and shows, which has been previously reported. Its Sponsored Lenses are apparently a money maker and the company has been reaching out to networks to bring fresh programming that’s available in digestable 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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